CIBC Asset Management Inc Has $21.60 Million Stock Position in Marsh & McLennan Companies, Inc. (NYSE:MMC)

16 Nov 2024, 11:58 by Mitch Edgeman · The Markets Daily

CIBC Asset Management Inc raised its stake in Marsh & McLennan Companies, Inc. (NYSE:MMC – Free Report) by 4.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,867 shares of the financial services provider’s stock after purchasing an additional 4,530 shares during the quarter. CIBC Asset Management Inc’s holdings in Marsh & McLennan Companies were worth $21,600,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MMC. Fortitude Family Office LLC increased its holdings in Marsh & McLennan Companies by 18.8% in the 3rd quarter. Fortitude Family Office LLC now owns 285 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 45 shares in the last quarter. Kingfisher Capital LLC increased its stake in shares of Marsh & McLennan Companies by 4.7% in the second quarter. Kingfisher Capital LLC now owns 1,042 shares of the financial services provider’s stock valued at $220,000 after buying an additional 47 shares during the period. Drive Wealth Management LLC boosted its position in Marsh & McLennan Companies by 3.7% during the 2nd quarter. Drive Wealth Management LLC now owns 1,382 shares of the financial services provider’s stock worth $291,000 after buying an additional 49 shares during the period. Legacy Financial Advisors Inc. grew its holdings in Marsh & McLennan Companies by 2.3% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 2,222 shares of the financial services provider’s stock worth $468,000 after acquiring an additional 49 shares during the last quarter. Finally, Ritholtz Wealth Management increased its position in Marsh & McLennan Companies by 0.6% in the 2nd quarter. Ritholtz Wealth Management now owns 8,953 shares of the financial services provider’s stock valued at $1,887,000 after acquiring an additional 51 shares during the period. Institutional investors own 87.99% of the company’s stock.

Marsh & McLennan Companies Stock Up 0.3 %

MMC opened at $222.14 on Friday. The company has a market cap of $109.10 billion, a PE ratio of 27.36, a price-to-earnings-growth ratio of 3.36 and a beta of 0.94. The company has a 50 day moving average of $224.42 and a 200 day moving average of $217.72. Marsh & McLennan Companies, Inc. has a 12 month low of $184.28 and a 12 month high of $232.32. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.89.

Marsh & McLennan Companies (NYSE:MMC – Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.02. Marsh & McLennan Companies had a return on equity of 32.65% and a net margin of 16.82%. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the company posted $1.57 EPS. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts expect that Marsh & McLennan Companies, Inc. will post 8.7 EPS for the current year.

Marsh & McLennan Companies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, October 4th were paid a dividend of $0.815 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $3.26 annualized dividend and a yield of 1.47%. Marsh & McLennan Companies’s dividend payout ratio is currently 40.15%.

Insider Buying and Selling

In related news, Director Oscar Fanjul sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $221.55, for a total value of $553,875.00. Following the sale, the director now directly owns 48,549 shares of the company’s stock, valued at $10,756,030.95. This trade represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Roth Mkm lifted their target price on Marsh & McLennan Companies from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company decreased their price target on Marsh & McLennan Companies from $212.00 to $211.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. UBS Group raised their target price on Marsh & McLennan Companies from $255.00 to $259.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada lifted their price objective on shares of Marsh & McLennan Companies from $232.00 to $242.00 and gave the company a “sector perform” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Marsh & McLennan Companies from $209.00 to $212.00 and gave the company an “underperform” rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $225.33.

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About Marsh & McLennan Companies

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Marsh & McLennan Companies, Inc, a professional services company, provides advice and solutions to clients in the areas of risk, strategy, and people worldwide. It operates through Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment offers risk management services, such as risk advice, risk transfer, and risk control and mitigation solutions, as well as insurance and reinsurance broking, strategic advisory services, and analytics solutions, and insurance program management services.