Millennium Management LLC Increases Stock Position in TPG Inc. (NASDAQ:TPG)

Millennium Management LLC increased its position in shares of TPG Inc. (NASDAQ:TPG) by 66.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,243,815 shares of the company’s stock after buying an additional 898,943 shares during the period. Millennium Management LLC owned 0.61% of TPG worth $141,001,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank raised its position in TPG by 71.4% during the fourth quarter. Comerica Bank now owns 1,080 shares of the company’s stock worth $68,000 after acquiring an additional 450 shares during the period. R Squared Ltd acquired a new position in TPG during the fourth quarter worth $97,000. Wedmont Private Capital acquired a new position in TPG during the fourth quarter worth $204,000. Stifel Financial Corp acquired a new position in TPG during the fourth quarter worth $206,000. Finally, Baker Avenue Asset Management LP acquired a new position in TPG during the fourth quarter worth $220,000. 94.03% of the stock is owned by hedge funds and other institutional investors.

TPG Trading Up 0.7%

Shares of TPG opened at $52.85 on Wednesday. The company has a current ratio of 0.18, a quick ratio of 0.25 and a debt-to-equity ratio of 0.36. TPG Inc. has a 12-month low of $37.52 and a 12-month high of $72.98. The firm has a 50-day moving average price of $46.81 and a 200 day moving average price of $58.37. The firm has a market capitalization of $19.53 billion, a P/E ratio of -120.11, a P/E/G ratio of 0.80 and a beta of 1.58.

TPG (NASDAQ:TPG) last announced its earnings results on Wednesday, May 7th. The company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.02). The company had revenue of $476.26 million for the quarter, compared to analysts’ expectations of $459.75 million. TPG had a return on equity of 24.66% and a net margin of 0.67%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business earned $0.49 EPS. Sell-side analysts forecast that TPG Inc. will post 2.52 EPS for the current year.

TPG Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Monday, May 19th. TPG’s dividend payout ratio (DPR) is presently -496.97%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TPG. Citigroup reduced their price objective on shares of TPG from $72.00 to $56.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. UBS Group reduced their target price on shares of TPG from $72.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. TD Cowen reduced their target price on shares of TPG from $65.00 to $42.00 and set a “hold” rating for the company in a research report on Wednesday, April 9th. Bank of America reduced their target price on shares of TPG from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Finally, Evercore ISI increased their target price on shares of TPG from $65.00 to $66.00 and gave the company an “in-line” rating in a research report on Wednesday, February 12th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $60.08.

Insiders Place Their Bets

In other TPG news, General Counsel Bradford Berenson sold 2,509 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $50.04, for a total transaction of $125,550.36. Following the completion of the transaction, the general counsel now owns 290,841 shares of the company’s stock, valued at $14,553,683.64. This trade represents a 0.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 69.98% of the stock is currently owned by insiders.

TPG Profile

TPG Inc operates as an alternative asset manager in the United States and internationally. The company offers investment management services to TPG Funds, limited partners, and other vehicles. It also offers monitoring services to portfolio companies; advisory, debt and equity arrangement, and underwriting and placement services; and capital structuring and other advisory services to portfolio companies.