Pictet Asset Management Holding SA Decreases Stock Position in PulteGroup, Inc. $PHM

Key Points

• Pictet Asset Management cut its PulteGroup stake by 8.9% in the first quarter, selling 47,317 shares and ending with 485,465 shares worth about $57.1 million.
• PulteGroup reported mixed quarterly results: EPS of $1.79 slightly missed estimates, while revenue of $3.41 billion was roughly in line with expectations, though revenue fell 12.4% year over year.
• The company announced a $1.50 billion share buyback and a quarterly dividend of $0.26 per share, while analysts maintain a Moderate Buy consensus with an average price target of $140.71.

Pictet Asset Management Holding SA reduced its stake in PulteGroup, Inc. (NYSE:PHM - Free Report) by 8.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 485,465 shares of the construction company's stock after selling 47,317 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.25% of PulteGroup worth $57,069,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of PHM. Nordea Investment Management AB grew its position in PulteGroup by 2.4% in the fourth quarter. Nordea Investment Management AB now owns 573,065 shares of the construction company's stock worth $67,387,000 after acquiring an additional 13,259 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in PulteGroup by 166.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 16,753 shares of the construction company's stock valued at $1,964,000 after purchasing an additional 10,467 shares during the period. Dorato Capital Management bought a new stake in shares of PulteGroup in the 4th quarter valued at approximately $2,625,000. National Pension Service lifted its stake in shares of PulteGroup by 3.8% in the 4th quarter. National Pension Service now owns 507,443 shares of the construction company's stock valued at $59,503,000 after purchasing an additional 18,455 shares during the last quarter. Finally, EFG Asset Management Americas Corp. boosted its holdings in shares of PulteGroup by 351.9% in the 3rd quarter. EFG Asset Management Americas Corp. now owns 46,752 shares of the construction company's stock worth $6,177,000 after purchasing an additional 36,407 shares during the period. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

PulteGroup Price Performance

PulteGroup stock opened at $137.76 on Tuesday. The stock has a market cap of $26.24 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. PulteGroup, Inc. has a 1 year low of $104.04 and a 1 year high of $144.49. The firm has a 50-day moving average of $121.69 and a two-hundred day moving average of $124.40.

PulteGroup (NYSE:PHM - Get Free Report) last issued its earnings results on Thursday, April 23rd. The construction company reported $1.79 EPS for the quarter, missing analysts' consensus estimates of $1.80 by ($0.01). PulteGroup had a return on equity of 16.41% and a net margin of 12.14%.The company had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.40 billion. During the same period last year, the business posted $2.57 earnings per share. The business's revenue was down 12.4% compared to the same quarter last year. On average, research analysts forecast that PulteGroup, Inc. will post 9.95 earnings per share for the current year.

PulteGroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. PulteGroup's dividend payout ratio is presently 10.06%.

PulteGroup announced that its board has authorized a share repurchase program on Thursday, April 23rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the construction company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PHM shares. The Goldman Sachs Group boosted their target price on PulteGroup from $133.00 to $142.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Evercore upped their price target on shares of PulteGroup from $146.00 to $151.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Bank of America reduced their price objective on shares of PulteGroup from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Seaport Research Partners reissued a "sell" rating and issued a $100.00 price objective (down from $155.00) on shares of PulteGroup in a research note on Tuesday, April 7th. Finally, Oppenheimer restated an "outperform" rating on shares of PulteGroup in a research report on Tuesday, May 26th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $140.71.

Insider Buying and Selling at PulteGroup

In other news, Director Lila Snyder sold 3,339 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $117.18, for a total transaction of $391,264.02. Following the transaction, the director owned 3,540 shares in the company, valued at approximately $414,817.20. This trade represents a 48.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Matthew William Koart sold 7,457 shares of PulteGroup stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $120.00, for a total value of $894,840.00. Following the completion of the sale, the chief operating officer owned 28,100 shares of the company's stock, valued at $3,372,000. The trade was a 20.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.75% of the company's stock.

PulteGroup Profile

PulteGroup, Inc NYSE: PHM is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.

PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.

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