Moody’s Corporation (NYSE:MCO) Rating Lowered to Sell at Zacks Investment Research
Moody’s Corporation (NYSE:MCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, July 11th.
According to Zacks, “Shares of Moody’s have underperformed the Zacks categorized Miscellaneous Financial Services industry, in the last one year. While we are optimistic about the company’s prospects given its diverse operations, strong balance sheet position and dominant position in the credit rating industry, the uncertain macro environment is expected to adversely impact the volume of debt securities issued in globally and the demand for credit ratings. Also, stricter regulatory landscapes, mounting expenses, stiff competition across the credit rating industry and litigations issues remain other major near-term concerns.”
Other equities research analysts have also recently issued reports about the company. Barclays PLC boosted their price objective on Moody’s Corporation from $118.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 28th. BMO Capital Markets reissued a “hold” rating and set a $124.00 price objective on shares of Moody’s Corporation in a research note on Wednesday, April 26th. Morgan Stanley boosted their price objective on Moody’s Corporation from $118.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Monday, May 8th. Cantor Fitzgerald reissued a “hold” rating and set a $116.00 price objective on shares of Moody’s Corporation in a research note on Monday, May 8th. Finally, BidaskClub cut Moody’s Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $127.13.
Moody’s Corporation (NYSE MCO) opened at 129.29 on Tuesday. The company has a market capitalization of $24.70 billion, a price-to-earnings ratio of 51.94 and a beta of 1.29. The company’s 50-day moving average price is $124.73 and its 200 day moving average price is $115.54. Moody’s Corporation has a 52-week low of $93.51 and a 52-week high of $135.20.
Moody’s Corporation (NYSE:MCO) last issued its quarterly earnings data on Friday, July 21st. The business services provider reported $1.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.18. Moody’s Corporation had a negative return on equity of 167.31% and a net margin of 12.63%. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $968.78 million. During the same period in the previous year, the firm posted $1.30 earnings per share. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, equities analysts expect that Moody’s Corporation will post $5.51 EPS for the current fiscal year.
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In other news, insider Raymond W. Mcdaniel sold 61,667 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $113.35, for a total transaction of $6,989,954.45. Following the completion of the sale, the insider now owns 308,761 shares in the company, valued at approximately $34,998,059.35. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Darrell Duffie sold 500 shares of the stock in a transaction on Friday, June 30th. The shares were sold at an average price of $121.64, for a total value of $60,820.00. Following the sale, the director now owns 22,268 shares of the company’s stock, valued at approximately $2,708,679.52. The disclosure for this sale can be found here. In the last three months, insiders sold 212,612 shares of company stock worth $25,104,433. 1.17% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Progressive Investment Management Corp raised its position in shares of Moody’s Corporation by 2.2% in the second quarter. Progressive Investment Management Corp now owns 32,287 shares of the business services provider’s stock worth $3,929,000 after buying an additional 688 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Moody’s Corporation by 1.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 256,381 shares of the business services provider’s stock valued at $31,196,000 after buying an additional 4,669 shares in the last quarter. Marshall Wace LLP acquired a new stake in Moody’s Corporation during the second quarter worth approximately $714,000. BB&T Securities LLC acquired a new stake in Moody’s Corporation during the second quarter worth approximately $207,000. Finally, Blair William & Co. IL boosted its stake in Moody’s Corporation by 0.3% in the second quarter. Blair William & Co. IL now owns 43,244 shares of the business services provider’s stock worth $5,262,000 after buying an additional 150 shares during the period. Institutional investors own 88.86% of the company’s stock.
About Moody’s Corporation
Moody’s Corporation (Moody’s) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers.
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