Tyson Foods, Inc. $TSN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Tyson Foods stake by 82.3% in the second quarter, selling 734,623 shares and retaining 158,184 shares worth approximately $9.1 million. Institutional investors collectively own 67% of the company.
• Tyson Foods reported quarterly EPS of $0.99, matching analyst expectations, while revenue of $13.87 billion fell short of the $14.07 billion consensus estimate and declined slightly year over year.
• The company declared a quarterly dividend of $0.51 per share, equivalent to an annualized $2.04 dividend and a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $70.67, compared with shares opening at $56.49.

Assenagon Asset Management S.A. trimmed its holdings in shares of Tyson Foods, Inc. (NYSE:TSN - Free Report) by 82.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 158,184 shares of the company's stock after selling 734,623 shares during the period. Assenagon Asset Management S.A.'s holdings in Tyson Foods were worth $9,056,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Norges Bank bought a new position in Tyson Foods during the 4th quarter worth $308,297,000. Davis Selected Advisers lifted its stake in Tyson Foods by 28.8% in the fourth quarter. Davis Selected Advisers now owns 12,827,540 shares of the company's stock valued at $751,951,000 after buying an additional 2,865,413 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in shares of Tyson Foods during the fourth quarter valued at $165,220,000. Pzena Investment Management LLC boosted its holdings in shares of Tyson Foods by 12.1% during the first quarter. Pzena Investment Management LLC now owns 17,155,713 shares of the company's stock valued at $1,099,167,000 after acquiring an additional 1,845,200 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Tyson Foods by 34.4% during the third quarter. AQR Capital Management LLC now owns 6,726,796 shares of the company's stock worth $363,852,000 after acquiring an additional 1,720,009 shares during the last quarter. 67.00% of the stock is currently owned by institutional investors.

Tyson Foods Stock Performance

Shares of TSN opened at $56.49 on Wednesday. The firm has a market capitalization of $19.87 billion, a PE ratio of 34.87, a P/E/G ratio of 1.22 and a beta of 0.40. The company has a quick ratio of 0.55, a current ratio of 1.43 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $57.81 and a 200 day moving average price of $61.76. Tyson Foods, Inc. has a 52-week low of $50.56 and a 52-week high of $69.48.

Tyson Foods (NYSE:TSN - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.99 EPS for the quarter, hitting analysts' consensus estimates of $0.99. The company had revenue of $13.87 billion for the quarter, compared to the consensus estimate of $14.07 billion. Tyson Foods had a net margin of 1.03% and a return on equity of 7.77%. Tyson Foods's revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. On average, sell-side analysts anticipate that Tyson Foods, Inc. will post 3.95 earnings per share for the current fiscal year.

Tyson Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $2.04 annualized dividend and a yield of 3.6%. Tyson Foods's payout ratio is presently 125.93%.

Analysts Set New Price Targets

A number of analysts recently weighed in on TSN shares. Piper Sandler reaffirmed an "overweight" rating and issued a $78.00 price objective (down from $80.00) on shares of Tyson Foods in a report on Thursday, June 18th. BMO Capital Markets reissued an "outperform" rating on shares of Tyson Foods in a research note on Tuesday, May 5th. Stephens upped their target price on shares of Tyson Foods from $65.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 5th. HSBC dropped their price target on shares of Tyson Foods from $74.00 to $69.00 and set a "hold" rating on the stock in a research note on Wednesday, July 29th. Finally, Bank of America reduced their price objective on Tyson Foods from $70.00 to $68.00 and set a "neutral" rating for the company in a research report on Thursday, July 2nd. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $70.67.

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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