Magellan Asset Management Ltd Cuts Position in Mondelez International, Inc. (NASDAQ:MDLZ)

Key Points

• Magellan Asset Management Ltd reduced its stake in Mondelez International by 25.9%, now holding 56,625 shares valued at approximately $3.84 million.
• Analysts have raised price targets for Mondelez International, with Stifel Nicolaus increasing their target from $73 to $76 and Wells Fargo raising theirs from $68 to $78, indicating a generally positive outlook.
• Mondelez International announced an increase in its quarterly dividend to $0.50 per share, reflecting a commitment to returning value to shareholders, with a 3.2% annual yield.

Magellan Asset Management Ltd decreased its holdings in Mondelez International, Inc. (NASDAQ:MDLZ - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,625 shares of the company's stock after selling 19,839 shares during the quarter. Magellan Asset Management Ltd's holdings in Mondelez International were worth $3,842,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDLZ. Kingswood Wealth Advisors LLC lifted its stake in shares of Mondelez International by 15.0% in the first quarter. Kingswood Wealth Advisors LLC now owns 7,768 shares of the company's stock valued at $527,000 after purchasing an additional 1,013 shares during the period. Canopy Partners LLC lifted its position in shares of Mondelez International by 20.7% during the 1st quarter. Canopy Partners LLC now owns 16,800 shares of the company's stock valued at $1,140,000 after acquiring an additional 2,876 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Mondelez International by 23.6% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 44,786 shares of the company's stock valued at $3,039,000 after acquiring an additional 8,544 shares during the period. TCW Group Inc. lifted its position in shares of Mondelez International by 1.1% during the 1st quarter. TCW Group Inc. now owns 98,444 shares of the company's stock valued at $6,679,000 after acquiring an additional 1,075 shares during the period. Finally, Flagship Harbor Advisors LLC lifted its position in shares of Mondelez International by 58.2% during the 1st quarter. Flagship Harbor Advisors LLC now owns 10,883 shares of the company's stock valued at $738,000 after acquiring an additional 4,002 shares during the period. Hedge funds and other institutional investors own 78.32% of the company's stock.

Analysts Set New Price Targets

MDLZ has been the subject of a number of research reports. Dbs Bank upgraded shares of Mondelez International from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 1st. Jefferies Financial Group upgraded shares of Mondelez International from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $66.00 to $78.00 in a research report on Thursday, July 17th. DA Davidson lowered shares of Mondelez International from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $66.00 to $68.00 in a research report on Thursday, April 24th. Wells Fargo & Company upgraded shares of Mondelez International from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $68.00 to $78.00 in a research report on Friday, June 20th. Finally, Piper Sandler boosted their price objective on shares of Mondelez International from $66.00 to $67.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $71.95.

Mondelez International Trading Down 0.3%

Shares of MDLZ stock traded down $0.17 during trading hours on Tuesday, hitting $61.39. 7,373,323 shares of the company were exchanged, compared to its average volume of 8,531,562. The firm has a market cap of $79.43 billion, a PE ratio of 22.49, a PEG ratio of 4.65 and a beta of 0.46. Mondelez International, Inc. has a 1 year low of $53.95 and a 1 year high of $76.06. The company has a quick ratio of 0.39, a current ratio of 0.64 and a debt-to-equity ratio of 0.69. The firm has a fifty day moving average of $67.16 and a 200 day moving average of $65.56.

Mondelez International (NASDAQ:MDLZ - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.05. The business had revenue of $8.98 billion for the quarter, compared to analyst estimates of $8.82 billion. Mondelez International had a net margin of 9.84% and a return on equity of 15.35%. The company's revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. Analysts expect that Mondelez International, Inc. will post 2.9 earnings per share for the current year.

Mondelez International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 30th. This is an increase from Mondelez International's previous quarterly dividend of $0.47. Mondelez International's payout ratio is currently 68.86%.

Mondelez International Profile

Mondelez International, Inc, through its subsidiaries, manufactures, markets, and sells snack food and beverage products in the Latin America, North America, Asia, the Middle East, Africa, and Europe. It provides biscuits and baked snacks, including cookies, crackers, salted snacks, snack bars, and cakes and pastries; chocolates; and gums and candies, as well as various cheese and grocery, and powdered beverage products.