Massachusetts Financial Services Co. MA Sells 383,115 Shares of Nomad Foods Limited $NOMD

Key Points

• Massachusetts Financial Services Co. MA reduced its stake in Nomad Foods by 12.1%, selling 383,115 shares and now owns 2,779,656 shares (about 1.81% of the company) valued at roughly $34.77 million.
• Nomad Foods recently paid a quarterly dividend of $0.17 (annualized $0.68), representing a high yield of about 7.1% with a dividend payout ratio of 66.7%.
• Analyst sentiment is mixed—three Buy, one Hold and two Sell ratings—resulting in an average rating of "Hold" and an average price target of $12.50, amid several recent price-target cuts and downgrades.

Massachusetts Financial Services Co. MA cut its holdings in shares of Nomad Foods Limited (NYSE:NOMD - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,779,656 shares of the company's stock after selling 383,115 shares during the period. Massachusetts Financial Services Co. MA owned 1.81% of Nomad Foods worth $34,773,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Polaris Capital Management LLC lifted its position in Nomad Foods by 138.8% during the third quarter. Polaris Capital Management LLC now owns 3,441,900 shares of the company's stock valued at $45,261,000 after acquiring an additional 2,000,400 shares during the last quarter. Moody Aldrich Partners LLC lifted its position in Nomad Foods by 188.1% during the third quarter. Moody Aldrich Partners LLC now owns 247,558 shares of the company's stock valued at $3,255,000 after acquiring an additional 161,623 shares during the last quarter. Atlantic Investment Management Inc. purchased a new stake in Nomad Foods during the third quarter valued at approximately $9,494,000. American Assets Inc. purchased a new stake in Nomad Foods during the third quarter valued at approximately $526,000. Finally, Invenomic Capital Management LP lifted its position in Nomad Foods by 144.2% during the third quarter. Invenomic Capital Management LP now owns 952,268 shares of the company's stock valued at $12,522,000 after acquiring an additional 562,304 shares during the last quarter. Hedge funds and other institutional investors own 75.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NOMD. Weiss Ratings cut shares of Nomad Foods from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, March 2nd. Barclays decreased their price target on shares of Nomad Foods from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $10.00 price target (down from $15.00) on shares of Nomad Foods in a report on Monday, March 30th. Zacks Research cut shares of Nomad Foods from a "hold" rating to a "strong sell" rating in a report on Monday, March 2nd. Finally, BTIG Research decreased their price target on shares of Nomad Foods from $18.00 to $15.00 and set a "buy" rating for the company in a report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $12.50.

Nomad Foods Stock Up 0.5%

NOMD stock opened at $9.57 on Thursday. The firm has a market cap of $1.36 billion, a PE ratio of 9.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 1.07. The firm's fifty day moving average is $10.82 and its 200 day moving average is $11.72. Nomad Foods Limited has a one year low of $9.43 and a one year high of $20.29.

Nomad Foods Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Wednesday, February 11th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 7.1%. The ex-dividend date was Wednesday, February 11th. Nomad Foods's dividend payout ratio (DPR) is currently 66.67%.

Nomad Foods Profile

Nomad Foods Limited is a leading frozen foods company headquartered in the United Kingdom, operating under the ticker symbol NOMD on the New York Stock Exchange. The company's portfolio comprises well-known consumer brands such as Birds Eye, iglo, Findus, Goodfella's and Aunt Bessie's, covering a wide range of categories including vegetables, seafood, ready meals, pizzas and desserts. Nomad Foods focuses on delivering convenient, high-quality frozen products designed to meet evolving consumer preferences for taste, nutrition and ease of preparation.

Formed in 2015 through the acquisition of Iglo Group by investment firms Permira and Goldman Sachs Asset Management, Nomad Foods was created with the strategy of building Europe's largest frozen foods platform.

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