Moody’s Corporation (MCO) Position Cut by Royal Bank of Canada
Royal Bank of Canada trimmed its position in Moody’s Corporation (NYSE:MCO) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 256,337 shares of the business services provider’s stock after selling 2,986 shares during the quarter. Royal Bank of Canada owned 0.13% of Moody’s Corporation worth $31,190,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in MCO. Oppenheimer Asset Management Inc. bought a new position in Moody’s Corporation in the first quarter valued at approximately $101,000. American Beacon Advisors Inc. bought a new position in Moody’s Corporation in the first quarter valued at approximately $108,000. IFP Advisors Inc increased its stake in Moody’s Corporation by 78.1% in the second quarter. IFP Advisors Inc now owns 1,145 shares of the business services provider’s stock valued at $139,000 after acquiring an additional 502 shares during the last quarter. Sun Life Financial INC increased its stake in Moody’s Corporation by 12,200.0% in the second quarter. Sun Life Financial INC now owns 1,230 shares of the business services provider’s stock valued at $150,000 after acquiring an additional 1,220 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its stake in Moody’s Corporation by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,346 shares of the business services provider’s stock valued at $164,000 after acquiring an additional 8 shares during the last quarter. 88.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of Moody’s Corporation (NYSE:MCO) opened at 142.49 on Friday. The firm has a market cap of $27.22 billion, a price-to-earnings ratio of 57.25 and a beta of 1.28. Moody’s Corporation has a 12 month low of $93.51 and a 12 month high of $143.98. The firm has a 50-day moving average of $136.00 and a 200-day moving average of $124.04.
Moody’s Corporation (NYSE:MCO) last issued its quarterly earnings results on Friday, July 21st. The business services provider reported $1.51 EPS for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.18. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $968.78 million. Moody’s Corporation had a net margin of 12.63% and a negative return on equity of 167.31%. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 EPS. On average, analysts anticipate that Moody’s Corporation will post $5.68 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, August 18th. Moody’s Corporation’s payout ratio is 61.29%.
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A number of research analysts recently issued reports on the stock. Barclays PLC lifted their price objective on shares of Moody’s Corporation from $118.00 to $128.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 28th. Zacks Investment Research raised shares of Moody’s Corporation from a “hold” rating to a “buy” rating and set a $148.00 price objective on the stock in a research note on Thursday, August 17th. BMO Capital Markets lifted their price objective on shares of Moody’s Corporation from $124.00 to $127.00 and gave the company a “market perform” rating in a research note on Friday, July 14th. UBS AG reissued a “neutral” rating and issued a $138.00 price objective (up from $121.00) on shares of Moody’s Corporation in a research note on Tuesday, July 25th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $128.00 price objective (up from $116.00) on shares of Moody’s Corporation in a research note on Monday, July 24th. Seven research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Moody’s Corporation currently has a consensus rating of “Hold” and a consensus target price of $140.63.
In other news, insider Raymond W. Mcdaniel sold 45,216 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $129.03, for a total value of $5,834,220.48. Following the transaction, the insider now owns 292,310 shares of the company’s stock, valued at approximately $37,716,759.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Darrell Duffie sold 500 shares of the stock in a transaction on Friday, September 29th. The stock was sold at an average price of $138.41, for a total transaction of $69,205.00. Following the completion of the transaction, the director now directly owns 21,804 shares in the company, valued at approximately $3,017,891.64. The disclosure for this sale can be found here. Insiders sold a total of 90,932 shares of company stock worth $11,969,604 in the last three months. Insiders own 1.17% 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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