UMB Bank n.a. has decreased its investment in Marsh & McLennan Companies, Inc. (NYSE: MMC) by 41.9% during the third quarter of 2023, according to a report from HoldingsChannel. The institutional investor now holds 26,546 shares of the financial services provider, following the sale of 19,132 shares. As of the most recent Securities and Exchange Commission (SEC) filing, UMB Bank’s stake in Marsh & McLennan is valued at approximately $5.35 million.
Several other institutional investors have also made adjustments to their positions in Marsh & McLennan. For instance, Thrivent Financial for Lutherans increased its holdings by 7.5%, acquiring an additional 14,434 shares for a total of 205,622 shares, now valued at $41.44 million. Additionally, Howard Capital Management Inc. raised its stake by 2.8%, now owning 3,793 shares valued at around $764,000 after purchasing 104 more shares.
The National Pension Service enhanced its position by 2.2%, bringing its total to 1,037,834 shares worth $209.16 million after adding 22,347 shares. Similarly, Bryn Mawr Trust Advisors LLC increased its holdings significantly by 47.9%, now owning 9,477 shares valued at $1.91 million. AlphaQuest LLC also made a notable increase, raising its holdings by 106.7% to 8,086 shares, which are now worth approximately $1.63 million. Overall, approximately 87.99% of Marsh & McLennan’s stock is owned by institutional investors.
Insider Transactions and Corporate Developments
In related news, John Q. Doyle, the CEO of Marsh & McLennan, sold 21,079 shares of the company’s stock on December 1, 2023. The shares were sold at an average price of $182.22, resulting in a total transaction value of approximately $3.84 million. Following this sale, Doyle retains ownership of 87,681 shares valued at around $15.98 million, marking a 19.38% reduction in his stake. The details of this transaction were disclosed in a filing with the SEC.
Market Performance and Analyst Ratings
Marsh & McLennan Companies’ stock experienced a decline of 1.7% recently. The company also announced a quarterly dividend of $0.90, scheduled for payment on February 13, 2024, to shareholders of record on January 29, 2024. This dividend represents an annualized amount of $3.60 and a yield of 2.0%, with a payout ratio currently at 43.17%.
Analyst opinions on the stock have varied. TD Cowen recently lowered its price target from $213.00 to $200.00, maintaining a “hold” rating. Similarly, Evercore ISI adjusted its target from $237.00 to $236.00 while retaining an “outperform” rating. Bank of America reiterated an “underperform” rating with a revised price target of $181.00, down from $243.00. Furthermore, Wells Fargo & Company reduced its price objective to $199.00 and Citigroup cut its target to $201.00.
Current ratings show a consensus with eight analysts recommending a “buy,” ten suggesting a “hold,” and one advising a “sell.” According to MarketBeat, the stock holds an average rating of “hold” and a consensus price target of $218.82.
Company Overview
Marsh & McLennan Companies, Inc. is a global professional services firm headquartered in New York City. Established in 1905, the company specializes in risk, strategy, and people management. Marsh & McLennan operates through various subsidiaries, focusing on sectors such as insurance brokerage, risk management, reinsurance, and investment consulting. This extensive history positions it as a leading advisor to corporations, governments, and other institutions in managing risk and optimizing resources.
For those interested in tracking further developments, HoldingsChannel provides access to the latest 13F filings and insider trades related to Marsh & McLennan Companies, Inc.
