Vanguard Group Inc. Lowers Position in The Marzetti Company (NASDAQ:MZTI)

Key Points

• Vanguard Group Inc. has reduced its stake in The Marzetti Company (NASDAQ:MZTI) by 0.5%, now owning approximately 7.94% of the company, valued at around $383 million.
• Marzetti recently declared a quarterly dividend of $0.95 to be paid on September 30th, with an annualized yield of 2.1%.
• Analysts have mixed ratings for Marzetti, with the average target price set at $203.50, and notable changes including a downgrade from "buy" to "hold" by Wall Street Zen.

Vanguard Group Inc. cut its holdings in shares of The Marzetti Company (NASDAQ:MZTI - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,189,321 shares of the company's stock after selling 10,681 shares during the quarter. Vanguard Group Inc. owned approximately 7.94% of Marzetti worth $383,131,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. US Bancorp DE raised its holdings in shares of Marzetti by 44.3% in the 1st quarter. US Bancorp DE now owns 5,469 shares of the company's stock valued at $957,000 after acquiring an additional 1,678 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of Marzetti in the 1st quarter worth approximately $475,000. First National Advisers LLC bought a new stake in shares of Marzetti during the first quarter valued at approximately $354,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Marzetti during the first quarter valued at approximately $2,485,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in shares of Marzetti by 11.1% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 19,330 shares of the company's stock valued at $3,383,000 after purchasing an additional 1,938 shares in the last quarter. Institutional investors own 66.44% of the company's stock.

Marzetti Stock Performance

Marzetti stock opened at $180.29 on Friday. The stock has a market cap of $4.97 billion, a PE ratio of 29.32 and a beta of 0.47. The Marzetti Company has a one year low of $156.14 and a one year high of $202.63. The stock has a fifty day moving average of $172.95 and a 200 day moving average of $176.66.

Marzetti Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 8th will be given a $0.95 dividend. The ex-dividend date is Monday, September 8th. This represents a $3.80 dividend on an annualized basis and a yield of 2.1%. Marzetti's dividend payout ratio is presently 61.79%.

Analysts Set New Price Targets

Several equities research analysts have commented on MZTI shares. Stephens dropped their target price on Marzetti from $200.00 to $195.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Wall Street Zen downgraded Marzetti from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Benchmark raised Marzetti from a "hold" rating to a "buy" rating and set a $185.00 target price on the stock in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $203.50.

About Marzetti

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.

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