Unilever (NYSE:UL) Shares Gap Up to $48.07

Shares of Unilever PLC (NYSE:UL - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $48.07, but opened at $50.57. Unilever shares last traded at $50.57, with a volume of 1,999,683 shares trading hands.

Analysts Set New Price Targets

Several analysts recently commented on UL shares. StockNews.com downgraded shares of Unilever from a "buy" rating to a "hold" rating in a research report on Tuesday. Morgan Stanley downgraded shares of Unilever from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $52.00 to $48.00 in a research report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Unilever has an average rating of "Hold" and an average target price of $48.00.

Unilever Stock Performance

The business's fifty day moving average price is $49.10 and its 200-day moving average price is $48.53.

Unilever Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, February 23rd were issued a $0.4582 dividend. This represents a $1.83 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend was Thursday, February 22nd.

Hedge Funds Weigh In On Unilever

A number of institutional investors and hedge funds have recently made changes to their positions in UL. Citigroup Inc. raised its stake in Unilever by 51.1% during the 3rd quarter. Citigroup Inc. now owns 672,859 shares of the company's stock worth $33,239,000 after acquiring an additional 227,681 shares during the period. Manning & Napier Group LLC raised its stake in Unilever by 1.4% during the 4th quarter. Manning & Napier Group LLC now owns 3,332,954 shares of the company's stock worth $161,582,000 after acquiring an additional 47,256 shares during the period. International Assets Investment Management LLC raised its stake in Unilever by 3,718.5% during the 4th quarter. International Assets Investment Management LLC now owns 171,641 shares of the company's stock worth $8,321,000 after acquiring an additional 167,146 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Unilever by 14.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 762,085 shares of the company's stock worth $36,946,000 after acquiring an additional 98,275 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Unilever by 3.4% during the third quarter. Deutsche Bank AG now owns 47,772 shares of the company's stock valued at $2,360,000 after buying an additional 1,589 shares during the last quarter. Hedge funds and other institutional investors own 9.67% of the company's stock.

Unilever Company Profile

Unilever PLC operates as a fast-moving consumer goods company in the Asia Pacific, Africa, the Americas, and Europe. It operates through five segments: Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream. The Beauty & Wellbeing segment engages in the sale of hair care products, such as shampoo, conditioner, and styling; skin care products including face, hand, and body moisturizer; and prestige beauty and health & wellbeing products consist of the vitamins, minerals, and supplements.