Raymond James Financial Inc. Invests $8.56 Million in Lancaster Colony Co. (NASDAQ:LANC)

Raymond James Financial Inc. bought a new stake in Lancaster Colony Co. (NASDAQ:LANC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 49,430 shares of the company's stock, valued at approximately $8,558,000. Raymond James Financial Inc. owned about 0.18% of Lancaster Colony as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in Lancaster Colony by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 2,200,002 shares of the company's stock valued at $380,908,000 after buying an additional 30,987 shares during the last quarter. Geode Capital Management LLC raised its position in Lancaster Colony by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 561,913 shares of the company's stock valued at $97,308,000 after buying an additional 5,690 shares during the last quarter. Boston Trust Walden Corp raised its position in Lancaster Colony by 20.5% in the 4th quarter. Boston Trust Walden Corp now owns 305,264 shares of the company's stock valued at $52,853,000 after buying an additional 52,030 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Lancaster Colony by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,999 shares of the company's stock worth $49,518,000 after purchasing an additional 5,168 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Lancaster Colony by 4.2% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 231,927 shares of the company's stock worth $40,156,000 after purchasing an additional 9,411 shares in the last quarter. Institutional investors and hedge funds own 66.44% of the company's stock.

Lancaster Colony Price Performance

LANC stock traded down $0.50 during midday trading on Monday, reaching $189.71. 183,498 shares of the company were exchanged, compared to its average volume of 139,000. Lancaster Colony Co. has a one year low of $163.20 and a one year high of $202.63. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 33.34 and a beta of 0.38. The business has a 50-day moving average price of $183.88 and a two-hundred day moving average price of $182.00.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $2.22 EPS for the quarter, topping the consensus estimate of $1.94 by $0.28. The business had revenue of $509.30 million during the quarter, compared to the consensus estimate of $495.43 million. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. Lancaster Colony's revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.87 EPS. As a group, analysts anticipate that Lancaster Colony Co. will post 6.8 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 7th were issued a dividend of $0.95 per share. The ex-dividend date was Friday, March 7th. This represents a $3.80 annualized dividend and a yield of 2.00%. Lancaster Colony's payout ratio is currently 66.78%.

Insider Activity at Lancaster Colony

In other Lancaster Colony news, CEO David Alan Ciesinski sold 17,000 shares of Lancaster Colony stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $191.19, for a total value of $3,250,230.00. Following the completion of the sale, the chief executive officer now owns 54,644 shares in the company, valued at $10,447,386.36. The trade was a 23.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 29.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on LANC shares. StockNews.com raised shares of Lancaster Colony from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. DA Davidson boosted their price objective on shares of Lancaster Colony from $192.00 to $207.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. Finally, Stephens upped their target price on shares of Lancaster Colony from $196.00 to $200.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $211.33.

Lancaster Colony Profile

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.