The J. M. Smucker Company $SJM Position Raised by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia sharply increased its stake in J. M. Smucker by 2,317.8% in the first quarter, holding 404,328 shares worth about $39 million.
• Smucker reported better-than-expected quarterly results, with EPS of $2.77 versus $2.64 expected and revenue of $2.27 billion, up 5.8% year over year.
• The company also raised its quarterly dividend to $1.12 per share, while analysts currently have a mixed outlook with an average rating of Hold and a price target of $121.67.

Bank of Nova Scotia grew its position in shares of The J. M. Smucker Company (NYSE:SJM - Free Report) by 2,317.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 404,328 shares of the company's stock after acquiring an additional 387,605 shares during the quarter. Bank of Nova Scotia owned about 0.38% of J. M. Smucker worth $38,993,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Garton & Associates Financial Advisors LLC bought a new stake in shares of J. M. Smucker during the fourth quarter valued at approximately $25,000. CYBER HORNET ETFs LLC bought a new position in J. M. Smucker in the 2nd quarter worth approximately $27,000. MCF Advisors LLC grew its holdings in J. M. Smucker by 68.1% in the 4th quarter. MCF Advisors LLC now owns 311 shares of the company's stock worth $30,000 after buying an additional 126 shares in the last quarter. MUFG Securities EMEA plc acquired a new stake in J. M. Smucker in the 2nd quarter valued at approximately $31,000. Finally, Fideuram Asset Management Ireland dac bought a new stake in J. M. Smucker during the 4th quarter valued at $32,000. Institutional investors own 81.66% of the company's stock.

J. M. Smucker Stock Up 2.2%

NYSE:SJM opened at $118.31 on Friday. The business's fifty day moving average price is $109.88 and its 200 day moving average price is $104.71. The firm has a market capitalization of $12.62 billion, a price-to-earnings ratio of -91.01, a PEG ratio of 1.62 and a beta of 0.26. The company has a current ratio of 0.78, a quick ratio of 0.33 and a debt-to-equity ratio of 1.15. The J. M. Smucker Company has a 1-year low of $88.25 and a 1-year high of $119.39.

J. M. Smucker (NYSE:SJM - Get Free Report) last released its quarterly earnings data on Tuesday, June 9th. The company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.13. J. M. Smucker had a negative net margin of 1.53% and a positive return on equity of 17.18%. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the business earned $2.31 EPS. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. J. M. Smucker has set its FY 2027 guidance at 9.750-10.250 EPS. On average, sell-side analysts forecast that The J. M. Smucker Company will post 9.95 earnings per share for the current fiscal year.

J. M. Smucker Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 3.8%. This is an increase from J. M. Smucker's previous quarterly dividend of $1.10. The ex-dividend date is Friday, August 14th. J. M. Smucker's dividend payout ratio is presently -344.62%.

Insiders Place Their Bets

In related news, insider Jeannette L. Knudsen sold 5,550 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $116.29, for a total transaction of $645,409.50. Following the transaction, the insider owned 16,039 shares of the company's stock, valued at approximately $1,865,175.31. This trade represents a 25.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jill R. Penrose sold 5,000 shares of J. M. Smucker stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $116.69, for a total transaction of $583,450.00. Following the completion of the sale, the insider owned 15,795 shares of the company's stock, valued at $1,843,118.55. This trade represents a 24.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,533 shares of company stock valued at $2,132,914 in the last three months. Insiders own 2.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $95.00 price target on shares of J. M. Smucker in a research report on Wednesday, May 20th. Morgan Stanley lifted their price objective on shares of J. M. Smucker from $106.00 to $110.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 10th. Royal Bank Of Canada upped their price objective on shares of J. M. Smucker from $130.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, June 10th. Bank of America increased their target price on shares of J. M. Smucker from $130.00 to $132.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen cut shares of J. M. Smucker from a "buy" rating to a "hold" rating in a research note on Saturday. Nine research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $121.67.

J. M. Smucker Profile

The J. M. Smucker Company is a diversified food and beverage manufacturer and marketer known for a portfolio of well-established consumer brands. The company's main business activities include the production and distribution of fruit spreads, peanut butter, coffee and coffee filters, as well as pet food and pet snacks. Smucker's core product lines serve both retail and foodservice customers through grocery chains, mass merchandisers, club stores, convenience outlets and e-commerce channels.

Among its leading brands are Smucker's® fruit spreads, Jif® peanut butter, Folgers® and Dunkin'® coffees, and Café Bustelo® coffee.

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