Sompo Asset Management Co. Ltd. has increased its stake in Adobe Inc. by 9.2% during the fourth quarter, according to its filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 22,366 shares of Adobe's stock, making it the 7th largest holding in its investment portfolio. The holdings are currently worth $13.34 million. Other large investors, including Wetzel Investment Advisors Inc., Hanseatic Management Services Inc., BKM Wealth Management LLC, First United Bank & Trust, and Fortitude Family Office LLC, have also made changes to their positions in Adobe. Piper Sandler has reissued an 'overweight' rating on the stock, while Bank of America has reduced its price target. Adobe recently announced a share repurchase program of $25 billion, indicating that the company believes its shares are undervalued. Insiders at Adobe have sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. The stock is currently trading at $465.43 on the NASDAQ exchange, with a 52-week low of $423.58 and a 52-week high of $638.25. Adobe reported earnings of $4.48 per share for the last quarter, beating the consensus estimate of $4.38. The company's revenue for the quarter was $5.18 billion, up 11.3% compared to the same quarter last year. Adobe's Board of Directors has authorized a share repurchase program of $25 billion, indicating that the company believes its shares are undervalued [be4fbb08].
Sompo Asset Management Co. Ltd. also increased its position in V.F. Co. (NYSE:VFC) by 60.6% during the fourth quarter, acquiring an additional 132,650 shares. The firm now owns 351,520 shares of V.F.'s stock, making it the 22nd largest holding in its portfolio. V.F. had a negative net margin of 9.27% and a positive return on equity of 13.14%. The company reported a loss of ($0.32) per share for the quarter, missing the consensus estimate of $0.02. V.F. is expected to post earnings of $0.85 per share for the current year. The company also announced a quarterly dividend of $0.09 per share, with a dividend yield of 2.65%. Several analysts have given V.F. a 'Hold' rating, with an average price target of $13.06 [7be48198].