New York Life Investment Management LLC Has $479,000 Stock Holdings in M.D.C. Holdings, Inc. (NYSE:MDC)

Posted by Defense World Staff on Aug 17th, 2023

New York Life Investment Management LLC cut its holdings in shares of M.D.C. Holdings, Inc. (NYSE:MDC – Free Report) by 17.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,315 shares of the construction company’s stock after selling 2,638 shares during the period. New York Life Investment Management LLC’s holdings in M.D.C. were worth $479,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in shares of M.D.C. by 665.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 949 shares of the construction company’s stock worth $30,000 after purchasing an additional 825 shares during the period. Versant Capital Management Inc lifted its position in shares of M.D.C. by 239.9% in the 1st quarter. Versant Capital Management Inc now owns 1,074 shares of the construction company’s stock worth $42,000 after purchasing an additional 758 shares during the period. Ronald Blue Trust Inc. increased its stake in shares of M.D.C. by 86.2% in the 1st quarter. Ronald Blue Trust Inc. now owns 1,311 shares of the construction company’s stock valued at $41,000 after acquiring an additional 607 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of M.D.C. in the 1st quarter valued at $72,000. Finally, Captrust Financial Advisors increased its stake in shares of M.D.C. by 40.4% in the 1st quarter. Captrust Financial Advisors now owns 2,873 shares of the construction company’s stock valued at $109,000 after acquiring an additional 827 shares in the last quarter. Institutional investors and hedge funds own 98.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Raymond James lifted their price objective on shares of M.D.C. from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 3rd. StockNews.com started coverage on shares of M.D.C. in a research note on Thursday. They issued a “hold” rating for the company. Seaport Res Ptn restated a “neutral” rating on shares of M.D.C. in a research note on Wednesday, June 14th. Finally, Wedbush boosted their price target on shares of M.D.C. from $28.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.17.

Check Out Our Latest Stock Analysis on M.D.C.

M.D.C. Price Performance

MDC opened at $48.64 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 9.07 and a quick ratio of 3.71. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 9.04 and a beta of 1.41. The firm’s fifty day moving average price is $47.37 and its two-hundred day moving average price is $41.92. M.D.C. Holdings, Inc. has a 1 year low of $27.04 and a 1 year high of $51.94.

M.D.C. (NYSE:MDC – Get Free Report) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.55. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $939.10 million. M.D.C. had a net margin of 7.74% and a return on equity of 12.80%. The business’s revenue for the quarter was down 23.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.59 EPS. As a group, analysts anticipate that M.D.C. Holdings, Inc. will post 4.79 earnings per share for the current fiscal year.

M.D.C. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $2.20 annualized dividend and a yield of 4.52%. This is a positive change from M.D.C.’s previous quarterly dividend of $0.50. M.D.C.’s dividend payout ratio is presently 40.89%.

Insider Activity at M.D.C.

In other news, Director Paris G. Reece III sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $50.88, for a total value of $763,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Paris G. Reece III sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $50.88, for a total value of $763,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Nathaniel Martin sold 19,839 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $49.94, for a total transaction of $990,759.66. Following the completion of the sale, the chief financial officer now directly owns 299,962 shares in the company, valued at $14,980,102.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,380,170 shares of company stock worth $61,281,785. 23.30% of the stock is owned by company insiders.

M.D.C. Profile

(Free Report)

M.DC Holdings, Inc, through its subsidiaries, engages in the homebuilding and financial service businesses. Its homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name.