Norway Savings Bank lifted its stake in shares of Marsh & McLennan Companies, Inc. (NYSE:MMC) by 12.0% in the third quarter, Holdings Channel.com reports. The fund owned 4,861 shares of the financial services provider’s stock after acquiring an additional 519 shares during the quarter. Norway Savings Bank’s holdings in Marsh & McLennan Companies were worth $736,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of MMC. Amundi bought a new position in shares of Marsh & McLennan Companies during the second quarter worth about $337,367,000. Longview Partners Guernsey LTD bought a new position in shares of Marsh & McLennan Companies during the second quarter worth about $289,618,000. Jensen Investment Management Inc. acquired a new stake in Marsh & McLennan Companies during the second quarter worth approximately $166,729,000. Senator Investment Group LP acquired a new stake in Marsh & McLennan Companies during the second quarter worth approximately $118,171,000. Finally, American Century Companies Inc. grew its stake in Marsh & McLennan Companies by 13.5% during the second quarter. American Century Companies Inc. now owns 4,171,366 shares of the financial services provider’s stock worth $586,828,000 after purchasing an additional 497,232 shares during the period. Institutional investors own 89.19% of the company’s stock.
In other news, Director Morton O. Schapiro sold 9,078 shares of Marsh & McLennan Companies stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $157.18, for a total value of $1,426,880.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is currently owned by insiders.
Marsh & McLennan Companies (NYSE:MMC) last announced its quarterly earnings results on Wednesday, October 20th. The financial services provider reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.08. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.44 billion. Marsh & McLennan Companies had a return on equity of 31.64% and a net margin of 14.21%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 earnings per share. Sell-side analysts anticipate that Marsh & McLennan Companies, Inc. will post 6.15 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 15th. Stockholders of record on Friday, October 8th were given a $0.535 dividend. This represents a $2.14 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Thursday, October 7th. Marsh & McLennan Companies’s dividend payout ratio (DPR) is presently 40.45%.
Several equities research analysts recently commented on the company. Zacks Investment Research cut Marsh & McLennan Companies from a “buy” rating to a “hold” rating and set a $164.00 target price for the company. in a research note on Tuesday, September 28th. Raymond James raised Marsh & McLennan Companies from an “underperform” rating to an “outperform” rating and set a $185.00 target price on the stock in a research report on Friday, October 22nd. Morgan Stanley lifted their target price on Marsh & McLennan Companies from $152.00 to $165.00 and gave the company an “equal weight” rating in a research report on Friday, October 15th. Wolfe Research began coverage on Marsh & McLennan Companies in a research report on Monday, August 16th. They set an “outperform” rating and a $171.00 target price on the stock. Finally, Royal Bank of Canada lifted their price target on Marsh & McLennan Companies from $160.00 to $183.00 and gave the stock an “outperform” rating in a report on Friday, October 22nd. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Marsh & McLennan Companies has a consensus rating of “Hold” and an average price target of $150.71.
Marsh & McLennan Companies Company Profile
Marsh & McLennan Cos., Inc is a professional services firm, which offers clients advice and solutions in risk, strategy and people. It operates through the following business segments: Risk & Insurance Services, and Consulting. The Risk and Insurance Services segment includes risk management activities, as well as insurance and reinsurance broking and services.
See Also: Outperform Rating
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