Investors Buy Marsh & McLennan Cos. (MMC) on Weakness
Investors purchased shares of Marsh & McLennan Cos. (NYSE:MMC) on weakness during trading hours on Monday. $24.10 million flowed into the stock on the tick-up and $11.60 million flowed out of the stock on the tick-down, for a money net flow of $12.50 million into the stock. Of all equities tracked, Marsh & McLennan Cos. had the 29th highest net in-flow for the day. Marsh & McLennan Cos. traded down ($0.06) for the day and closed at $66.46
MMC has been the topic of a number of recent research reports. BMO Capital Markets upped their target price on Marsh & McLennan Cos. from $58.00 to $62.00 in a research report on Tuesday, April 12th. Zacks Investment Research upgraded Marsh & McLennan Cos. from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research report on Tuesday, May 3rd. Credit Suisse Group AG restated a “hold” rating and issued a $55.00 price objective on shares of Marsh & McLennan Cos. in a research report on Friday, April 29th. MKM Partners upped their price objective on Marsh & McLennan Cos. from $56.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, April 29th. Finally, Barclays PLC restated an “overweight” rating and issued a $71.00 price objective on shares of Marsh & McLennan Cos. in a research report on Tuesday, June 21st. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $65.10.
The company’s 50-day moving average is $66.52 and its 200-day moving average is $60.76. The stock has a market capitalization of $34.64 billion and a PE ratio of 22.15.
Marsh & McLennan Cos. (NYSE:MMC) last released its quarterly earnings results on Thursday, April 28th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. During the same period last year, the firm earned $0.91 EPS. The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.31 billion. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts predict that Marsh & McLennan Cos. will post $3.39 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, July 11th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.05%. This is a positive change from Marsh & McLennan Cos.’s previous quarterly dividend of $0.31. The ex-dividend date is Thursday, July 7th.
In other Marsh & McLennan Cos. news, CEO Daniel S. Glaser sold 163,300 shares of Marsh & McLennan Cos. stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $64.44, for a total transaction of $10,523,052.00. Following the transaction, the chief executive officer now owns 444,437 shares of the company’s stock, valued at $28,639,520.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Laurie Ledford sold 30,928 shares of Marsh & McLennan Cos. stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $63.49, for a total value of $1,963,618.72. Following the transaction, the senior vice president now directly owns 56,374 shares in the company, valued at approximately $3,579,185.26. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Quantitative Investment Management LLC purchased a new position in Marsh & McLennan Cos. during the fourth quarter valued at approximately $1,336,000. Commerzbank Aktiengesellschaft FI raised its position in Marsh & McLennan Cos. by 99.4% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 30,670 shares of the company’s stock worth $1,701,000 after buying an additional 15,288 shares during the last quarter. Toronto Dominion Bank raised its position in Marsh & McLennan Cos. by 9.4% in the fourth quarter. Toronto Dominion Bank now owns 32,466 shares of the company’s stock worth $1,804,000 after buying an additional 2,780 shares during the last quarter. Tredje AP fonden raised its position in Marsh & McLennan Cos. by 1.7% in the fourth quarter. Tredje AP fonden now owns 33,370 shares of the company’s stock worth $1,850,000 after buying an additional 564 shares during the last quarter. Finally, Veritable L.P. raised its position in Marsh & McLennan Cos. by 0.7% in the fourth quarter. Veritable L.P. now owns 40,808 shares of the company’s stock worth $2,263,000 after buying an additional 296 shares during the last quarter.
Marsh & McLennan Companies, Inc is a professional services firm offering clients advice and solutions in risk, strategy and people. The Company is the parent company of various specialty consultants, including Marsh, an insurance broker, intermediary and risk advisor; Guy Carpenter, a risk and reinsurance specialist; Mercer, a provider of human resource (HR) and related financial advice and services, and Oliver Wyman Group, a management, economic and brand consultancy.
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