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

A number of other hedge funds also recently made changes to their positions in TTC. Kayne Anderson Rudnick Investment Management LLC increased its stake in Toro by 45.5% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,031,295 shares of the company's stock worth $563,207,000 after buying an additional 2,199,920 shares during the period. Raymond James Financial Inc. purchased a new stake in Toro during the 4th quarter worth $36,561,000. Boston Trust Walden Corp increased its stake in Toro by 133.3% during the 1st quarter. Boston Trust Walden Corp now owns 779,419 shares of the company's stock worth $56,703,000 after buying an additional 445,287 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Toro by 411.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 464,609 shares of the company's stock worth $37,215,000 after purchasing an additional 373,736 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Toro by 36.9% in the 4th quarter. Northern Trust Corp now owns 1,081,782 shares of the company's stock worth $86,651,000 after purchasing an additional 291,593 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Northland Capmk downgraded shares of Toro from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 6th. Northland Securities reaffirmed a "market perform" rating and issued a $80.00 price target (down from $100.00) on shares of Toro in a report on Friday, June 6th. DA Davidson set a $76.00 price target on shares of Toro and gave the company a "neutral" rating in a report on Monday, June 9th. Raymond James Financial decreased their price target on shares of Toro from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Friday, June 6th. Finally, Robert W. Baird lifted their price target on shares of Toro from $84.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $82.75.

Toro Stock Down 1.8%

Toro stock traded down $1.35 during trading hours on Friday, hitting $72.90. The company had a trading volume of 670,940 shares, compared to its average volume of 574,161. The firm has a market capitalization of $7.19 billion, a P/E ratio of 18.69 and a beta of 0.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.81 and a quick ratio of 0.79. The firm's fifty day moving average is $72.96 and its 200-day moving average is $74.44. Toro Company has a fifty-two week low of $62.34 and a fifty-two week high of $93.00.

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

Toro Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, June 17th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, June 17th. Toro's dividend payout ratio is currently 38.97%.

Insider Buying and Selling at Toro

In related news, Director Gary Lee Ellis sold 5,038 shares of the company's stock in a transaction on 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. This represents a 12.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kurt D. Svendsen sold 6,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $70.99, for a total transaction of $425,940.00. Following the completion of the sale, the vice president directly owned 11,646 shares of the company's stock, valued at approximately $826,749.54. This trade represents a 34.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.

Toro Company 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.