The Manufacturers Life Insurance Company Purchases 17,889 Shares of Tiffany & Co. (NYSE:TIF)
The Manufacturers Life Insurance Company boosted its position in Tiffany & Co. (NYSE:TIF) by 17.6% in the first quarter, HoldingsChannel reports. The firm owned 119,687 shares of the specialty retailer’s stock after buying an additional 17,889 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Tiffany & Co. were worth $15,500,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of TIF. Magnetar Financial LLC bought a new position in shares of Tiffany & Co. during the 4th quarter valued at approximately $188,262,000. Pentwater Capital Management LP lifted its stake in shares of Tiffany & Co. by 144.4% during the 1st quarter. Pentwater Capital Management LP now owns 2,021,400 shares of the specialty retailer’s stock valued at $261,771,000 after buying an additional 1,194,200 shares in the last quarter. Norges Bank purchased a new stake in shares of Tiffany & Co. during the 4th quarter valued at approximately $149,909,000. CNH Partners LLC purchased a new stake in shares of Tiffany & Co. during the 4th quarter valued at approximately $120,181,000. Finally, York Capital Management Global Advisors LLC purchased a new stake in shares of Tiffany & Co. during the 4th quarter valued at approximately $114,046,000. 80.16% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on TIF. TheStreet cut shares of Tiffany & Co. from a “b” rating to a “c” rating in a research note on Tuesday, June 9th. Needham & Company LLC started coverage on shares of Tiffany & Co. in a research note on Friday, June 19th. They issued a “hold” rating on the stock. William Blair reiterated a “hold” rating on shares of Tiffany & Co. in a research note on Monday, March 23rd. Credit Suisse Group restated a “hold” rating and set a $135.00 price objective on shares of Tiffany & Co. in a research report on Wednesday, June 3rd. Finally, Zacks Investment Research upgraded shares of Tiffany & Co. from a “sell” rating to a “hold” rating and set a $133.00 price objective on the stock in a research report on Monday, March 23rd. Nineteen analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $122.76.
Tiffany & Co. (NYSE:TIF) last issued its quarterly earnings results on Tuesday, June 9th. The specialty retailer reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.74). Tiffany & Co. had a net margin of 8.83% and a return on equity of 11.48%. The business had revenue of $555.50 million for the quarter, compared to analysts’ expectations of $653.97 million. During the same period last year, the business earned $0.50 earnings per share. The company’s revenue was down 44.6% on a year-over-year basis. Research analysts expect that Tiffany & Co. will post 2.46 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Monday, June 22nd will be given a dividend of $0.58 per share. The ex-dividend date is Friday, June 19th. This represents a $2.32 dividend on an annualized basis and a yield of 1.94%. Tiffany & Co.’s dividend payout ratio (DPR) is currently 50.54%.
Tiffany & Co. Company Profile
Tiffany & Co, through its subsidiaries, designs, manufactures, and retails jewelry and other items in the Americas, the Asia-Pacific, Japan, Europe, and internationally. The company offers jewelry collections, engagement rings, and wedding bands. It also sells watches, home and accessories products, eyewear, and fragrances; and wholesales diamonds and earnings.
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