Bank of Nova Scotia Decreases Stake in Marsh & McLennan Companies, Inc. (NYSE:MMC)

Key Points

• Bank of Nova Scotia has reduced its holdings in Marsh & McLennan Companies by 20.1%, selling 51,945 shares, worth approximately $50.24 million at the end of the reporting period.
• The company announced an increase in its quarterly dividend from $0.82 to $0.90, reflecting a 1.8% yield, with the payment scheduled for August 15th.
• Despite recent underperforming ratings from several analysts, the stock has an average rating of "Hold" and a consensus target price of $239.79.

Bank of Nova Scotia trimmed its holdings in shares of Marsh & McLennan Companies, Inc. (NYSE:MMC - Free Report) by 20.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 205,865 shares of the financial services provider's stock after selling 51,945 shares during the quarter. Bank of Nova Scotia's holdings in Marsh & McLennan Companies were worth $50,237,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MMC. Parisi Gray Wealth Management purchased a new stake in Marsh & McLennan Companies in the 1st quarter worth about $947,000. Wealth Enhancement Advisory Services LLC raised its position in Marsh & McLennan Companies by 101.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 103,551 shares of the financial services provider's stock worth $25,270,000 after purchasing an additional 52,218 shares during the period. LPL Financial LLC raised its position in Marsh & McLennan Companies by 9.9% in the 1st quarter. LPL Financial LLC now owns 324,035 shares of the financial services provider's stock worth $78,662,000 after purchasing an additional 29,247 shares during the period. Penserra Capital Management LLC increased its position in shares of Marsh & McLennan Companies by 101.4% during the first quarter. Penserra Capital Management LLC now owns 7,136 shares of the financial services provider's stock worth $1,741,000 after acquiring an additional 3,593 shares during the period. Finally, US Asset Management LLC increased its position in shares of Marsh & McLennan Companies by 23.1% during the first quarter. US Asset Management LLC now owns 6,847 shares of the financial services provider's stock worth $1,671,000 after acquiring an additional 1,284 shares during the period. 87.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MMC shares. Barclays reduced their target price on shares of Marsh & McLennan Companies from $249.00 to $233.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. UBS Group reduced their target price on shares of Marsh & McLennan Companies from $261.00 to $258.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Wells Fargo & Company reduced their target price on shares of Marsh & McLennan Companies from $229.00 to $226.00 and set an "equal weight" rating on the stock in a research report on Friday, July 18th. Jefferies Financial Group increased their price objective on shares of Marsh & McLennan Companies from $237.00 to $244.00 and gave the company a "hold" rating in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Marsh & McLennan Companies from $214.00 to $210.00 and set an "underperform" rating on the stock in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Marsh & McLennan Companies presently has a consensus rating of "Hold" and a consensus price target of $239.79.

Marsh & McLennan Companies Stock Up 0.9%

MMC traded up $1.76 during trading on Tuesday, hitting $200.84. The stock had a trading volume of 433,665 shares, compared to its average volume of 2,265,338. The company has a market capitalization of $98.74 billion, a PE ratio of 24.10, a PEG ratio of 2.40 and a beta of 0.77. Marsh & McLennan Companies, Inc. has a twelve month low of $196.27 and a twelve month high of $248.00. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a 50 day simple moving average of $216.02 and a two-hundred day simple moving average of $224.28.

Marsh & McLennan Companies (NYSE:MMC - Get Free Report) last announced its earnings results on Thursday, July 17th. The financial services provider reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.66 by $0.06. The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.92 billion. Marsh & McLennan Companies had a net margin of 16.00% and a return on equity of 31.90%. Marsh & McLennan Companies's revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $2.41 earnings per share. On average, research analysts predict that Marsh & McLennan Companies, Inc. will post 9.61 earnings per share for the current year.

Marsh & McLennan Companies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 24th will be issued a $0.90 dividend. This is an increase from Marsh & McLennan Companies's previous quarterly dividend of $0.82. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, July 24th. Marsh & McLennan Companies's dividend payout ratio is 43.17%.

Marsh & McLennan Companies Company Profile

Marsh & McLennan Cos., Inc is a professional services firm, which engages in offering clients advice and solutions in risk, strategy, and people. It operates through the Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment is involved in risk management activities, as well as insurance and reinsurance broking and services.