TOWER TRUST & INVESTMENT Co trimmed its holdings in shares of Marsh & McLennan Companies, Inc. (NYSE:MRSH – Free Report) by 79.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 828 shares of the financial services provider’s stock after selling 3,233 shares during the period. TOWER TRUST & INVESTMENT Co’s holdings in Marsh & McLennan Companies were worth $138,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Swiss Life Asset Management Ltd boosted its stake in shares of Marsh & McLennan Companies by 9.5% in the 4th quarter. Swiss Life Asset Management Ltd now owns 134,542 shares of the financial services provider’s stock worth $24,960,000 after buying an additional 11,648 shares during the last quarter. Essex LLC bought a new position in Marsh & McLennan Companies in the first quarter valued at about $2,891,000. Vanguard Group Inc. boosted its position in Marsh & McLennan Companies by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 46,589,633 shares of the financial services provider’s stock worth $8,643,309,000 after purchasing an additional 387,100 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Marsh & McLennan Companies by 20.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 88,934 shares of the financial services provider’s stock valued at $16,499,000 after purchasing an additional 15,166 shares during the period. Finally, Benjamin Edwards Inc. increased its position in shares of Marsh & McLennan Companies by 26.6% during the 4th quarter. Benjamin Edwards Inc. now owns 35,293 shares of the financial services provider’s stock valued at $6,549,000 after purchasing an additional 7,418 shares during the last quarter. Hedge funds and other institutional investors own 87.99% of the company’s stock.
Marsh & McLennan Companies Trading Down 0.2%
Marsh & McLennan Companies stock opened at $191.31 on Monday. Marsh & McLennan Companies, Inc. has a 12-month low of $156.60 and a 12-month high of $213.80. The stock has a market cap of $91.30 billion, a price-to-earnings ratio of 23.39, a price-to-earnings-growth ratio of 2.75 and a beta of 0.59. The business has a 50 day moving average price of $175.15. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.22.
Marsh & McLennan Companies Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Thursday, July 23rd will be issued a dividend of $0.99 per share. This is a boost from Marsh & McLennan Companies’s previous quarterly dividend of $0.90. This represents a $3.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, July 23rd. Marsh & McLennan Companies’s payout ratio is 48.41%.
Insiders Place Their Bets
In related news, insider Martin South sold 7,100 shares of Marsh & McLennan Companies stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $189.99, for a total transaction of $1,348,929.00. Following the sale, the insider owned 16,632 shares of the company’s stock, valued at approximately $3,159,913.68. This trade represents a 29.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Paul Beswick sold 713 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $198.00, for a total value of $141,174.00. Following the completion of the transaction, the senior vice president owned 16,376 shares of the company’s stock, valued at $3,242,448. The trade was a 4.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 36,469 shares of company stock valued at $6,291,345 over the last three months. Insiders own 0.38% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on MRSH. Piper Sandler dropped their price objective on shares of Marsh & McLennan Companies from $190.00 to $182.00 and set a “neutral” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings raised shares of Marsh & McLennan Companies from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday. Citigroup cut shares of Marsh & McLennan Companies from a “buy” rating to a “neutral” rating and set a $200.00 price target on the stock. in a research note on Wednesday, July 22nd. Cantor Fitzgerald boosted their price objective on shares of Marsh & McLennan Companies from $210.00 to $218.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods raised their target price on Marsh & McLennan Companies from $200.00 to $203.00 and gave the stock a “market perform” rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $201.94.
View Our Latest Research Report on Marsh & McLennan Companies
About Marsh & McLennan Companies
Marsh & McLennan Companies (NYSE: MMC) is a global professional services firm headquartered in New York City that provides advice and solutions in the areas of risk, strategy and people. Founded in 1905, the company has grown into a diversified group of businesses focused on insurance brokerage and risk management, reinsurance, human capital and investment consulting, and management consulting. Its long history and scale position it as a prominent adviser to corporations, governments and other institutions seeking to manage risk and optimize human and financial capital.
The firm operates through several well-known subsidiaries and business units that specialize in distinct services.
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