Scharf Investments LLC Trims Stock Holdings in International Flavors & Fragrances Inc. $IFF

Key Points

• Scharf Investments cut its stake in International Flavors & Fragrances by 97.9% in Q4, selling 488,750 shares and leaving the firm with 10,669 shares worth about $719,000.
• Director Paul J. Fribourg purchased 142,000 IFF shares at an average price of $70.13 on March 12, increasing his holdings to 2,422,730 shares (a ~6.23% rise) valued at roughly $170 million.
• IFF declared a quarterly dividend of $0.40 ($1.60 annual, ~2.2% yield; ex-dividend Mar 20, payable Apr 10), while recent results showed a quarterly EPS miss and lower revenue; analysts hold a consensus "Moderate Buy" with an average price target near $90.

Scharf Investments LLC cut its holdings in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 97.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,669 shares of the specialty chemicals company's stock after selling 488,750 shares during the period. Scharf Investments LLC's holdings in International Flavors & Fragrances were worth $719,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Invesco Ltd. boosted its stake in International Flavors & Fragrances by 131.3% during the 3rd quarter. Invesco Ltd. now owns 7,167,176 shares of the specialty chemicals company's stock worth $441,068,000 after purchasing an additional 4,069,075 shares during the period. Ilex Capital Partners UK LLP purchased a new stake in shares of International Flavors & Fragrances in the second quarter valued at about $212,090,000. Ameriprise Financial Inc. boosted its stake in shares of International Flavors & Fragrances by 1,842.0% during the second quarter. Ameriprise Financial Inc. now owns 2,491,606 shares of the specialty chemicals company's stock worth $183,264,000 after buying an additional 2,363,307 shares during the period. Norges Bank purchased a new position in shares of International Flavors & Fragrances during the second quarter worth about $152,736,000. Finally, Dodge & Cox increased its position in International Flavors & Fragrances by 5.5% in the 3rd quarter. Dodge & Cox now owns 36,972,638 shares of the specialty chemicals company's stock valued at $2,275,296,000 after acquiring an additional 1,925,251 shares during the period. 96.02% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Paul J. Fribourg acquired 142,000 shares of International Flavors & Fragrances stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $70.13 per share, for a total transaction of $9,958,460.00. Following the completion of the purchase, the director directly owned 2,422,730 shares of the company's stock, valued at approximately $169,906,054.90. This trade represents a 6.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.07% of the stock is owned by corporate insiders.

International Flavors & Fragrances Stock Performance

Shares of IFF stock opened at $72.55 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $74.57 and a 200-day simple moving average of $68.50. The company has a market cap of $18.53 billion, a price-to-earnings ratio of -52.95, a price-to-earnings-growth ratio of 1.86 and a beta of 0.99. International Flavors & Fragrances Inc. has a 12-month low of $59.14 and a 12-month high of $84.45.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The specialty chemicals company reported $0.80 earnings per share for the quarter, missing analysts' consensus estimates of $0.85 by ($0.05). The business had revenue of $2.59 billion during the quarter, compared to analysts' expectations of $2.52 billion. International Flavors & Fragrances had a negative net margin of 3.20% and a positive return on equity of 7.67%. The firm's quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 earnings per share. On average, equities analysts forecast that International Flavors & Fragrances Inc. will post 4.32 EPS for the current year.

International Flavors & Fragrances Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Friday, March 20th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, March 20th. International Flavors & Fragrances's dividend payout ratio (DPR) is currently -116.79%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Bank of America increased their price objective on International Flavors & Fragrances from $84.00 to $88.00 and gave the stock a "buy" rating in a research report on Thursday, January 8th. Oppenheimer raised International Flavors & Fragrances from a "market perform" rating to an "outperform" rating and set a $97.00 target price on the stock in a report on Friday, February 13th. Mizuho increased their price target on International Flavors & Fragrances from $75.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, February 12th. UBS Group lifted their price objective on shares of International Flavors & Fragrances from $71.00 to $85.00 and gave the company a "neutral" rating in a research report on Friday, February 13th. Finally, Wells Fargo & Company boosted their price objective on shares of International Flavors & Fragrances from $85.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, February 13th. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, International Flavors & Fragrances presently has a consensus rating of "Moderate Buy" and an average price target of $90.09.

About International Flavors & Fragrances

International Flavors & Fragrances Inc NYSE: IFF is a global leader in the creation and production of flavors, fragrances, cosmetic actives and nutritional lipids. The company develops taste and scent solutions for a wide array of end markets including food and beverage, personal care, household goods and pharmaceutical products. Its portfolio spans natural and nature-identical flavors, fine fragrances, functional ingredients for skin and hair care, and specialty oils that enhance nutritional value and sensory appeal.

IFF's research and development network comprises innovation centers in North America, Europe, Asia-Pacific and Latin America, where multidisciplinary teams collaborate on aroma chemistry, sensory science and biotechnology.

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