Lowe's Companies, Inc. (NYSE:LOW) Shares Acquired by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Lowe's Companies by 4.5%, acquiring an additional 6,450 shares, bringing its total to 150,122 shares valued at approximately $35 million.
• Lowe's announced a quarterly dividend increase to $1.20 per share, representing a 4.35% rise from the previous dividend of $1.15.
• The company reported quarterly earnings of $2.92 per share, exceeding analysts' expectations, although revenue declined by 2.0% year-over-year, totaling $20.93 billion.

Mackenzie Financial Corp boosted its position in Lowe's Companies, Inc. (NYSE:LOW - Free Report) by 4.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 150,122 shares of the home improvement retailer's stock after buying an additional 6,450 shares during the period. Mackenzie Financial Corp's holdings in Lowe's Companies were worth $35,013,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Prosperity Consulting Group LLC raised its stake in shares of Lowe's Companies by 5.4% during the 1st quarter. Prosperity Consulting Group LLC now owns 3,605 shares of the home improvement retailer's stock worth $841,000 after buying an additional 186 shares during the period. Ridgewood Investments LLC raised its stake in shares of Lowe's Companies by 40.2% during the 1st quarter. Ridgewood Investments LLC now owns 2,360 shares of the home improvement retailer's stock worth $550,000 after buying an additional 677 shares during the period. Capital City Trust Co. FL raised its stake in shares of Lowe's Companies by 60.7% during the 1st quarter. Capital City Trust Co. FL now owns 2,824 shares of the home improvement retailer's stock worth $659,000 after buying an additional 1,067 shares during the period. LPL Financial LLC raised its stake in shares of Lowe's Companies by 8.3% during the 1st quarter. LPL Financial LLC now owns 952,463 shares of the home improvement retailer's stock worth $222,143,000 after buying an additional 72,936 shares during the period. Finally, Waddell & Associates LLC raised its stake in shares of Lowe's Companies by 183.1% during the 1st quarter. Waddell & Associates LLC now owns 2,709 shares of the home improvement retailer's stock worth $632,000 after buying an additional 1,752 shares during the period. Hedge funds and other institutional investors own 74.06% of the company's stock.

Insider Activity at Lowe's Companies

In other Lowe's Companies news, EVP Juliette Williams Pryor sold 1,130 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $227.50, for a total transaction of $257,075.00. Following the sale, the executive vice president directly owned 31,898 shares in the company, valued at $7,256,795. This represents a 3.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Truist Financial set a $264.00 target price on Lowe's Companies and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Citigroup reduced their target price on Lowe's Companies from $253.00 to $242.00 and set a "neutral" rating for the company in a research note on Thursday. Royal Bank Of Canada reduced their target price on Lowe's Companies from $244.00 to $242.00 and set a "sector perform" rating for the company in a research note on Thursday, May 22nd. Mizuho reaffirmed an "outperform" rating and set a $280.00 target price on shares of Lowe's Companies in a research note on Friday, June 13th. Finally, Wells Fargo & Company reduced their price objective on Lowe's Companies from $285.00 to $260.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $270.68.

Lowe's Companies Stock Performance

Shares of NYSE LOW traded down $3.89 during mid-day trading on Thursday, reaching $223.55. 2,778,368 shares of the company's stock were exchanged, compared to its average volume of 2,372,117. The firm has a market capitalization of $125.28 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 2.15 and a beta of 0.90. Lowe's Companies, Inc. has a 52-week low of $206.38 and a 52-week high of $287.01. The company's 50-day moving average is $222.93 and its 200-day moving average is $231.92.

Lowe's Companies (NYSE:LOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The home improvement retailer reported $2.92 earnings per share for the quarter, topping analysts' consensus estimates of $2.88 by $0.04. The business had revenue of $20.93 billion during the quarter, compared to analysts' expectations of $21.09 billion. Lowe's Companies had a negative return on equity of 49.12% and a net margin of 8.22%. The company's revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $3.06 EPS. As a group, equities analysts predict that Lowe's Companies, Inc. will post 11.9 earnings per share for the current fiscal year.

Lowe's Companies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 6th. Stockholders of record on Wednesday, July 23rd will be paid a $1.20 dividend. The ex-dividend date of this dividend is Wednesday, July 23rd. This is a positive change from Lowe's Companies's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 2.1%. Lowe's Companies's payout ratio is 39.77%.

Lowe's Companies Company Profile

Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It also provides home improvement products, such as appliances, seasonal and outdoor living, lawn and garden, lumber, kitchens and bath, tools, paint, millwork, hardware, flooring, rough plumbing, building materials, décor, and electrical.