Panagora Asset Management Inc. cut its position in Merck & Co. (NYSE:MRK) by 28.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,464,411 shares of the company’s stock after selling 590,050 shares during the period. Panagora Asset Management Inc. owned approximately 0.05% of Merck & Co. worth $77,482,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Highland Private Wealth Management acquired a new stake in Merck & Co. during the first quarter worth $278,000. Samlyn Capital LLC acquired a new stake in Merck & Co. during the first quarter worth $33,545,000. Jones Financial Companies Lllp raised its stake in Merck & Co. by 2.7% in the first quarter. Jones Financial Companies Lllp now owns 215,584 shares of the company’s stock worth $11,406,000 after buying an additional 5,712 shares during the last quarter. Steinberg Global Asset Management raised its stake in Merck & Co. by 5.4% in the first quarter. Steinberg Global Asset Management now owns 143,512 shares of the company’s stock worth $7,593,000 after buying an additional 7,321 shares during the last quarter. Finally, Bellevue Group AG acquired a new stake in Merck & Co. during the first quarter worth $3,175,000.
Merck & Co. (NYSE:MRK) traded up 0.39% during trading on Wednesday, hitting $58.59. 6,188,399 shares of the stock traded hands. The company’s 50 day moving average price is $57.74 and its 200-day moving average price is $54.32. Merck & Co. has a 52-week low of $45.69 and a 52-week high of $60.07. The stock has a market cap of $162.18 billion and a P/E ratio of 35.92.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.15%.
A number of research firms have recently weighed in on MRK. BMO Capital Markets lowered shares of Merck & Co. from an “outperform” rating to a “market perform” rating and set a $62.00 price objective on the stock. in a research note on Monday, July 18th. They noted that the move was a valuation call. Jefferies Group raised their price target on shares of Merck & Co. from $50.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, July 14th. Leerink Swann restated a “hold” rating and set a $58.00 price target on shares of Merck & Co. in a research report on Thursday, July 14th. Credit Suisse Group AG restated a “hold” rating and set a $59.00 price target on shares of Merck & Co. in a research report on Wednesday, July 13th. Finally, Vetr upgraded shares of Merck & Co. from a “sell” rating to a “buy” rating and set a $62.26 price target on the stock in a research report on Monday, July 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of €60.22 ($66.91).
In other Merck & Co. news, CEO Kenneth C. Frazier sold 60,000 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of €58.00 ($64.44), for a total transaction of €3,480,000.00 ($3,866,666.67). Following the completion of the transaction, the chief executive officer now owns 554,856 shares in the company, valued at approximately €32,181,648 ($35,757,386.67). The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Weir Mirian M. Graddick sold 45,000 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of €57.99 ($64.43), for a total transaction of €2,609,550.00 ($2,899,500.00). Following the transaction, the insider now owns 123,151 shares of the company’s stock, valued at approximately €7,141,526.49 ($7,935,029.43). The disclosure for this sale can be found here.
Merck & Co, Inc is a global healthcare company. The Company offers health solutions through its prescription medicines, vaccines, biologic therapies and animal health products, which it markets directly and through its joint ventures. It operates through one segment, Pharmaceutical. The Company’s Pharmaceutical segment includes human health pharmaceutical and vaccine products marketed either directly by the Company or through joint ventures.
