Pictet Asset Management Holding SA Trims Stock Holdings in PulteGroup, Inc. $PHM

Key Points

• Pictet Asset Management Holding SA trimmed its PulteGroup stake by 11.1% in Q4, selling 66,461 shares and now holds 532,782 shares worth about $62.48 million (≈0.27% of the company).
• PulteGroup reported quarterly EPS of $1.79, missing estimates by $0.01, with revenue of $3.41 billion that was down 12.4% year-over-year despite roughly matching analysts' expectations.
• The board approved a $1.50 billion buyback (up to 6.1% of shares) and the company pays a $0.26 quarterly dividend (0.8% yield), while insiders have sold roughly 149,952 shares (~$20.16 million) over the past 90 days.

Pictet Asset Management Holding SA lowered its holdings in shares of PulteGroup, Inc. (NYSE:PHM - Free Report) by 11.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 532,782 shares of the construction company's stock after selling 66,461 shares during the quarter. Pictet Asset Management Holding SA owned 0.27% of PulteGroup worth $62,482,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PHM. High Point Wealth Management LLC bought a new stake in shares of PulteGroup during the fourth quarter worth $38,000. Beacon Financial Strategies CORP bought a new position in shares of PulteGroup in the fourth quarter worth about $40,000. True Wealth Design LLC increased its stake in PulteGroup by 229.6% in the 3rd quarter. True Wealth Design LLC now owns 356 shares of the construction company's stock worth $47,000 after buying an additional 248 shares during the period. Fulcrum Asset Management LLP purchased a new position in PulteGroup in the 3rd quarter worth about $47,000. Finally, SJS Investment Consulting Inc. lifted its holdings in PulteGroup by 1,423.1% during the 3rd quarter. SJS Investment Consulting Inc. now owns 396 shares of the construction company's stock valued at $52,000 after buying an additional 370 shares in the last quarter. Institutional investors own 89.90% of the company's stock.

PulteGroup Stock Down 2.7%

Shares of PHM stock opened at $124.87 on Wednesday. PulteGroup, Inc. has a 1-year low of $95.20 and a 1-year high of $144.49. The stock's fifty day moving average price is $124.96 and its 200 day moving average price is $124.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $23.79 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.62 and a beta of 1.33.

PulteGroup (NYSE:PHM - Get Free Report) last released its quarterly 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). The business had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.40 billion. PulteGroup had a net margin of 12.14% and a return on equity of 16.41%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.57 earnings per share. On average, research analysts expect that PulteGroup, Inc. will post 10.06 earnings per share for the current fiscal year.

PulteGroup Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 2nd. Investors of record on Tuesday, March 17th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, March 17th. PulteGroup's dividend payout ratio (DPR) is presently 10.06%.

PulteGroup announced that its Board of Directors has approved a share buyback program on Thursday, April 23rd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

PHM has been the subject of several research reports. 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 report on Tuesday, April 7th. Truist Financial reduced their target price on shares of PulteGroup from $170.00 to $150.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. Zacks Research upgraded PulteGroup from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. The Goldman Sachs Group increased their price objective on PulteGroup from $133.00 to $142.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, JPMorgan Chase & Co. reduced their price objective on PulteGroup from $149.00 to $131.00 and set an "overweight" rating on the stock in a report on Tuesday, February 3rd. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $140.71.

Insider Transactions at PulteGroup

In other news, EVP Kevin A. Henry sold 5,173 shares of PulteGroup stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $141.03, for a total transaction of $729,548.19. Following the completion of the sale, the executive vice president directly owned 14,673 shares in the company, valued at approximately $2,069,333.19. The trade was a 26.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Matthew William Koart sold 15,309 shares of the business's stock in a transaction on Friday, February 6th. The shares were sold at an average price of $135.79, for a total transaction of $2,078,809.11. Following the sale, the chief operating officer directly owned 42,418 shares in the company, valued at $5,759,940.22. This trade represents a 26.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 149,952 shares of company stock worth $20,162,165 over the last ninety days. 0.75% of the stock is currently owned by insiders.

PulteGroup Company 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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