Merck Sees Mixed Institutional and Insider Activity Amid Strong Earnings
Argent Capital Management LLC reduced its stake in Merck & Co., Inc. (NYSE:MRK) by 5.1% during the third quarter, according to its latest SEC filing. The firm sold 8,922 shares, bringing its holdings down to 166,757 shares valued at $24,231,000.
Other institutional investors have also adjusted their positions in Merck. BlackRock Inc. increased its stake by 0.5% in the second quarter, now owning 226,999,837 shares worth $29,169,479,000. State Street Corp grew its position by 0.9%, holding 120,413,256 shares valued at $15,573,754,000. Wellington Management Group LLP boosted its stake by 2.3%, now owning 86,249,283 shares worth $11,083,033,000.
Insider activity also saw significant changes. EVP David Maraldo sold 18,706 shares on August 5th at an average price of $128.72, reducing his position by 50.67%. EVP David Williams sold 52,847 shares on the same day at $128.77, cutting his ownership by 62.49%. In total, insiders sold 228,238 shares worth $29,977,783 over the last 90 days.
Analysts have recently updated their ratings and price targets for Merck. UBS Group raised its target to $175.00 with a "buy" rating, while Daiwa Securities Group upgraded the stock to "outperform" with a $143.00 target. Argus increased its target to $170.00, and BMO Capital Markets set a $170.00 target with an "outperform" rating. The stock has an average "Moderate Buy" rating and a consensus price target of $146.36.
Merck reported earnings of ($0.13) per share for the latest quarter, beating estimates by $0.13. Revenue was $16.61 billion, up 5.1% year-over-year. The company announced a quarterly dividend of $0.85, payable on October 7th, representing a 2.4% yield. Merck's stock has a market capitalization of $346.03 billion and a 52-week range of $82.01 to $156.92.