Pictet Asset Management Holding SA Sells 887,233 Shares of Core & Main, Inc. $CNM

Key Points

• Pictet Asset Management reduced its stake in Core & Main by 10.7%, selling 887,233 shares in Q4 and retaining 7,441,427 shares (3.81% ownership) valued at about $386.78 million.
• Core & Main has a consensus rating of "Moderate Buy" with a consensus price target of $61.64; the company’s market cap is roughly $9.64 billion with a PE of 21.44.
• Insider activity included CFO Robyn Bradbury selling 5,000 shares under a Rule 10b5‑1 plan and Director James D. Hope buying 1,972 shares; insiders own about 3.53% while institutions own 94.19%.

Pictet Asset Management Holding SA lowered its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 7,441,427 shares of the company's stock after selling 887,233 shares during the period. Pictet Asset Management Holding SA owned 3.81% of Core & Main worth $386,782,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. TD Waterhouse Canada Inc. bought a new position in shares of Core & Main during the fourth quarter worth approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after purchasing an additional 269 shares during the period. Whittier Trust Co. bought a new position in shares of Core & Main during the fourth quarter worth approximately $28,000. Cubist Systematic Strategies LLC increased its holdings in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after purchasing an additional 524 shares during the period. Finally, Rothschild Investment LLC increased its holdings in shares of Core & Main by 5,013.3% during the third quarter. Rothschild Investment LLC now owns 767 shares of the company's stock worth $41,000 after purchasing an additional 752 shares during the period. 94.19% of the stock is owned by institutional investors.

Core & Main Stock Up 0.0%

Shares of CNM opened at $49.52 on Monday. The company has a market capitalization of $9.64 billion, a PE ratio of 21.44, a PEG ratio of 1.79 and a beta of 1.00. Core & Main, Inc. has a 12 month low of $43.96 and a 12 month high of $67.18. The stock's 50-day moving average price is $51.42 and its two-hundred day moving average price is $52.42. The company has a current ratio of 2.63, a quick ratio of 1.51 and a debt-to-equity ratio of 1.02.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $63.00 price objective on shares of Core & Main in a research report on Friday, January 9th. Citigroup upped their price objective on shares of Core & Main from $56.00 to $60.00 and gave the stock a "neutral" rating in a research report on Thursday, January 8th. Wells Fargo & Company upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a research report on Wednesday, March 25th. Finally, Barclays decreased their price target on Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 25th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Core & Main currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.64.

Insider Activity at Core & Main

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the sale, the chief financial officer owned 12,500 shares of the company's stock, valued at approximately $656,750. This represents a 28.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope bought 1,972 shares of the firm's stock in a transaction on Tuesday, April 7th. The shares were purchased at an average cost of $50.70 per share, with a total value of $99,980.40. Following the transaction, the director directly owned 6,939 shares in the company, valued at approximately $351,807.30. This trade represents a 39.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 3.53% of the company's stock.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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