Modera Wealth Management LLC has reduced its holdings in shares of Williams-Sonoma, Inc. (NYSE: WSM) by 2.7% during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 203,288 shares of the specialty retailer after selling 5,648 shares during this period, representing a value of approximately $33.21 million at the end of the reporting period. This adjustment reflects a broader trend, as several other institutional investors have also modified their stakes in Williams-Sonoma.
Among the notable changes, Maseco LLP acquired a new stake in Williams-Sonoma valued at $26,000 during the second quarter. Additionally, Quarry LP increased its position by an impressive 99.0% in the first quarter, now owning 199 shares worth $31,000 after adding 99 shares. Similarly, Costello Asset Management INC and Richardson Financial Services Inc. also purchased new positions valued at $32,000 and $48,000, respectively. Notably, Cromwell Holdings LLC significantly expanded its position by 7,675.0%, acquiring 311 shares valued at $51,000.
Institutional investors collectively own 99.29% of Williams-Sonoma’s stock, indicating strong confidence in the company’s performance.
Stock Performance and Dividend Announcement
As of Friday, shares of Williams-Sonoma traded down 3.6%, opening at $191.86. The stock has seen a 12-month range, with a low of $128.26 and a high of $219.98. The company’s 50-day moving average stands at $194.77, while its 200-day moving average is $180.03. With a market capitalization of $23.37 billion, Williams-Sonoma boasts a price-to-earnings (P/E) ratio of 21.11 and a P/E growth (P/E/G) ratio of 3.16.
In related news, the company recently declared a quarterly dividend of $0.66 per share, scheduled for payment on November 21, 2023. Shareholders of record on October 17, 2023, will receive this dividend, which represents an annualized total of $2.64 and a yield of 1.4%. Currently, the company’s dividend payout ratio stands at 29.04%.
Insider Transactions
Recent insider activity at Williams-Sonoma includes the sale of 3,153 shares by Chief Financial Officer Jeffrey Howie on September 18, 2023. The shares were sold at an average price of $198.84, totaling approximately $626,942.52. Post-sale, Howie retains 34,138 shares valued at around $6.79 million, reflecting an 8.46% decrease in his position.
Additionally, Executive Vice President David Randolph King sold 17,500 shares on September 8, 2023, for a total of $3,563,000 at an average price of $203.60. Following this transaction, King holds 98,560 shares valued at approximately $20.07 million, marking a 15.08% decrease in his holdings. Over the last three months, insiders have sold a total of 114,153 shares worth $22.9 million, with insiders currently owning 1.10% of the company’s stock.
Analyst Ratings and Market Outlook
Analysts’ opinions on Williams-Sonoma have varied, with several recent upgrades. KeyCorp raised its target price from $181.00 to $230.00, assigning an “overweight” rating. Citigroup increased its price objective from $162.00 to $202.00, while JPMorgan Chase & Co. raised its target from $168.00 to $215.00. Furthermore, Royal Bank of Canada set its price objective at $213.00, maintaining an “outperform” rating.
Currently, two analysts have given Williams-Sonoma a Strong Buy rating, eight have rated it as a Buy, ten as Hold, and one as Sell. The consensus rating stands at “Moderate Buy” with an average target price of $198.56, according to data from MarketBeat.
Williams-Sonoma, Inc. operates as an omni-channel specialty retailer, offering a diverse range of products for home including cooking, dining, and entertaining supplies, as well as home furnishings and decorative accessories through its various brands. The latest developments and market movements indicate a dynamic environment for this well-established retailer, as it navigates changes in investor sentiment and market conditions.
