Tyson Foods, Inc. $TSN Shares Purchased by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its Tyson Foods stake by 46.9% in the first quarter, bringing its holdings to 121,864 shares valued at approximately $7.8 million. Institutional investors and hedge funds collectively own 67% of the company.
• Tyson Foods reported quarterly EPS of $0.87, exceeding estimates of $0.76, while revenue rose 4.4% year over year to $13.65 billion. The company announced a quarterly dividend of $0.51 per share, representing a 3.5% annualized yield.
• Shares opened at $57.47, below the average analyst price target of $70.88. Analyst sentiment is currently “Hold,” with four Buy ratings and eight Hold ratings.

Bank of Nova Scotia raised its stake in shares of Tyson Foods, Inc. (NYSE:TSN - Free Report) by 46.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 121,864 shares of the company's stock after purchasing an additional 38,913 shares during the period. Bank of Nova Scotia's holdings in Tyson Foods were worth $7,808,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Tyson Foods during the 4th quarter worth $308,297,000. Davis Selected Advisers raised its stake in shares of Tyson Foods by 28.8% in the 4th quarter. Davis Selected Advisers now owns 12,827,540 shares of the company's stock valued at $751,951,000 after purchasing an additional 2,865,413 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in Tyson Foods during the 4th quarter worth approximately $165,220,000. Pzena Investment Management LLC lifted its stake in Tyson Foods by 12.1% during the first quarter. Pzena Investment Management LLC now owns 17,155,713 shares of the company's stock worth $1,099,167,000 after purchasing an additional 1,845,200 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Tyson Foods by 34.4% in the 3rd quarter. AQR Capital Management LLC now owns 6,726,796 shares of the company's stock valued at $363,852,000 after buying an additional 1,720,009 shares during the period. 67.00% of the stock is currently owned by institutional investors and hedge funds.

Tyson Foods Stock Performance

Tyson Foods stock opened at $57.47 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.83 and a quick ratio of 0.70. Tyson Foods, Inc. has a 12-month low of $50.56 and a 12-month high of $69.48. The firm's fifty day moving average price is $59.04 and its 200 day moving average price is $61.77. The company has a market capitalization of $20.24 billion, a price-to-earnings ratio of 45.25, a price-to-earnings-growth ratio of 1.19 and a beta of 0.40.

Tyson Foods (NYSE:TSN - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. The company had revenue of $13.65 billion for the quarter, compared to analyst estimates of $13.63 billion. Tyson Foods had a return on equity of 7.59% and a net margin of 0.81%.Tyson Foods's quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 EPS. On average, research analysts forecast that Tyson Foods, Inc. will post 4.08 EPS for the current fiscal year.

Tyson Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 1st. Tyson Foods's dividend payout ratio (DPR) is currently 160.63%.

Wall Street Analysts Forecast Growth

TSN has been the subject of a number of recent research reports. Piper Sandler restated an "overweight" rating and set a $78.00 price objective (down from $80.00) on shares of Tyson Foods in a research note on Thursday, June 18th. Bank of America lowered their price objective on shares of Tyson Foods from $70.00 to $68.00 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. Wall Street Zen cut shares of Tyson Foods from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. BMO Capital Markets reiterated an "outperform" rating on shares of Tyson Foods in a research report on Tuesday, May 5th. Finally, Sanford C. Bernstein decreased their target price on shares of Tyson Foods from $72.00 to $63.00 and set a "market perform" rating for the company in a report on Thursday, July 2nd. Four research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Tyson Foods currently has an average rating of "Hold" and an average target price of $70.88.

Tyson Foods Profile

Tyson Foods, Inc NYSE: TSN is a multinational food company primarily engaged in the production, processing and marketing of protein-based and prepared food products. Founded in 1935 and headquartered in Springdale, Arkansas, the company is one of the world's largest processors of chicken, beef and pork. Its operations span live animal procurement and farming relationships through slaughter, further processing and distribution, supplying raw protein and value-added prepared foods to retail, foodservice and industrial customers.

The company's product portfolio covers fresh and frozen meats, branded and private-label prepared foods, and a range of value-added items such as ready-to-eat and ready-to-cook meals, snack and sandwich meats.

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