Wealthquest Corp Buys Shares of 47,437 Toro Company (The) (NYSE:TTC)

Key Points

• Wealthquest Corp has invested approximately $3.73 million in Toro Company by acquiring 47,437 shares during the first quarter of 2023.
• Several hedge funds, including True Wealth Design LLC and CIBC Private Wealth Group LLC, have recently increased their stakes in Toro, with 87.95% of Toro's stock owned by institutional investors.
• Toro announced a quarterly dividend of $0.38 per share, resulting in a 2.07% dividend yield based on its current share price.

Wealthquest Corp bought a new position in Toro Company (The) (NYSE:TTC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 47,437 shares of the company's stock, valued at approximately $3,726,000.

Other hedge funds also recently made changes to their positions in the company. Captrust Financial Advisors lifted its holdings in shares of Toro by 33.8% during the 4th quarter. Captrust Financial Advisors now owns 52,934 shares of the company's stock valued at $4,240,000 after purchasing an additional 13,373 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Toro by 7.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 535,787 shares of the company's stock worth $38,882,000 after buying an additional 37,405 shares during the last quarter. LPL Financial LLC raised its position in Toro by 33.6% in the fourth quarter. LPL Financial LLC now owns 57,435 shares of the company's stock valued at $4,601,000 after purchasing an additional 14,433 shares during the period. M&T Bank Corp grew its stake in shares of Toro by 11.2% in the first quarter. M&T Bank Corp now owns 10,915 shares of the company's stock worth $794,000 after acquiring an additional 1,098 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Toro by 87.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 45,449 shares of the company's stock worth $3,306,000 after purchasing an additional 21,214 shares in the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TTC has been the subject of a number of research reports. DA Davidson set a $76.00 target price on shares of Toro and gave the company a "neutral" rating in a report on Monday, June 9th. Northland Securities reiterated a "market perform" rating and issued a $80.00 price target (down previously from $100.00) on shares of Toro in a report on Friday, June 6th. Raymond James Financial dropped their price target on shares of Toro from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Friday, June 6th. Northland Capmk lowered shares of Toro from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Robert W. Baird boosted their price target on shares of Toro from $84.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $82.75.

Insider Activity at Toro

In other news, VP Kurt D. Svendsen sold 6,000 shares of Toro stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $70.99, for a total value of $425,940.00. Following the sale, the vice president directly owned 11,646 shares in the company, valued at $826,749.54. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary Lee Ellis sold 5,038 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $70.81, for a total transaction of $356,740.78. Following the completion of the sale, the director directly owned 34,062 shares of the company's stock, valued at approximately $2,411,930.22. The trade was a 12.88% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.39% of the company's stock.

Toro Stock Performance

NYSE:TTC traded up $1.21 during trading hours on Monday, hitting $74.18. 134,507 shares of the company traded hands, compared to its average volume of 977,050. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 19.02 and a beta of 0.80. Toro Company has a twelve month low of $62.34 and a twelve month high of $93.00. The firm has a 50-day moving average of $72.96 and a 200 day moving average of $74.33. The company has a current ratio of 1.81, a quick ratio of 0.79 and a debt-to-equity ratio of 0.73.

Toro (NYSE:TTC - Get Free Report) last posted its earnings results on Thursday, June 5th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. Toro had a net margin of 8.77% and a return on equity of 27.99%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the firm earned $1.40 EPS. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts forecast that Toro Company will post 4.41 EPS for the current year.

Toro Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, June 17th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.0%. The ex-dividend date was Tuesday, June 17th. Toro's dividend payout ratio (DPR) is 38.97%.

Toro Profile

The Toro Company designs, manufactures, markets, and sells professional turf maintenance equipment and services. It operates through two segments: Professional and Residential. The Professional segment offers turf and landscape equipment products, including sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment; rental, specialty, and underground construction equipment, such as horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools; and snow and ice management equipment, such as snowplows, as well as stand-on snow and ice removal equipment, such as snowplow, snow brush, and snow thrower attachments, salt and sand spreaders, and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders.