Corebridge Financial Inc. Sells 1,677 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Corebridge Financial Inc. lowered its holdings in Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,428 shares of the company's stock after selling 1,677 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Lancaster Colony worth $5,441,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in Lancaster Colony by 243.2% in the third quarter. Wellington Management Group LLP now owns 83,630 shares of the company's stock valued at $14,767,000 after purchasing an additional 59,261 shares in the last quarter. Boston Trust Walden Corp raised its position in shares of Lancaster Colony by 20.5% during the 4th quarter. Boston Trust Walden Corp now owns 305,264 shares of the company's stock valued at $52,853,000 after buying an additional 52,030 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Lancaster Colony during the 4th quarter worth $8,558,000. Vanguard Group Inc. grew its position in Lancaster Colony by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 2,200,002 shares of the company's stock worth $380,908,000 after acquiring an additional 30,987 shares in the last quarter. Finally, Barclays PLC increased its stake in Lancaster Colony by 125.5% in the third quarter. Barclays PLC now owns 44,189 shares of the company's stock valued at $7,803,000 after acquiring an additional 24,589 shares during the last quarter. Hedge funds and other institutional investors own 66.44% of the company's stock.

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Insider Activity

In other Lancaster Colony news, CEO David Alan Ciesinski sold 17,000 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,250,230.00. Following the transaction, the chief executive officer now directly owns 54,644 shares of the company's stock, valued at approximately $10,447,386.36. The trade was a 23.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 29.50% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. StockNews.com upgraded Lancaster Colony from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Stephens lifted their price target on shares of Lancaster Colony from $196.00 to $200.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, DA Davidson upped their price objective on shares of Lancaster Colony from $192.00 to $207.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Lancaster Colony currently has an average rating of "Hold" and a consensus target price of $211.33.

Lancaster Colony Stock Performance

LANC traded up $1.53 on Thursday, hitting $175.07. 182,552 shares of the company were exchanged, compared to its average volume of 134,985. Lancaster Colony Co. has a 12 month low of $163.20 and a 12 month high of $206.67. The firm has a fifty day simple moving average of $182.87 and a two-hundred day simple moving average of $181.22. The stock has a market capitalization of $4.83 billion, a PE ratio of 30.77 and a beta of 0.31.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.28. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. The firm had revenue of $509.30 million for the quarter, compared to analysts' expectations of $495.43 million. During the same quarter last year, the business earned $1.87 earnings per share. The business's revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that Lancaster Colony Co. will post 6.8 earnings per share for the current year.

Lancaster Colony Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 7th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Friday, March 7th. Lancaster Colony's payout ratio is 66.78%.

Lancaster Colony Company Profile

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.