Meiji Yasuda Life Insurance Co Sells 1,473 Shares of Tesla, Inc. $TSLA

Key Points

• Meiji Yasuda Life Insurance Co has reduced its stake in Tesla by 2.0%, selling 1,473 shares and now holding 71,492 shares valued at approximately $18.5 million.
• Multiple hedge funds have increased their Tesla holdings, including Cherry Tree Wealth Management which boosted its stake by 86.3%.
• Tesla's quarterly earnings report revealed an EPS of $0.40, falling short of consensus estimates and reflecting an 11.8% decrease in revenue year-over-year.

Meiji Yasuda Life Insurance Co cut its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,492 shares of the electric vehicle producer's stock after selling 1,473 shares during the quarter. Tesla comprises 0.4% of Meiji Yasuda Life Insurance Co's investment portfolio, making the stock its 25th biggest holding. Meiji Yasuda Life Insurance Co's holdings in Tesla were worth $18,528,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC boosted its holdings in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 44 shares in the last quarter. First PREMIER Bank lifted its holdings in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Pacific Center for Financial Services lifted its holdings in shares of Tesla by 1,616.7% during the fourth quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock valued at $42,000 after purchasing an additional 97 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Tesla during the first quarter valued at $27,000. Finally, Newton One Investments LLC lifted its holdings in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on TSLA shares. Argus reiterated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. China Renaissance restated a "hold" rating and issued a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Wedbush restated an "outperform" rating and issued a $500.00 price target on shares of Tesla in a research report on Monday, August 4th. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Finally, HSBC restated a "reduce" rating and issued a $120.00 price target on shares of Tesla in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have given a Hold rating and nine have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $303.00.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 141,000 shares of company stock valued at $48,663,510. Insiders own 20.70% of the company's stock.

Tesla Price Performance

Shares of Tesla stock opened at $350.84 on Monday. The stock has a 50 day moving average of $324.00 and a 200 day moving average of $301.88. Tesla, Inc. has a 12 month low of $210.51 and a 12 month high of $488.54. The firm has a market cap of $1.13 trillion, a PE ratio of 202.80, a PEG ratio of 12.24 and a beta of 2.06. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the previous year, the company posted $0.52 earnings per share. Tesla's quarterly revenue was down 11.8% on a year-over-year basis. On average, research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.

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