Capital Wealth Planning LLC raised its holdings in Magellan Midstream Partners L.P. (NYSE:MMP) by 5.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,511 shares of the pipeline company’s stock after acquiring an additional 240 shares during the period. Capital Wealth Planning LLC’s holdings in Magellan Midstream Partners L.P. were worth $321,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MMP. OppenheimerFunds Inc. raised its holdings in shares of Magellan Midstream Partners L.P. by 21.9% in the 1st quarter. OppenheimerFunds Inc. now owns 13,042,073 shares of the pipeline company’s stock valued at $1,003,066,000 after acquiring an additional 2,345,950 shares in the last quarter. Beach Investment Management LLC. raised its holdings in shares of Magellan Midstream Partners L.P. by 1,479.2% during the 2nd quarter. Beach Investment Management LLC. now owns 762,331 shares of the pipeline company’s stock valued at $54,331,000 after buying an additional 714,059 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Magellan Midstream Partners L.P. by 34.7% during the 2nd quarter. Bank of Montreal Can now owns 1,985,471 shares of the pipeline company’s stock valued at $141,505,000 after buying an additional 511,367 shares in the last quarter. UBS Group AG raised its holdings in shares of Magellan Midstream Partners L.P. by 8.3% during the 1st quarter. UBS Group AG now owns 5,907,324 shares of the pipeline company’s stock valued at $454,332,000 after buying an additional 453,671 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Magellan Midstream Partners L.P. by 8.0% during the 1st quarter. JPMorgan Chase & Co. now owns 3,763,537 shares of the pipeline company’s stock valued at $289,454,000 after buying an additional 277,575 shares in the last quarter. 60.80% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on MMP shares. Jefferies Group LLC reissued a “hold” rating and set a $70.00 price objective (down from $73.00) on shares of Magellan Midstream Partners L.P. in a report on Sunday, September 3rd. Barclays PLC cut Magellan Midstream Partners L.P. from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $88.00 to $77.00 in a report on Tuesday, July 18th. BidaskClub raised Magellan Midstream Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Royal Bank Of Canada reissued a “hold” rating and set a $80.00 price objective on shares of Magellan Midstream Partners L.P. in a report on Tuesday, June 20th. Finally, UBS AG raised Magellan Midstream Partners L.P. from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a report on Tuesday, July 18th. Three investment 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’s stock. The stock presently has an average rating of “Hold” and an average price target of $79.19.

Magellan Midstream Partners L.P. (NYSE MMP) traded up 0.17% during trading on Tuesday, reaching $69.82. The company had a trading volume of 298,906 shares. The company has a market capitalization of $15.92 billion, a PE ratio of 18.93 and a beta of 0.80. Magellan Midstream Partners L.P. has a one year low of $63.92 and a one year high of $81.77. The firm’s 50 day moving average is $67.76 and its 200 day moving average is $72.44.

Magellan Midstream Partners L.P. (NYSE:MMP) last issued its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $619.40 million for the quarter, compared to the consensus estimate of $561.70 million. During the same period in the prior year, the business posted $0.82 earnings per share. The company’s quarterly revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts predict that Magellan Midstream Partners L.P. will post $3.91 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.89 per share. The ex-dividend date was Thursday, July 27th. This is an increase from Magellan Midstream Partners L.P.’s previous quarterly dividend of $0.84. This represents a $3.56 dividend on an annualized basis and a yield of 5.11%. Magellan Midstream Partners L.P.’s dividend payout ratio is 96.74%.

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About Magellan Midstream Partners L.P.

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

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