Unilever (NYSE:UL) Shares Gap Up – Here’s Why

Unilever PLC (NYSE:UL)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $59.86, but opened at $62.35. Unilever shares last traded at $62.47, with a volume of 1,200,873 shares trading hands.

Wall Street Analysts Forecast Growth

UL has been the topic of a number of recent analyst reports. Sanford C. Bernstein upgraded Unilever from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 9th. Royal Bank of Canada downgraded shares of Unilever from a “sector perform” rating to an “underperform” rating in a research report on Monday, January 6th. DZ Bank raised Unilever from a “hold” rating to a “buy” rating in a report on Friday, February 21st. Finally, StockNews.com raised Unilever from a “hold” rating to a “buy” rating in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Unilever currently has an average rating of “Moderate Buy” and an average target price of $66.33.

Unilever Stock Performance

The firm has a market cap of $155.57 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 1.60 and a beta of 0.42. The business has a fifty day moving average of $57.82 and a two-hundred day moving average of $59.14.

Unilever Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.4674 per share. This represents a $1.87 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Friday, February 28th. Unilever’s dividend payout ratio is currently 53.01%.

Hedge Funds Weigh In On Unilever

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in Unilever in the fourth quarter valued at $176,806,000. Norges Bank purchased a new stake in shares of Unilever in the fourth quarter worth about $153,606,000. Clearbridge Investments LLC grew its stake in shares of Unilever by 140.1% in the fourth quarter. Clearbridge Investments LLC now owns 3,719,284 shares of the company’s stock valued at $210,883,000 after buying an additional 2,170,242 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Unilever by 66.4% during the 4th quarter. Jennison Associates LLC now owns 3,454,686 shares of the company’s stock valued at $195,881,000 after buying an additional 1,378,517 shares during the period. Finally, Fisher Asset Management LLC lifted its position in Unilever by 7.3% during the 4th quarter. Fisher Asset Management LLC now owns 17,940,963 shares of the company’s stock worth $1,017,253,000 after acquiring an additional 1,214,563 shares in the last quarter. Institutional investors and hedge funds own 9.67% of the company’s stock.

About Unilever

Unilever PLC operates as a fast-moving consumer goods company in the Asia Pacific, Africa, the Americas, and Europe. It operates through five segments: Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream. The Beauty & Wellbeing segment engages in the sale of hair care products, such as shampoo, conditioner, and styling; skin care products including face, hand, and body moisturizer; and prestige beauty and health & wellbeing products consist of the vitamins, minerals, and supplements.