Mackenzie Financial Corp Decreases Stake in The Goldman Sachs Group, Inc. (NYSE:GS)

Key Points

• Mackenzie Financial Corp reduced its holdings in The Goldman Sachs Group by 9.8%, owning 239,273 shares valued at approximately $130.7 million at the end of the quarter.
• The Goldman Sachs Group declared a quarterly dividend of $4.00, up from the previous $3.00, indicating an annualized yield of 2.19%.
• Insider activity included significant sales by CFO Denis P. Coleman and CEO David M. Solomon, with the CFO selling 7,463 shares for over $5.4 million and the CEO selling 6,608 shares for nearly $4.7 million.

Mackenzie Financial Corp decreased its position in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 239,273 shares of the investment management company's stock after selling 26,088 shares during the quarter. Mackenzie Financial Corp owned 0.08% of The Goldman Sachs Group worth $130,712,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its position in The Goldman Sachs Group by 15.4% in the 4th quarter. Deutsche Bank AG now owns 1,038,057 shares of the investment management company's stock valued at $594,412,000 after buying an additional 138,198 shares during the last quarter. Clear Creek Financial Management LLC purchased a new position in The Goldman Sachs Group in the 1st quarter valued at $321,000. Adams Diversified Equity Fund Inc. grew its position in The Goldman Sachs Group by 41.5% in the 1st quarter. Adams Diversified Equity Fund Inc. now owns 49,800 shares of the investment management company's stock valued at $27,205,000 after buying an additional 14,600 shares during the last quarter. Terra Nova Asset Management LLC purchased a new position in The Goldman Sachs Group in the 1st quarter valued at $1,643,000. Finally, Strategic Blueprint LLC grew its position in The Goldman Sachs Group by 15.2% in the 1st quarter. Strategic Blueprint LLC now owns 3,271 shares of the investment management company's stock valued at $1,787,000 after buying an additional 432 shares during the last quarter. Institutional investors and hedge funds own 71.21% of the company's stock.

The Goldman Sachs Group Price Performance

GS stock traded down $15.55 during trading on Friday, hitting $708.04. The stock had a trading volume of 1,885,191 shares, compared to its average volume of 2,618,276. The company's 50 day moving average price is $667.61 and its two-hundred day moving average price is $609.90. The Goldman Sachs Group, Inc. has a 1-year low of $437.37 and a 1-year high of $737.88. The stock has a market cap of $217.26 billion, a price-to-earnings ratio of 15.60, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.68 and a current ratio of 1.12.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The investment management company reported $10.91 EPS for the quarter, beating analysts' consensus estimates of $9.82 by $1.09. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 13.84%. The company had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the prior year, the company posted $8.62 EPS. The company's quarterly revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a dividend of $4.00 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $16.00 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $3.00. The Goldman Sachs Group's dividend payout ratio is currently 35.26%.

Insider Activity

In other news, EVP John F.W. Rogers sold 6,008 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total transaction of $4,310,079.12. Following the completion of the transaction, the executive vice president owned 65,761 shares of the company's stock, valued at $47,176,283.79. This represents a 8.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Denis P. Coleman sold 7,463 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $724.40, for a total transaction of $5,406,197.20. Following the transaction, the chief financial officer directly owned 18,594 shares of the company's stock, valued at approximately $13,469,493.60. This represents a 28.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,079 shares of company stock valued at $14,423,221 in the last 90 days. 0.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GS. Evercore ISI set a $715.00 price objective on shares of The Goldman Sachs Group and gave the company an "outperform" rating in a research report on Thursday, July 10th. Wells Fargo & Company boosted their target price on shares of The Goldman Sachs Group from $650.00 to $785.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods boosted their target price on shares of The Goldman Sachs Group from $771.00 to $790.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Daiwa Capital Markets lowered shares of The Goldman Sachs Group from an "outperform" rating to a "neutral" rating and set a $560.00 target price on the stock. in a research report on Friday, April 4th. Finally, JPMorgan Chase & Co. decreased their target price on shares of The Goldman Sachs Group from $625.00 to $614.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $660.00.

The Goldman Sachs Group Profile

The Goldman Sachs Group, Inc, a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements.