Corebridge Financial Inc. Sells 15,824 Shares of Marsh & McLennan Companies, Inc. $MMC

Key Points

• Corebridge Financial Inc. has reduced its stake in Marsh & McLennan Companies, Inc. by 11.1%, now holding 126,621 shares valued at approximately $30.9 million.
• A recent analysis shows a consensus rating of "Hold" for Marsh & McLennan, with various analysts providing target prices ranging from $220.00 to $256.00.
• The company has increased its quarterly dividend from $0.82 to $0.90, reflecting a strong commitment to returning value to shareholders.

Corebridge Financial Inc. lessened its stake in Marsh & McLennan Companies, Inc. (NYSE:MMC - Free Report) by 11.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 126,621 shares of the financial services provider's stock after selling 15,824 shares during the quarter. Corebridge Financial Inc.'s holdings in Marsh & McLennan Companies were worth $30,899,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Marsh & McLennan Companies by 1.3% in the first quarter. Vanguard Group Inc. now owns 45,321,445 shares of the financial services provider's stock valued at $11,059,792,000 after acquiring an additional 581,930 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Marsh & McLennan Companies by 54.2% in the first quarter. Wellington Management Group LLP now owns 12,814,788 shares of the financial services provider's stock worth $3,127,193,000 after acquiring an additional 4,505,548 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Marsh & McLennan Companies by 14.0% during the fourth quarter. Northern Trust Corp now owns 5,934,340 shares of the financial services provider's stock valued at $1,260,513,000 after purchasing an additional 726,713 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Marsh & McLennan Companies by 13.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,218,488 shares of the financial services provider's stock valued at $1,108,459,000 after purchasing an additional 609,602 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in shares of Marsh & McLennan Companies by 7.2% during the fourth quarter. Nuveen Asset Management LLC now owns 4,581,773 shares of the financial services provider's stock valued at $973,214,000 after purchasing an additional 308,759 shares in the last quarter. 87.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Marsh & McLennan Companies from $214.00 to $210.00 and set an "underperform" rating on the stock in a research note on Monday, July 21st. Morgan Stanley lowered their price objective on Marsh & McLennan Companies from $225.00 to $220.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Barclays dropped their price objective on shares of Marsh & McLennan Companies from $249.00 to $233.00 and set an "equal weight" rating for the company in a report on Monday, July 7th. Citigroup assumed coverage on shares of Marsh & McLennan Companies in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $226.00 target price on the stock. Finally, Wells Fargo & Company reduced their price objective on Marsh & McLennan Companies from $229.00 to $226.00 and set an "equal weight" rating on the stock in a research note on Friday, July 18th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $238.76.

Marsh & McLennan Companies Trading Down 0.0%

Shares of MMC traded down $0.03 during trading hours on Thursday, reaching $206.34. 2,190,301 shares of the company traded hands, compared to its average volume of 2,200,016. The company's fifty day moving average price is $209.75 and its two-hundred day moving average price is $222.59. The company has a market capitalization of $101.44 billion, a price-to-earnings ratio of 24.74, a price-to-earnings-growth ratio of 2.59 and a beta of 0.77. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.19. Marsh & McLennan Companies, Inc. has a 12 month low of $196.27 and a 12 month high of $248.00.

Marsh & McLennan Companies (NYSE:MMC - Get Free Report) last announced its earnings results on Thursday, July 17th. The financial services provider reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.66 by $0.06. The firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.92 billion. Marsh & McLennan Companies had a net margin of 16.00% and a return on equity of 31.90%. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.41 EPS. Equities research analysts predict that Marsh & McLennan Companies, Inc. will post 9.61 earnings per share for the current fiscal year.

Marsh & McLennan Companies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 24th were given a dividend of $0.90 per share. This is an increase from Marsh & McLennan Companies's previous quarterly dividend of $0.82. The ex-dividend date of this dividend was Thursday, July 24th. This represents a $3.60 dividend on an annualized basis and a yield of 1.7%. Marsh & McLennan Companies's dividend payout ratio is 43.17%.

About Marsh & McLennan Companies

Marsh & McLennan Cos., Inc is a professional services firm, which engages in offering clients advice and solutions in risk, strategy, and people. It operates through the Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment is involved in risk management activities, as well as insurance and reinsurance broking and services.