Washington Trust Bank Sells 13.4% Stake in Merck & Co., Inc.
Washington Trust Bank reduced its stake in Merck & Co., Inc. (NYSE:MRK) by 13.4% during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,877 shares of the company's stock after selling 17,715 shares during this period. This accounts for about 1.0% of Washington Trust Bank's investment portfolio, making Merck & Co., Inc. its 23rd largest position.
The value of Washington Trust Bank's holdings in Merck & Co., Inc. was $14,762,000 at the end of the most recent reporting period. Other hedge funds and institutional investors have also modified their positions in the company. Cascade Financial Partners LLC raised its holdings in Merck & Co., Inc. by 0.5% during the second quarter.
Several analysts have provided price targets for MRK shares, with Scotiabank raising its target from $136.00 to $155.00 and assigning a 'sector outperform' rating. Morgan Stanley also raised its rating to 'overweight' and increased its price objective to $179.00.