Hunter Associates Investment Management LLC has reduced its stake in Williams-Sonoma, Inc. (NYSE: WSM) by 7.7% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, Hunter Associates now holds 5,911 shares after selling 495 shares during this period. The value of their holdings in the specialty retailer stood at approximately $964,000 at the end of the quarter.
Several other institutional investors have also adjusted their positions in Williams-Sonoma recently. Notably, Brighton Jones LLC increased its stake by 22.4% during the fourth quarter, acquiring an additional 1,236 shares to reach a total of 6,742 shares valued at $1,248,000. Bison Wealth LLC entered the market with a new position worth about $227,000 in the same quarter, while Allspring Global Investments Holdings LLC made a similar move with a new investment worth approximately $895,000 in the first quarter. OneDigital Investment Advisors LLC raised its stake by 27.3% in the first quarter, ending up with 2,621 shares valued at $414,000. Meanwhile, IFM Investors Pty Ltd increased its holdings by 6.6%, now owning 24,595 shares valued at around $3,810,000. Overall, institutional investors and hedge funds own 99.29% of Williams-Sonoma’s stock.
Stock Performance and Market Outlook
As of Monday, Williams-Sonoma shares opened at $194.19, reflecting a decline of 2.1%. The company boasts a market capitalization of $23.65 billion, with a price-to-earnings (P/E) ratio of 21.36 and a P/E/G ratio of 3.16. Over the past year, the stock has fluctuated between a low of $125.33 and a high of $219.98. Its 50-day simple moving average stands at $194.75, while the 200-day average is $179.05.
Recently, Williams-Sonoma declared a quarterly dividend of $0.66, scheduled for payment on November 21, 2023. Shareholders of record on October 17, 2023, will be eligible for this dividend, which amounts to an annualized total of $2.64 and a yield of 1.4%. The company’s dividend payout ratio is currently 29.04%.
Analyst Ratings and Insider Transactions
Williams-Sonoma has received attention from various analysts, with Citigroup raising its price target from $162.00 to $202.00 and assigning a “neutral” rating as of August 22, 2023. Argus set a target price of $212.00, while Morgan Stanley increased its target from $185.00 to $200.00, maintaining an “equal weight” rating. Wells Fargo & Company also raised its target price from $170.00 to $190.00 with a similar rating. In total, two analysts have rated the stock as a Strong Buy, eight as Buy, ten as Hold, and one as Sell. The consensus rating stands at “Moderate Buy” with a target price of $198.56 according to MarketBeat.com.
In terms of insider activity, David Randolph King, Executive Vice President, sold 17,500 shares on September 8, 2023, generating proceeds of $3,563,000.00. Following this sale, he retains 98,560 shares valued at approximately $20,066,816, representing a 15.08% decrease in ownership. Similarly, Laura Alber, CEO, sold 90,000 shares on September 15, 2023, for a total of $18,015,300.00. After this transaction, she owns 876,927 shares valued at around $175,534,477.59, reflecting a 9.31% decrease in her ownership.
In the past ninety days, insiders have sold a total of 114,153 shares valued at $22,901,008, with insiders currently owning 1.10% of the stock.
Williams-Sonoma, Inc. operates as a specialty retailer offering a diverse range of products for the home, including cookware, furniture, and decorative accessories. The company markets its products under well-known brands such as Williams Sonoma Home and Pottery Barn, appealing to consumers seeking quality home goods.
