Aviva PLC, a major institutional investor, has reduced its stake in Bunge Global SA (NYSE:BG) by 7.9% in the third quarter, according to its filing with the Securities and Exchange Commission (SEC) [c15a5fe9]. Aviva PLC now owns approximately 0.16% of Bunge Global, worth $24,449,000 [c15a5fe9]. This reduction in stake by Aviva PLC reflects a change in its investment strategy and may indicate its assessment of the performance and market sentiment towards Bunge Global SA as an agribusiness and food company [c15a5fe9]. Other institutional investors have also made modifications to their holdings of Bunge Global [c15a5fe9].
Shelton Capital Management has also reduced its stock position in Bunge Global SA (NYSE:BG) by 28.8% during the third quarter, according to its filing with the Securities and Exchange Commission (SEC) [55cfaf69]. The fund owned 74,120 shares of Bunge Global's stock worth $8,023,000 [55cfaf69]. This reduction in stock position by Shelton Capital Management suggests a similar change in investment strategy and assessment of Bunge Global SA [55cfaf69]. Several other hedge funds and institutional investors have also adjusted their stakes in BG [55cfaf69] [c15a5fe9].
California State Teachers Retirement System has also decreased its position in Bunge Global SA (NYSE:BG) by 9.6% during the third quarter, according to the company's filing with the Securities and Exchange Commission (SEC) [ff19c785]. The fund owned 218,106 shares of Bunge Global's stock after selling 23,097 shares during the period [ff19c785]. This reduction in holdings by California State Teachers Retirement System indicates a change in its investment strategy and assessment of Bunge Global SA [ff19c785]. Other large investors have also recently modified their holdings of the company [ff19c785] [c15a5fe9].
Aviva PLC has also reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission [89803ffb]. Aviva PLC now owns about 0.10% of Best Buy, worth $14,688,000 [89803ffb]. This reduction in stake by Aviva PLC reflects a change in its investment strategy and may indicate its assessment of the performance and market sentiment towards Best Buy Co., Inc. as a technology retailer [89803ffb]. Other institutional investors and hedge funds have also recently added to or reduced their stakes in Best Buy [89803ffb].
Bunge Global stock opened at $91.70 on Friday and has a market capitalization of $13.32 billion, a price-to-earnings ratio of 6.16, and a beta of 0.62 [c15a5fe9]. The company reported $3.70 EPS for the quarter, beating analysts' consensus estimates of $2.81 [c15a5fe9] [55cfaf69]. Analysts have given BG an average rating of 'Moderate Buy' with a consensus price target of $119.44 [55cfaf69].
Best Buy Co., Inc. engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phone products, consumer electronics, and other technology-related products [89803ffb].
Several research analysts have commented on Bunge Global SA. BMO Capital Markets reduced their price objective on Bunge Global from $130.00 to $120.00 and set an 'outperform' rating on the stock. The Goldman Sachs Group reduced their price objective on Bunge Global from $141.00 to $126.00 and set a 'buy' rating on the stock. Robert W. Baird reduced their price objective on Bunge Global from $125.00 to $108.00 and set a 'neutral' rating on the stock. Citigroup started coverage on Bunge Global and issued a 'buy' rating and a $108.00 price target on the stock [c15a5fe9]. Three research analysts have rated the stock as a hold and eight have assigned a buy rating to the company [c15a5fe9].
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References:
- [c15a5fe9]: Aviva PLC Trims Stock Holdings in Bunge Global SA (NYSE:BG) - MarketBeat
- [89803ffb]: Aviva PLC Trims Position in Best Buy Co., Inc. (NYSE:BBY) - MarketBeat
- [55cfaf69]: Shelton Capital Management Has $8.02 Million Stock Position in Bunge Global SA (NYSE:BG) - MarketBeat
- [ff19c785]: California State Teachers Retirement System Decreases Holdings in Bunge Global SA (NYSE:BG) - MarketBeat