Asset Planning Services Inc. LA ADV reduced its position in shares of Magellan Midstream Partners L.P. (NYSE:MMP) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,630 shares of the pipeline company’s stock after selling 285 shares during the period. Asset Planning Services Inc. LA ADV’s holdings in Magellan Midstream Partners L.P. were worth $2,539,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Private Trust Co. NA boosted its stake in Magellan Midstream Partners L.P. by 5.7% in the second quarter. Private Trust Co. NA now owns 18,792 shares of the pipeline company’s stock worth $1,339,000 after buying an additional 1,009 shares during the last quarter. Morningstar Investment Services LLC boosted its stake in Magellan Midstream Partners L.P. by 1.7% in the first quarter. Morningstar Investment Services LLC now owns 389,972 shares of the pipeline company’s stock worth $29,993,000 after buying an additional 6,562 shares during the last quarter. Wedbush Securities Inc. boosted its stake in Magellan Midstream Partners L.P. by 0.4% in the first quarter. Wedbush Securities Inc. now owns 10,262 shares of the pipeline company’s stock worth $789,000 after buying an additional 39 shares during the last quarter. Brighton Jones LLC acquired a new stake in Magellan Midstream Partners L.P. during the first quarter worth about $426,000. Finally, Heritage Wealth Advisors acquired a new stake in Magellan Midstream Partners L.P. during the first quarter worth about $1,963,000. 60.81% of the stock is owned by institutional investors.

Magellan Midstream Partners L.P. (NYSE MMP) traded down 0.3129% during trading on Monday, reaching $66.4813. The company’s stock had a trading volume of 69,741 shares. The stock has a market cap of $15.16 billion, a PE ratio of 18.0264 and a beta of 0.80. Magellan Midstream Partners L.P. has a 12 month low of $63.92 and a 12 month high of $81.77. The company’s 50-day moving average is $68.62 and its 200-day moving average is $73.37.

Magellan Midstream Partners L.P. (NYSE:MMP) last released its earnings results on Wednesday, August 2nd. The pipeline company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.03. Magellan Midstream Partners L.P. had a return on equity of 41.81% and a net margin of 34.63%. The company had revenue of $619.40 million during the quarter, compared to analysts’ expectations of $561.70 million. During the same quarter last year, the business posted $0.82 EPS. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. Equities analysts expect that Magellan Midstream Partners L.P. will post $3.91 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date of this dividend was Thursday, July 27th. This is a positive change from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. Magellan Midstream Partners L.P.’s dividend payout ratio (DPR) is 96.74%.

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A number of research firms recently issued reports on MMP. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Monday, July 24th. Barclays PLC cut Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $88.00 to $77.00 in a research note on Tuesday, July 18th. BidaskClub cut Magellan Midstream Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Stifel Nicolaus reissued a “hold” rating and set a $81.00 target price on shares of Magellan Midstream Partners L.P. in a research note on Wednesday, July 19th. Finally, Zacks Investment Research raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Magellan Midstream Partners L.P. presently has a consensus rating of “Hold” and a consensus target price of $79.40.

Magellan Midstream Partners L.P. Company Profile

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Institutional Ownership by Quarter for Magellan Midstream Partners L.P. (NYSE:MMP)

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