Corebridge Financial Inc. Decreases Stock Position in Aramark (NYSE:ARMK)

Corebridge Financial Inc. decreased its stake in shares of Aramark (NYSE:ARMK) by 4.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 298,089 shares of the company’s stock after selling 13,438 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Aramark worth $11,122,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd acquired a new stake in Aramark in the third quarter valued at approximately $716,000. Franklin Resources Inc. increased its position in shares of Aramark by 7.2% in the 3rd quarter. Franklin Resources Inc. now owns 6,570,938 shares of the company’s stock valued at $254,427,000 after purchasing an additional 441,711 shares during the last quarter. Sarasin & Partners LLP raised its holdings in shares of Aramark by 15.9% in the 4th quarter. Sarasin & Partners LLP now owns 259,364 shares of the company’s stock valued at $9,677,000 after purchasing an additional 35,616 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Aramark by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,363,113 shares of the company’s stock worth $169,028,000 after purchasing an additional 45,384 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Aramark by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,732,661 shares of the company’s stock worth $67,106,000 after purchasing an additional 14,839 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have weighed in on ARMK. Robert W. Baird raised their price target on Aramark from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Citigroup started coverage on Aramark in a research note on Monday, February 24th. They set a “buy” rating and a $48.00 target price for the company. StockNews.com lowered shares of Aramark from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Royal Bank of Canada restated an “outperform” rating and set a $47.00 price objective on shares of Aramark in a research report on Thursday, February 6th. Finally, Morgan Stanley increased their target price on shares of Aramark from $40.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Aramark currently has a consensus rating of “Moderate Buy” and an average price target of $43.42.

Aramark Stock Up 0.4 %

ARMK opened at $34.28 on Thursday. The business has a 50 day moving average price of $36.96 and a two-hundred day moving average price of $38.00. Aramark has a 52 week low of $29.82 and a 52 week high of $42.49. The company has a market cap of $9.09 billion, a PE ratio of 26.99 and a beta of 1.60. The company has a quick ratio of 0.84, a current ratio of 0.94 and a debt-to-equity ratio of 1.61.

Aramark (NYSE:ARMK) last issued its earnings results on Tuesday, February 4th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. Aramark had a net margin of 1.94% and a return on equity of 14.72%. The business had revenue of $4.55 billion for the quarter, compared to the consensus estimate of $4.61 billion. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, research analysts anticipate that Aramark will post 1.92 EPS for the current year.

Aramark Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 24th. Shareholders of record on Monday, February 10th were given a dividend of $0.105 per share. This is a positive change from Aramark’s previous quarterly dividend of $0.00. This represents a $0.42 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Monday, February 10th. Aramark’s payout ratio is presently 33.07%.

Aramark Company Profile

Aramark provides food and facilities services to education, healthcare, business and industry, sports, leisure, and corrections clients in the United States and internationally. It operates through two segments, Food and Support Services United States, and Food and Support Services International. The company offers food-related managed services, including dining, catering, food service management, and convenience-oriented retail services; non-clinical food and food-related support services, such as patient food and nutrition, retail food, environmental services, and procurement services; and plant operations and maintenance, custodial/housekeeping, energy management, grounds keeping, and capital project management services.