HB Wealth Management LLC Sells 98,747 Shares of Amcor PLC $AMCR

HB Wealth Management LLC trimmed its position in Amcor PLC (NYSE:AMCR) by 78.5% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 27,032 shares of the company’s stock after selling 98,747 shares during the quarter. HB Wealth Management LLC’s holdings in Amcor were worth $1,075,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its holdings in shares of Amcor by 1.7% in the fourth quarter. State Street Corp now owns 141,509,581 shares of the company’s stock valued at $1,180,190,000 after acquiring an additional 2,432,340 shares in the last quarter. M&G PLC grew its holdings in Amcor by 6.1% during the 4th quarter. M&G PLC now owns 114,989,595 shares of the company’s stock worth $919,917,000 after acquiring an additional 6,655,611 shares in the last quarter. Vanguard Group Inc. grew its holdings in Amcor by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock worth $945,222,000 after acquiring an additional 1,845,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Amcor by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock valued at $701,356,000 after purchasing an additional 2,036,667 shares during the period. Finally, Geode Capital Management LLC increased its position in Amcor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock valued at $533,487,000 after purchasing an additional 262,418 shares during the period. Institutional investors own 45.14% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. cut their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Citigroup reduced their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Truist Financial restated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, Wells Fargo & Company set a $41.00 target price on Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Amcor Stock Performance

Shares of Amcor stock opened at $41.91 on Thursday. The company has a market capitalization of $19.38 billion, a PE ratio of 29.31, a P/E/G ratio of 1.25 and a beta of 0.62. The company has a 50-day simple moving average of $40.01 and a two-hundred day simple moving average of $42.09. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same period last year, the business earned $0.90 EPS. The company’s revenue was up 77.4% compared to the same quarter last year. Research analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 6.2%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is 181.82%.

About Amcor

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.