MassMutual Reduces Chevron Stake Amid Institutional Shifts

MassMutual Private Wealth & Trust FSB reduced its stake in Chevron Corporation (NYSE: CVX) by 4.9% during the third quarter of 2023. The firm sold 13,520 shares, bringing its total holdings to 262,117 shares, which represent 1.4% of its investment portfolio. The value of MassMutual's Chevron holdings at the end of the quarter was $53,596,000.

Other institutional investors also adjusted their positions in Chevron. Miller Global Investments LLC increased its stake by 9.3%, acquiring an additional 498 shares worth $1,190,000. Polaris Financial Partners initiated a new position valued at approximately $143,000. CX Institutional grew its holdings by 22.0%, adding 3,946 shares worth $4,636,000. GoalVest Advisory LLC and Private Client Services LLC also increased their positions by 1.5% and 9.6%, respectively.

Chevron's stock opened at $206.69 on the reported day, with a 52-week range of $146.49 to $217.78. The company's market capitalization stands at $408.36 billion, and it has a P/E ratio of 19.82. Chevron reported strong third-quarter earnings, with $6.06 earnings per share, beating analysts' estimates of $5.55. Revenue for the quarter was $67.20 billion, up 57.4% year-over-year.

The company recently declared a quarterly dividend of $1.78 per share, paid on September 10th, representing a 3.4% dividend yield. Insider activity included significant sales by CEO Michael Wirth, who sold 317,100 shares for $63,565,866, reducing his position by 92.34%. Other insiders also sold shares, with a total of 1,152,582 shares sold in the last quarter.