Assenagon Asset Management S.A. Makes New $71.50 Million Investment in SunocoCorp LLC $SUNC

Key Points

• Assenagon Asset Management acquired 1,056,625 SunocoCorp shares valued at approximately $71.5 million, representing a 2.05% stake. Other institutional investors, including UBS Group, also recently initiated positions.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an $81 price target, although Zacks Research downgraded the stock to “Strong Sell.”
• SunocoCorp reported quarterly EPS of $0.76 on $14.26 billion in revenue and raised its quarterly dividend to $1.0023 per share, implying a 5.7% annualized yield.

Assenagon Asset Management S.A. bought a new stake in shares of SunocoCorp LLC (NYSE:SUNC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,056,625 shares of the company's stock, valued at approximately $71,502,000. Assenagon Asset Management S.A. owned 2.05% of SunocoCorp as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in SunocoCorp during the 4th quarter valued at $606,000. TD Waterhouse Canada Inc. bought a new position in SunocoCorp in the fourth quarter worth about $949,000. Arizona State Retirement System purchased a new stake in shares of SunocoCorp during the fourth quarter valued at about $571,000. UBS Group AG purchased a new stake in shares of SunocoCorp during the fourth quarter valued at about $49,908,000. Finally, Pictet Asset Management Holding SA bought a new stake in shares of SunocoCorp in the 4th quarter valued at about $327,000.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SUNC. Citigroup lifted their price target on shares of SunocoCorp from $73.00 to $81.00 and gave the stock a "buy" rating in a report on Friday. Raymond James Financial reaffirmed a "strong-buy" rating and set a $80.00 target price on shares of SunocoCorp in a research report on Wednesday, May 6th. Barclays increased their price target on SunocoCorp from $78.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday. Mizuho began coverage on SunocoCorp in a report on Friday, July 24th. They issued an "outperform" rating and a $83.00 price target for the company. Finally, Zacks Research lowered SunocoCorp from a "hold" rating to a "strong sell" rating in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.00.

SunocoCorp Stock Down 3.5%

SUNC opened at $70.46 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.92 and a current ratio of 1.40. SunocoCorp LLC has a twelve month low of $47.00 and a twelve month high of $77.57. The firm has a market cap of $3.63 billion and a P/E ratio of 33.08. The stock's 50-day moving average is $69.63.

SunocoCorp (NYSE:SUNC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.76 EPS for the quarter. The firm had revenue of $14.26 billion for the quarter.

SunocoCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be issued a dividend of $1.0023 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SunocoCorp's previous quarterly dividend of $0.99. This represents a $4.01 dividend on an annualized basis and a dividend yield of 5.7%. SunocoCorp's payout ratio is currently 185.92%.

SunocoCorp Profile

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.

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