Cornerstone Investment Partners LLC Has $49.58 Million Holdings in Goldman Sachs Group Inc (GS)
Cornerstone Investment Partners LLC cut its stake in Goldman Sachs Group Inc (NYSE:GS) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 221,109 shares of the investment management company’s stock after selling 388 shares during the quarter. Goldman Sachs Group makes up approximately 2.1% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 28th largest position. Cornerstone Investment Partners LLC owned approximately 0.06% of Goldman Sachs Group worth $49,581,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in GS. Moneta Group Investment Advisors LLC raised its stake in shares of Goldman Sachs Group by 7,719.0% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 23,457 shares of the investment management company’s stock worth $104,000 after buying an additional 23,157 shares during the period. Zions Bancorporation acquired a new position in shares of Goldman Sachs Group during the 2nd quarter worth approximately $109,000. First Mercantile Trust Co. acquired a new position in shares of Goldman Sachs Group during the 2nd quarter worth approximately $110,000. Squar Milner Financial Services LLC acquired a new position in shares of Goldman Sachs Group during the 2nd quarter worth approximately $157,000. Finally, Canton Hathaway LLC acquired a new position in shares of Goldman Sachs Group during the 3rd quarter worth approximately $174,000. 71.04% of the stock is owned by institutional investors.
Shares of GS traded up $2.39 during trading hours on Friday, hitting $227.34. 231,594 shares of the stock were exchanged, compared to its average volume of 3,155,157. The company has a debt-to-equity ratio of 2.63, a quick ratio of 0.90 and a current ratio of 0.90. Goldman Sachs Group Inc has a 12-month low of $210.95 and a 12-month high of $275.31. The stock has a market capitalization of $86.19 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 0.72 and a beta of 1.28.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, November 30th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Thursday, November 29th. Goldman Sachs Group’s payout ratio is 16.19%.
GS has been the subject of several research analyst reports. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $285.00 target price on shares of Goldman Sachs Group in a research note on Monday, September 10th. Wells Fargo & Co reiterated a “buy” rating on shares of Goldman Sachs Group in a research report on Thursday, September 20th. Credit Suisse Group upgraded Goldman Sachs Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, July 17th. Zacks Investment Research cut Goldman Sachs Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 12th. Finally, Oppenheimer boosted their price target on Goldman Sachs Group from $304.00 to $335.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $276.90.
In other Goldman Sachs Group news, insider David M. Solomon sold 8,488 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $237.92, for a total value of $2,019,464.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.57% of the stock is owned by corporate insiders.
About Goldman Sachs Group
The Goldman Sachs Group, Inc operates as an investment banking, securities, and investment management company worldwide. It operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients.
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