The Manufacturers Life Insurance Company Acquires Shares of 861,180 International Flavors & Fragrances Inc. $IFF

Key Points

• The Manufacturers Life Insurance Company acquired 861,180 IFF shares worth approximately $68.2 million, representing about 0.34% of the company. Institutional investors collectively own 96.02% of IFF.
• IFF reported quarterly earnings of $0.82 per share, below the $1.07 consensus estimate, while revenue of $1.95 billion also fell short of expectations. Shares opened at $87.32, near their 12-month high of $89.32.
• The company authorized a $2.5 billion share-repurchase program covering up to 12.1% of outstanding shares and declared a quarterly dividend of $0.40 per share, equivalent to a 1.8% yield. Analysts maintain a “Moderate Buy” consensus with a $91.40 price target.

The Manufacturers Life Insurance Company bought a new position in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 861,180 shares of the specialty chemicals company's stock, valued at approximately $68,223,000. The Manufacturers Life Insurance Company owned approximately 0.34% of International Flavors & Fragrances as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Lloyd Advisory Services LLC. bought a new position in International Flavors & Fragrances in the fourth quarter worth $27,000. Root Financial Partners LLC boosted its holdings in shares of International Flavors & Fragrances by 97.9% during the 1st quarter. Root Financial Partners LLC now owns 554 shares of the specialty chemicals company's stock valued at $40,000 after buying an additional 274 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of International Flavors & Fragrances by 55.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 587 shares of the specialty chemicals company's stock worth $46,000 after buying an additional 210 shares during the period. Transamerica Financial Advisors LLC increased its stake in shares of International Flavors & Fragrances by 884.1% in the 2nd quarter. Transamerica Financial Advisors LLC now owns 679 shares of the specialty chemicals company's stock worth $50,000 after acquiring an additional 610 shares in the last quarter. Finally, EFG International AG purchased a new position in International Flavors & Fragrances during the 4th quarter valued at about $73,000. 96.02% of the stock is currently owned by institutional investors.

International Flavors & Fragrances Price Performance

Shares of IFF opened at $87.32 on Wednesday. International Flavors & Fragrances Inc. has a twelve month low of $59.14 and a twelve month high of $89.32. The company has a market capitalization of $22.28 billion, a P/E ratio of 80.11, a price-to-earnings-growth ratio of 3.17 and a beta of 0.93. The firm has a 50 day moving average of $79.90 and a 200 day moving average of $76.54. The company has a quick ratio of 1.72, a current ratio of 2.06 and a debt-to-equity ratio of 0.34.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.25). The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.62 billion. International Flavors & Fragrances had a net margin of 2.78% and a return on equity of 7.11%. The business's revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company posted $1.15 earnings per share. As a group, equities research analysts anticipate that International Flavors & Fragrances Inc. will post 3.08 earnings per share for the current fiscal year.

International Flavors & Fragrances announced that its board has approved a share repurchase program on Tuesday, August 4th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 12.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

International Flavors & Fragrances Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.8%. International Flavors & Fragrances's dividend payout ratio (DPR) is 146.79%.

Insiders Place Their Bets

In related news, insider De Mendonca Ana Paula Teles sold 5,718 shares of International Flavors & Fragrances stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $83.19, for a total value of $475,680.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Deveau sold 8,825 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $85.55, for a total value of $754,978.75. Following the completion of the transaction, the executive vice president directly owned 5,199 shares of the company's stock, valued at approximately $444,774.45. This trade represents a 62.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,543 shares of company stock valued at $1,315,659 over the last quarter. Corporate insiders own 1.07% of the company's stock.

Analyst Ratings Changes

IFF has been the topic of several research reports. Citigroup dropped their price objective on shares of International Flavors & Fragrances from $96.00 to $88.00 and set a "buy" rating on the stock in a research note on Wednesday, June 24th. Barclays lifted their target price on shares of International Flavors & Fragrances from $90.00 to $96.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Berenberg Bank boosted their price target on International Flavors & Fragrances from $83.00 to $84.80 and gave the stock a "hold" rating in a research report on Thursday, May 7th. BNP Paribas Exane upped their price target on International Flavors & Fragrances from $85.00 to $95.00 in a research note on Thursday, May 7th. Finally, Wall Street Zen cut International Flavors & Fragrances from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Twelve investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, International Flavors & Fragrances has a consensus rating of "Moderate Buy" and a consensus target price of $91.40.

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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