Meiji Yasuda Asset Management Co Ltd. Cuts Position in Chevron Co. (NYSE:CVX)

Meiji Yasuda Asset Management Co Ltd. cut its holdings in Chevron Co. (NYSE:CVX - Free Report) by 1.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 138,475 shares of the oil and gas company's stock after selling 2,296 shares during the quarter. Chevron accounts for approximately 0.8% of Meiji Yasuda Asset Management Co Ltd.'s holdings, making the stock its 22nd largest position. Meiji Yasuda Asset Management Co Ltd.'s holdings in Chevron were worth $20,057,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in shares of Chevron during the fourth quarter valued at $1,036,302,000. Bank of New York Mellon Corp lifted its stake in Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. Amundi boosted its holdings in shares of Chevron by 27.7% during the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after acquiring an additional 1,910,262 shares during the last quarter. State Street Corp grew its stake in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock worth $23,431,429,000 after acquiring an additional 874,962 shares during the period. Finally, Proficio Capital Partners LLC raised its holdings in shares of Chevron by 22,996.9% during the fourth quarter. Proficio Capital Partners LLC now owns 847,425 shares of the oil and gas company's stock valued at $122,741,000 after purchasing an additional 843,756 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Raymond James dropped their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Barclays dropped their price target on Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 5th. UBS Group reduced their price objective on Chevron from $195.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, February 3rd. Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Finally, Citigroup raised shares of Chevron from a "neutral" rating to a "buy" rating and upped their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.13.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company's stock.

Chevron Price Performance

Shares of NYSE CVX traded up $0.91 during midday trading on Tuesday, reaching $165.93. The stock had a trading volume of 7,867,285 shares, compared to its average volume of 7,343,123. The company has a market capitalization of $292.14 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a 50-day moving average of $156.67 and a 200-day moving average of $153.01. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts' consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the firm earned $3.45 EPS. As a group, research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.12%. This is an increase from Chevron's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron's dividend payout ratio is presently 70.37%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.