International Flavors & Fragrances Inc. $IFF Shares Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its IFF stake by 585% in the first quarter, acquiring 851,992 additional shares for a total holding of 997,638 shares worth approximately $72.4 million. Institutional investors and hedge funds collectively own 96.02% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and five Holds resulting in a “Moderate Buy” consensus and an average price target of $91.16. Recent target adjustments ranged from $88 to $100.
• IFF exceeded quarterly expectations with adjusted earnings of $1.25 per share versus the $1.08 consensus and revenue of $2.74 billion, although revenue declined 3.6% year over year. The company also announced a quarterly dividend of $0.40 per share, representing a 2.0% annualized yield.

The Manufacturers Life Insurance Company grew its holdings in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 585.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 997,638 shares of the specialty chemicals company's stock after buying an additional 851,992 shares during the period. The Manufacturers Life Insurance Company owned 0.39% of International Flavors & Fragrances worth $72,379,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Invesco Ltd. lifted its holdings in shares of International Flavors & Fragrances by 131.3% in the 3rd quarter. Invesco Ltd. now owns 7,167,176 shares of the specialty chemicals company's stock valued at $441,068,000 after buying an additional 4,069,075 shares during the period. Eurizon Capital SGR S.p.A. purchased a new stake in shares of International Flavors & Fragrances in the 4th quarter worth about $211,703,000. Ameriprise Financial Inc. grew its position in shares of International Flavors & Fragrances by 1,842.0% in the second quarter. Ameriprise Financial Inc. now owns 2,491,606 shares of the specialty chemicals company's stock valued at $183,264,000 after purchasing an additional 2,363,307 shares during the last quarter. First Eagle Investment Management LLC raised its position in shares of International Flavors & Fragrances by 27.5% during the 4th quarter. First Eagle Investment Management LLC now owns 8,831,668 shares of the specialty chemicals company's stock worth $595,166,000 after purchasing an additional 1,904,598 shares during the last quarter. Finally, Norges Bank purchased a new stake in International Flavors & Fragrances in the 4th quarter valued at approximately $113,284,000. 96.02% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on IFF. Deutsche Bank Aktiengesellschaft cut their price target on International Flavors & Fragrances from $95.00 to $90.00 and set a "buy" rating for the company in a report on Monday, June 1st. Weiss Ratings raised shares of International Flavors & Fragrances from a "sell (d)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Oppenheimer upped their target price on shares of International Flavors & Fragrances from $88.00 to $90.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Citigroup lowered their price target on shares of International Flavors & Fragrances from $96.00 to $88.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Finally, Benchmark assumed coverage on shares of International Flavors & Fragrances in a research report on Tuesday, June 9th. They issued a "buy" rating and a $100.00 price objective for the company. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.16.

Insider Transactions at International Flavors & Fragrances

In other International Flavors & Fragrances news, Director Paul J. Fribourg bought 260,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was purchased at an average price of $74.28 per share, with a total value of $19,312,800.00. Following the transaction, the director owned 2,682,730 shares in the company, valued at $199,273,184.40. This trade represents a 10.73% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.07% of the company's stock.

International Flavors & Fragrances Trading Up 0.5%

Shares of IFF stock opened at $79.65 on Thursday. The firm's 50-day simple moving average is $76.85 and its 200-day simple moving average is $74.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.49 and a quick ratio of 0.87. International Flavors & Fragrances Inc. has a 1-year low of $59.14 and a 1-year high of $84.45. The firm has a market cap of $20.33 billion, a P/E ratio of 24.36, a PEG ratio of 1.98 and a beta of 0.93.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.08 by $0.17. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.64 billion. International Flavors & Fragrances had a net margin of 7.78% and a return on equity of 7.65%. International Flavors & Fragrances's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.20 earnings per share. As a group, equities analysts forecast that International Flavors & Fragrances Inc. will post 4.55 EPS for the current year.

International Flavors & Fragrances Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be issued a $0.40 dividend. The ex-dividend date is Friday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.0%. International Flavors & Fragrances's dividend payout ratio (DPR) is presently 48.93%.

International Flavors & Fragrances Profile

International Flavors & Fragrances Inc NYSE: IFF is a global leader in the creation and production of flavors, fragrances, cosmetic actives and nutritional lipids. The company develops taste and scent solutions for a wide array of end markets including food and beverage, personal care, household goods and pharmaceutical products. Its portfolio spans natural and nature-identical flavors, fine fragrances, functional ingredients for skin and hair care, and specialty oils that enhance nutritional value and sensory appeal.

IFF's research and development network comprises innovation centers in North America, Europe, Asia-Pacific and Latin America, where multidisciplinary teams collaborate on aroma chemistry, sensory science and biotechnology.

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