Aramark (NYSE:ARMK) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in Aramark (NYSE:ARMK) by 4.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 298,089 shares of the company’s stock after selling 13,438 shares during the period. Corebridge Financial Inc.’s holdings in Aramark were worth $11,122,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its holdings in shares of Aramark by 45.7% in the fourth quarter. Jones Financial Companies Lllp now owns 988 shares of the company’s stock valued at $37,000 after purchasing an additional 310 shares in the last quarter. UMB Bank n.a. raised its position in shares of Aramark by 75.2% during the 4th quarter. UMB Bank n.a. now owns 1,354 shares of the company’s stock worth $51,000 after purchasing an additional 581 shares during the last quarter. Global Retirement Partners LLC lifted its stake in Aramark by 167.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,424 shares of the company’s stock valued at $53,000 after buying an additional 891 shares in the last quarter. Wealthfront Advisers LLC acquired a new stake in Aramark during the 4th quarter valued at $83,000. Finally, Quarry LP increased its position in Aramark by 1,322.0% during the third quarter. Quarry LP now owns 2,972 shares of the company’s stock worth $115,000 after buying an additional 2,763 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ARMK shares. StockNews.com downgraded Aramark from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Robert W. Baird raised their price target on shares of Aramark from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Morgan Stanley boosted their price objective 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. Citigroup began coverage on shares of Aramark in a research report on Monday, February 24th. They set a “buy” rating and a $48.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of Aramark in a report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Aramark currently has a consensus rating of “Moderate Buy” and an average target price of $43.42.

Aramark Stock Performance

Aramark stock opened at $34.28 on Thursday. The company has a market cap of $9.09 billion, a price-to-earnings ratio of 26.99 and a beta of 1.60. Aramark has a 12 month low of $29.82 and a 12 month high of $42.49. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.94 and a quick ratio of 0.84. The stock’s 50-day moving average is $36.96 and its 200-day moving average is $38.00.

Aramark (NYSE:ARMK) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.51 EPS 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 firm had revenue of $4.55 billion for the quarter, compared to analyst estimates of $4.61 billion. During the same quarter last year, the firm posted $0.41 earnings per share. Aramark’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts anticipate that Aramark will post 1.92 earnings per share for the current year.

Aramark Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 24th. Investors of record on Monday, February 10th were issued a $0.105 dividend. This is an increase from Aramark’s previous quarterly dividend of $0.00. This represents a $0.42 annualized dividend and a yield of 1.23%. The ex-dividend date was Monday, February 10th. Aramark’s dividend payout ratio is currently 33.07%.

About Aramark

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.