Unilever (NYSE:UL) Shares Gap Up - Here's What Happened

Unilever PLC (NYSE:UL - Get Free Report) gapped up before the market opened 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.

Analyst Upgrades and Downgrades

Several brokerages have commented on UL. DZ Bank raised Unilever from a "hold" rating to a "buy" rating in a research note on Friday, February 21st. Sanford C. Bernstein upgraded Unilever from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 9th. Royal Bank of Canada downgraded Unilever from a "sector perform" rating to an "underperform" rating in a research report on Monday, January 6th. Finally, StockNews.com upgraded Unilever from a "hold" rating to a "buy" rating in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $66.33.

Unilever Trading Down 3.8 %

The stock has a market cap of $149.04 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 1.60 and a beta of 0.42. The business has a 50-day simple moving average of $58.01 and a 200 day simple moving average of $59.08.

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Unilever Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a dividend of $0.4674 per share. This represents a $1.87 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Friday, February 28th. Unilever's dividend payout ratio is presently 53.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of UL. Versant Capital Management Inc lifted its holdings in Unilever by 1,022.6% in the first quarter. Versant Capital Management Inc now owns 11,159 shares of the company's stock valued at $665,000 after buying an additional 10,165 shares during the period. Marcum Wealth LLC lifted its stake in shares of Unilever by 7.2% in the 1st quarter. Marcum Wealth LLC now owns 11,230 shares of the company's stock valued at $669,000 after purchasing an additional 752 shares during the period. Confluence Investment Management LLC boosted its position in shares of Unilever by 5.5% during the 1st quarter. Confluence Investment Management LLC now owns 13,329 shares of the company's stock valued at $794,000 after purchasing an additional 690 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Unilever by 41.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 156,469 shares of the company's stock worth $8,872,000 after purchasing an additional 45,941 shares during the period. Finally, NorthCrest Asset Manangement LLC increased its holdings in Unilever by 1.1% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 143,017 shares of the company's stock worth $8,109,000 after purchasing an additional 1,529 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.