Diversify Wealth Management LLC Cuts Holdings in Amcor PLC $AMCR

Key Points

• Diversify Wealth Management LLC sharply cut its Amcor stake by 77.7% in the first quarter, selling 399,993 shares and leaving it with 114,537 shares valued at about $4.28 million.
• Amcor reported mixed but solid quarterly results, matching earnings estimates at $0.96 per share and posting revenue of $5.91 billion, above forecasts. Analysts now expect the company to earn 3.97 EPS for the current year.
• The company continues to offer a high dividend yield, with a quarterly payout of $0.65 per share and an annualized yield of 6.0%, though its payout ratio is elevated at 181.82%.

Diversify Wealth Management LLC decreased its stake in Amcor PLC (NYSE:AMCR - Free Report) by 77.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,537 shares of the company's stock after selling 399,993 shares during the period. Diversify Wealth Management LLC's holdings in Amcor were worth $4,278,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Amcor by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company's stock worth $2,596,000 after acquiring an additional 20,757 shares in the last quarter. Focus Partners Wealth raised its position in Amcor by 11.3% during the first quarter. Focus Partners Wealth now owns 43,137 shares of the company's stock valued at $418,000 after purchasing an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Amcor during the second quarter valued at about $138,000. Arrowstreet Capital Limited Partnership bought a new stake in Amcor during the second quarter worth about $6,426,000. Finally, CW Advisors LLC bought a new stake in Amcor during the second quarter worth about $228,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Stock Performance

NYSE AMCR opened at $43.18 on Monday. The company has a 50-day simple moving average of $40.21 and a two-hundred day simple moving average of $42.11. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The firm has a market cap of $19.96 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 1.22 and a beta of 0.62. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company's quarterly revenue was up 77.4% on a year-over-year basis. On average, equities analysts forecast that Amcor PLC will post 3.97 EPS for the current year.

Amcor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 6.0%. The ex-dividend date was Thursday, May 28th. Amcor's dividend payout ratio (DPR) is presently 181.82%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AMCR. Weiss Ratings upgraded Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Truist Financial restated a "buy" rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. JPMorgan Chase & Co. dropped their target price on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a research note on Wednesday, April 1st. They issued a "buy" rating and a $50.00 target price for the company. Finally, Citigroup reduced their price target on shares of Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.00.

Amcor Company Profile

Amcor NYSE: AMCR is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company's product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor's packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.

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