Corient Private Wealth LP Has $10.11 Million Holdings in International Flavors & Fragrances Inc. $IFF

Key Points

• Corient Private Wealth cut its International Flavors & Fragrances stake by 51.3% in the second quarter, selling 134,384 shares and retaining a position worth approximately $10.1 million. Institutional investors collectively own 96.02% of IFF.
• IFF’s latest quarterly results fell short of expectations, with earnings of $0.82 per share versus the $1.07 consensus estimate and revenue of $1.95 billion versus $2.62 billion expected. Analysts maintain a “Moderate Buy” consensus, with an average price target of $91.40.
• The company authorized a $2.5 billion share buyback, permitting repurchases of up to 12.1% of outstanding shares, and declared a quarterly dividend of $0.40 per share, representing a 1.9% annualized yield.

Corient Private Wealth LP trimmed its holdings in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 51.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 127,604 shares of the specialty chemicals company's stock after selling 134,384 shares during the period. Corient Private Wealth LP owned approximately 0.05% of International Flavors & Fragrances worth $10,109,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of International Flavors & Fragrances during the 2nd quarter valued at $1,835,955,000. Geode Capital Management LLC increased its stake in International Flavors & Fragrances by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 6,771,894 shares of the specialty chemicals company's stock valued at $454,607,000 after purchasing an additional 172,781 shares in the last quarter. Nykredit A S bought a new stake in International Flavors & Fragrances in the second quarter valued at $223,065,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of International Flavors & Fragrances during the fourth quarter valued at about $211,703,000. Finally, Bank of America Corp DE bought a new position in shares of International Flavors & Fragrances during the 2nd quarter worth about $131,760,000. Institutional investors own 96.02% of the company's stock.

Insider Buying and Selling at International Flavors & Fragrances

In other news, CAO Marc Birenkrant sold 1,000 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $85.00, for a total value of $85,000.00. Following the completion of the sale, the chief accounting officer owned 3,446 shares in the company, valued at $292,910. This represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider De Mendonca Ana Paula Teles sold 5,718 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $83.19, for a total transaction of $475,680.42. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 15,543 shares of company stock worth $1,315,659. Corporate insiders own 1.07% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IFF. Deutsche Bank Aktiengesellschaft reduced their target price on International Flavors & Fragrances from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Monday, June 1st. Vertical Research lowered International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 price target on the stock. in a report on Thursday, August 6th. Citigroup decreased their price objective on International Flavors & Fragrances from $96.00 to $88.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Weiss Ratings lowered International Flavors & Fragrances from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, August 17th. Finally, UBS Group increased their target price on International Flavors & Fragrances from $84.00 to $91.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Twelve equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $91.40.

International Flavors & Fragrances Price Performance

IFF stock opened at $84.38 on Thursday. The company has a market capitalization of $21.53 billion, a P/E ratio of 77.41, a price-to-earnings-growth ratio of 3.28 and a beta of 0.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.72 and a current ratio of 2.06. International Flavors & Fragrances Inc. has a 52-week low of $59.14 and a 52-week high of $89.32. The business has a 50-day simple moving average of $82.22 and a two-hundred day simple moving average of $77.19.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.25). International Flavors & Fragrances had a return on equity of 7.11% and a net margin of 2.78%.The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $2.62 billion. During the same period last year, the company earned $1.15 earnings per share. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts expect that International Flavors & Fragrances Inc. will post 3.08 EPS for the current fiscal year.

International Flavors & Fragrances declared that its board has approved a stock buyback program on Tuesday, August 4th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire up to 12.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

International Flavors & Fragrances Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 18th. International Flavors & Fragrances's dividend payout ratio is presently 146.79%.

International Flavors & Fragrances Profile

International Flavors & Fragrances Inc NYSE: IFF develops and manufactures ingredients, flavor systems, fragrances and related solutions used in consumer and industrial products. Its offerings help customers create or enhance the taste, aroma, texture, appearance and performance of products across the food, beverage, personal care, home care, health and pharmaceutical markets.

IFF's business includes natural and synthetic flavor compounds, fragrance ingredients and compositions, cosmetic and personal-care ingredients, specialty food ingredients, enzymes, cultures, probiotics and other bioscience-based solutions.

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