On June 3, 2023, it was announced that Korea Investment CORP had trimmed its stake in The J. M. Smucker Company by 38.4% during the fourth quarter of the previous year. According to their Form 13F filing with the Securities & Exchange Commission, the fund owned 54,306 shares of the company’s stock after selling 33,845 shares during the quarter. This brought the percentage ownership of Korea Investment CORP down to approximately 0.05% worth $8,605,000 as of their most recent filing with the Securities & Exchange Commission.
The J. M. Smucker Company also recently announced a quarterly dividend which was paid on Thursday, June 1st of this year. Investors who were on record as of Friday May 12th received a $1.02 dividend per share payout which represents a $4.08 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date for this particular dividend was Thursday May 11th, making it still eligible for new investors to receive future payouts.
It has also been reported that insiders have sold significant amounts of The J.M.Smucker Company stock in recent months. On Monday March 20th insider Jeannette L.Knudsen sold some ten thousand shares at an average price of $153.96 totaling over one and half million dollars ($1,539,600). Following that sale Jeannette L.Knudsen now directly owns only seventeen thousand five hundred sixty-one (17,561) shares in total worth nearly two million seven hundred and four thousand dollars ($2,703,691).
In related news CEO Mark T.Smucker also made significant sales transactions involving thirty thousand (30,000) shares of the company on Thursday March sixteenth selling them at an average price per share of $153.41 resulting in proceeds exceeding four and a half million dollars ($4,602,300). Following that transaction, the CEO’s direct ownership of The J.M.Smucker Company equates to one hundred ten thousand two hundred sixty (110,260) shares valued at nearly seventeen million dollars ($16,914,986.60).
Additionally noted is that other insiders have sold one hundred and twenty-two thousand four hundred sixty-two (122,462) shares total over the last ninety (90) days cumulatively exceeding eighteen point seven million dollars ($18,744,753) in proceeds. As a result of these transactions made by insiders they now own only 3.90% percent of the company’s stock.
Future stock performance for The J.M.Smucker Company may be affected by variables including but not limited to: industry and market trends both negative and positive; government regulatory compliance; strategic business decisions by their board of directors; competition from others in similar industries or markets; changes in consumer behavior preferring alternative products beyond traditional names such as peanut butter or jelly for example as well as fluctuations nationally or internationally impacting demand-supply dynamics due to economic issues which may suggest headwinds ahead.
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Hedge Funds Increase Stake in J.M. Smucker as Institutional Ownership Reaches 79%: Analysts Offer Mixed Ratings
J. M. Smucker, a renowned manufacturer of food and beverage products, has recently witnessed a series of changes in its institutional ownerships. Several hedge funds increased their stake in the company’s stock during Q1 2023. Institutional investors now own almost four-fifth that is 79.21% of J.M. Smucker’s stock.
Fairfield Bush & CO., Commonwealth of Pennsylvania Public School Empls Retrmt SYS, Allianz Asset Management GmbH, National Pension Service, and Vanguard Group Inc. are among the hedge funds that modified their holdings during the quarter.
Argus upgraded the shares of J.M. Smucker from “hold” to “buy,” while Stifel Nicolaus initiated coverage on the stock and gave it a “hold” rating with a target price of $168 per share.
StockNews.com issued a “hold” rating for J.M. Smucker, whereas UBS Group lowered the price objective on its stock from $159 to $157 per share.
On June 1st, J.M. Smucker announced that it was paying its investors $1.02 as quarterly dividend payments with an annualized payout of $4.08 and a yield of 2.82%.
The company has seen revenue growth during Q1 despite differences in analyst estimates for earnings per share, which has been reported at $2.21.
Shares of SJM opened at $144.90 on June 3rd and have fluctuated between $163 and $119 over the past year.
J.M.Smucker continues to be an investment focus among hedge funds as evident from their active stake holdings while analysts’ opinions regard this stock as ‘Hold’, though offering varied ratings for the same; depicting vast market uncertainties around it.
As we move towards uncertainty marking our every step amid covid strains all over again, these changes may affect investor choices besides choosing safe-haven assets rightly important today more than ever.
