New York Life Investment Management LLC Sells 1,179 Shares of S&P Global Inc. (NYSE:SPGI)

Posted by Amy Steele on May 26th, 2023

New York Life Investment Management LLC decreased its holdings in S&P Global Inc. (NYSE:SPGI – Get Rating) by 2.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 52,551 shares of the business services provider’s stock after selling 1,179 shares during the period. New York Life Investment Management LLC’s holdings in S&P Global were worth $17,601,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. BCK Partners Inc. purchased a new stake in S&P Global during the 1st quarter valued at $1,969,000. Markel Corp boosted its position in S&P Global by 0.8% during the 1st quarter. Markel Corp now owns 149,790 shares of the business services provider’s stock valued at $61,441,000 after buying an additional 1,250 shares during the period. Synovus Financial Corp boosted its position in S&P Global by 1.6% during the 1st quarter. Synovus Financial Corp now owns 2,239 shares of the business services provider’s stock valued at $919,000 after buying an additional 36 shares during the period. Sequoia Financial Advisors LLC boosted its position in S&P Global by 115.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 2,154 shares of the business services provider’s stock valued at $883,000 after buying an additional 1,154 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in S&P Global by 12.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 736 shares of the business services provider’s stock valued at $302,000 after buying an additional 81 shares during the period. Hedge funds and other institutional investors own 87.27% of the company’s stock.

S&P Global Price Performance

NYSE:SPGI traded up $1.37 during trading hours on Friday, hitting $359.69. 91,077 shares of the stock traded hands, compared to its average volume of 1,276,168. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.29. S&P Global Inc. has a 1 year low of $279.32 and a 1 year high of $395.80. The company has a market cap of $115.82 billion, a price-to-earnings ratio of 42.16, a price-to-earnings-growth ratio of 2.37 and a beta of 1.12. The stock has a 50 day moving average price of $349.53 and a 200 day moving average price of $350.26.

S&P Global (NYSE:SPGI – Get Rating) last released its quarterly earnings data on Thursday, April 27th. The business services provider reported $3.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.23. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.06 billion. S&P Global had a net margin of 23.50% and a return on equity of 10.06%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.89 earnings per share. Sell-side analysts forecast that S&P Global Inc. will post 12.5 EPS for the current fiscal year.

S&P Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Friday, May 26th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Thursday, May 25th. S&P Global’s payout ratio is currently 42.35%.

Insider Activity

In related news, CEO Douglas L. Peterson sold 7,500 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $358.96, for a total value of $2,692,200.00. Following the sale, the chief executive officer now owns 163,770 shares in the company, valued at $58,786,879.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Douglas L. Peterson sold 7,500 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $358.96, for a total value of $2,692,200.00. Following the sale, the chief executive officer now owns 163,770 shares in the company, valued at $58,786,879.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ewout L. Steenbergen sold 5,700 shares of the business’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $355.03, for a total transaction of $2,023,671.00. Following the completion of the sale, the chief financial officer now owns 27,904 shares in the company, valued at approximately $9,906,757.12. The disclosure for this sale can be found here. Insiders have sold a total of 14,020 shares of company stock worth $5,013,375 over the last quarter. Insiders own 0.10% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Robert W. Baird increased their price target on shares of S&P Global from $393.00 to $401.00 and gave the company an “outperform” rating in a research report on Friday, February 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $434.00 target price on shares of S&P Global in a research report on Monday, March 6th. Wells Fargo & Company assumed coverage on shares of S&P Global in a research report on Tuesday, May 9th. They issued an “overweight” rating and a $415.00 target price for the company. Credit Suisse Group raised their target price on shares of S&P Global from $385.00 to $395.00 and gave the stock an “outperform” rating in a research report on Friday, February 10th. Finally, Morgan Stanley increased their price target on shares of S&P Global from $388.00 to $403.00 and gave the stock an “overweight” rating in a research note on Monday, February 6th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $395.71.

About S&P Global

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S&P Global, Inc engages in the provision of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide. It operates through the following segments: Market Intelligence, Ratings, Commodity Insights, Mobility, Indices, and Engineering Solutions. The Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions.