Canoe Financial LP Grows Position in Ferguson plc $FERG

Key Points

• Canoe Financial LP has significantly increased its holdings in Ferguson plc by 141.0%, now owning 4,938 shares valued at approximately $1,075,000.
• Investment analysts have raised their price targets for Ferguson stock, with Barclays setting a new price objective at $273.00 and a consensus rating of "Moderate Buy" among ten analysts.
• Ferguson recently announced a quarterly dividend of $0.83 per share, reflecting an annualized dividend yield of 1.4%.

Canoe Financial LP lifted its position in shares of Ferguson plc (NASDAQ:FERG - Free Report) by 141.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,938 shares of the company's stock after purchasing an additional 2,889 shares during the period. Canoe Financial LP's holdings in Ferguson were worth $1,075,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Ferguson by 4.4% during the first quarter. Vanguard Group Inc. now owns 19,168,743 shares of the company's stock worth $3,071,408,000 after buying an additional 806,718 shares in the last quarter. Bank of New York Mellon Corp grew its position in Ferguson by 24.5% in the first quarter. Bank of New York Mellon Corp now owns 7,660,299 shares of the company's stock valued at $1,227,410,000 after acquiring an additional 1,506,024 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Ferguson by 13.8% in the 1st quarter. Invesco Ltd. now owns 6,818,800 shares of the company's stock valued at $1,092,576,000 after purchasing an additional 827,355 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Ferguson by 65.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,454,467 shares of the company's stock valued at $713,740,000 after purchasing an additional 1,755,464 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in Ferguson by 101.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,165,873 shares of the company's stock worth $667,498,000 after buying an additional 2,094,029 shares during the period. 81.98% of the stock is currently owned by institutional investors and hedge funds.

Ferguson Trading Up 0.1%

Shares of NASDAQ FERG traded up $0.13 on Friday, reaching $229.33. 2,885,933 shares of the company traded hands, compared to its average volume of 1,770,834. The stock has a market capitalization of $45.22 billion, a PE ratio of 27.53, a P/E/G ratio of 1.69 and a beta of 1.15. The company has a 50 day moving average of $226.91 and a 200 day moving average of $198.30. Ferguson plc has a fifty-two week low of $146.00 and a fifty-two week high of $243.40. The company has a current ratio of 1.68, a quick ratio of 0.91 and a debt-to-equity ratio of 0.83.

Ferguson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Friday, September 26th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 26th. Ferguson's dividend payout ratio is presently 35.55%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. The Goldman Sachs Group started coverage on shares of Ferguson in a research report on Wednesday, June 18th. They issued a "buy" rating and a $280.00 price target on the stock. Oppenheimer raised their target price on Ferguson from $235.00 to $255.00 and gave the stock an "outperform" rating in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on shares of Ferguson from $220.00 to $225.00 and gave the stock an "overweight" rating in a report on Thursday, September 4th. Robert W. Baird boosted their price objective on shares of Ferguson from $260.00 to $262.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, UBS Group raised their price objective on Ferguson from $204.00 to $225.00 and gave the company a "neutral" rating in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Ferguson has a consensus rating of "Moderate Buy" and an average price target of $235.71.

About Ferguson

Ferguson plc distributes plumbing and heating products in the United States and Canada. It offers plumbing and heating solutions to customers in the residential, commercial, civil/infrastructure, and industrial end markets. The company also provides expertise, solutions, and products, including infrastructure, plumbing, appliances, fire, fabrication, and others, as well as heating, ventilation, and air conditioning products under the Ferguson brand name.