Covington Capital Management Reduces Holdings in Estee Lauder Companies Inc (NYSE:EL)
Covington Capital Management lessened its position in shares of Estee Lauder Companies Inc (NYSE:EL) by 51.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 648 shares of the company’s stock after selling 697 shares during the period. Covington Capital Management’s holdings in Estee Lauder Companies were worth $134,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of EL. Ilmarinen Mutual Pension Insurance Co purchased a new position in shares of Estee Lauder Companies during the 3rd quarter valued at $4,576,000. Voya Investment Management LLC raised its stake in shares of Estee Lauder Companies by 1.7% during the 3rd quarter. Voya Investment Management LLC now owns 88,836 shares of the company’s stock valued at $17,674,000 after purchasing an additional 1,483 shares during the period. Voya Financial Advisors Inc. raised its stake in shares of Estee Lauder Companies by 10.6% during the 3rd quarter. Voya Financial Advisors Inc. now owns 4,438 shares of the company’s stock valued at $871,000 after purchasing an additional 427 shares during the period. Redpoint Investment Management Pty Ltd raised its stake in shares of Estee Lauder Companies by 28.2% during the 3rd quarter. Redpoint Investment Management Pty Ltd now owns 17,168 shares of the company’s stock valued at $3,416,000 after purchasing an additional 3,772 shares during the period. Finally, State Street Corp raised its stake in shares of Estee Lauder Companies by 0.6% during the 3rd quarter. State Street Corp now owns 10,062,243 shares of the company’s stock valued at $2,001,883,000 after purchasing an additional 61,542 shares during the period. 54.87% of the stock is currently owned by hedge funds and other institutional investors.
In other Estee Lauder Companies news, EVP Carl P. Haney sold 8,777 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $210.06, for a total value of $1,843,696.62. Following the completion of the sale, the executive vice president now owns 25,670 shares in the company, valued at approximately $5,392,240.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 14.68% of the company’s stock.
Estee Lauder Companies (NYSE:EL) last released its quarterly earnings data on Thursday, February 6th. The company reported $2.11 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.21. Estee Lauder Companies had a return on equity of 48.28% and a net margin of 11.76%. The business had revenue of $4.62 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the business posted $1.74 EPS. The business’s revenue was up 15.5% on a year-over-year basis. Analysts anticipate that Estee Lauder Companies Inc will post 5.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 28th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.14%. The ex-dividend date was Thursday, February 27th. Estee Lauder Companies’s dividend payout ratio (DPR) is currently 35.96%.
A number of analysts recently issued reports on EL shares. Royal Bank of Canada reiterated a “hold” rating and set a $200.00 price objective on shares of Estee Lauder Companies in a research note on Sunday, February 9th. DA Davidson decreased their target price on Estee Lauder Companies from $201.00 to $195.00 and set a “neutral” rating on the stock in a research note on Friday, February 7th. Jefferies Financial Group decreased their target price on Estee Lauder Companies from to in a research note on Wednesday, March 11th. Citigroup reduced their price objective on Estee Lauder Companies from $230.00 to $208.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Finally, Deutsche Bank reduced their price objective on Estee Lauder Companies from $218.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, March 19th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $192.70.
About Estee Lauder Companies
The Estée Lauder Companies Inc manufactures and markets skin care, makeup, fragrance, and hair care products. The company offers a range of skin care products, such as moisturizers, serums, cleansers, toners, body care products, exfoliators, acne care products, facial masks, cleansing devices, and sun care products; and makeup products, including lipsticks, lip glosses, mascaras, foundations, eyeshadows, nail polishes, and powders, as well as related items, including compacts, brushes, and other makeup tools.
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