Parnassus Investments LLC Has $682.67 Million Stock Position in Marsh & McLennan Companies, Inc. $MMC

Key Points

• Parnassus Investments LLC reduced its stake in Marsh & McLennan Companies by 21.6%, selling 771,664 shares and holding approximately 2.8 million shares worth $682.67 million by the end of the last quarter.
• Marsh & McLennan recently disclosed a quarterly dividend increase from $0.82 to $0.90 per share, with a current dividend yield of 1.7%.
• The company reported $2.72 earnings per share for the recent quarter, surpassing expectations and achieving a revenue of $6.97 billion, which is a 12.1% increase from the previous year.

Parnassus Investments LLC cut its position in shares of Marsh & McLennan Companies, Inc. (NYSE:MMC - Free Report) by 21.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,797,477 shares of the financial services provider's stock after selling 771,664 shares during the quarter. Marsh & McLennan Companies comprises 1.6% of Parnassus Investments LLC's portfolio, making the stock its 27th biggest position. Parnassus Investments LLC owned about 0.57% of Marsh & McLennan Companies worth $682,668,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Accent Capital Management LLC acquired a new position in Marsh & McLennan Companies in the first quarter worth about $25,000. Knuff & Co LLC bought a new position in Marsh & McLennan Companies in the 1st quarter worth about $28,000. Ameriflex Group Inc. acquired a new stake in Marsh & McLennan Companies in the 4th quarter valued at approximately $37,000. City Holding Co. bought a new position in shares of Marsh & McLennan Companies in the first quarter valued at approximately $37,000. Finally, Capital Analysts LLC lifted its position in Marsh & McLennan Companies by 61.0% in the first quarter. Capital Analysts LLC now owns 169 shares of the financial services provider's stock worth $41,000 after purchasing an additional 64 shares during the period. 87.99% of the stock is owned by institutional investors and hedge funds.

Marsh & McLennan Companies Stock Performance

Marsh & McLennan Companies stock traded down $0.33 on Tuesday, reaching $205.48. 1,993,698 shares of the stock were exchanged, compared to its average volume of 2,253,958. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.19. Marsh & McLennan Companies, Inc. has a twelve month low of $196.27 and a twelve month high of $248.00. The firm has a fifty day moving average price of $209.11 and a two-hundred day moving average price of $222.02. The stock has a market cap of $101.02 billion, a PE ratio of 24.64, a PEG ratio of 2.58 and a beta of 0.81.

Marsh & McLennan Companies (NYSE:MMC - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.66 by $0.06. Marsh & McLennan Companies had a return on equity of 31.90% and a net margin of 16.00%.The business had revenue of $6.97 billion during the quarter, compared to analysts' expectations of $6.92 billion. During the same quarter in the previous year, the firm earned $2.41 EPS. The firm's revenue was up 12.1% compared to the same quarter last year. Sell-side analysts anticipate that Marsh & McLennan Companies, Inc. will post 9.61 EPS for the current year.

Marsh & McLennan Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 24th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.8%. 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. Marsh & McLennan Companies's dividend payout ratio (DPR) is 43.17%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Citigroup assumed coverage on Marsh & McLennan Companies in a research note on Wednesday, August 13th. They issued a "neutral" rating and a $226.00 price objective on the stock. Morgan Stanley dropped their target price on shares of Marsh & McLennan Companies from $225.00 to $220.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Cantor Fitzgerald started coverage on Marsh & McLennan Companies in a research report on Wednesday, August 13th. They set an "overweight" rating and a $256.00 price objective for the company. Wells Fargo & Company reduced their target price on Marsh & McLennan Companies from $229.00 to $226.00 and set an "equal weight" rating for the company in a report on Friday, July 18th. Finally, Barclays cut their price target on shares of Marsh & McLennan Companies from $249.00 to $233.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $238.76.

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.