Universal Beteiligungs Reduces Stake in Avery Dennison by 3.7%

Universal Beteiligungs und Servicegesellschaft mbH has decreased its holdings in Avery Dennison Corporation (NYSE:AVY) by 3.7% during the second quarter of 2023. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), Universal owned 106,607 shares after selling 4,048 shares during the quarter. At the close of the period, the firm’s stake in Avery Dennison was valued at approximately $18.7 million, representing around 0.14% of the company’s total shares.

Several other institutional investors have also adjusted their positions in Avery Dennison. Vanguard Group Inc. increased its holdings by 2.9% in the first quarter, acquiring an additional 277,554 shares to reach a total of 9,959,263 shares, valued at approximately $1.77 billion. Additionally, Nuveen LLC entered a new position during the same quarter worth around $46.3 million. Other notable investments included MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, which acquired shares valued at $39.1 million, and Wealthquest Corp., which purchased shares worth $31.5 million. Notably, Massachusetts Financial Services Co. MA expanded its holdings by 15.9% in the second quarter, bringing its total to 939,562 shares, valued at $164.9 million.

As of now, institutional investors hold approximately 94.17% of Avery Dennison’s stock, reflecting strong interest from the financial sector.

Avery Dennison’s Stock Performance and Upcoming Dividend

On October 23, 2023, Avery Dennison’s stock opened at $168.94. The company boasts a market capitalization of $13.06 billion, with a price-to-earnings (P/E) ratio of 19.22 and a price-to-earnings-growth (PEG) ratio of 2.39. It has a beta coefficient of 0.99, indicating that its stock price is closely aligned with market movements. The firm’s debt-to-equity ratio stands at 1.45, with a quick ratio of 0.89 and a current ratio of 1.26. Over the past year, the stock has fluctuated between a low of $156.23 and a high of $207.99, with a 50-day simple moving average of $167.65 and a 200-day simple moving average of $173.22.

In addition, the company announced a quarterly dividend of $0.94 per share, set to be paid on December 17, 2023. Shareholders of record on December 3, 2023, will receive this payment, translating to an annualized dividend of $3.76 and a yield of 2.2%. The dividend payout ratio currently stands at 42.78%.

Analysts Elevate Price Targets for Avery Dennison

Recent analyses from equity research firms have led to several modifications of price targets for Avery Dennison. On October 23, 2023, UBS Group upgraded its rating from “neutral” to “buy,” with a new price target of $218.00, up from $181.00. In a separate report, Argus set a target price of $200.00, while BMO Capital Markets reaffirmed its “outperform” rating with a target of $210.00. JPMorgan Chase & Co. also raised its rating from “neutral” to “overweight,” increasing the target price from $182.00 to $195.00.

Overall, nine investment analysts currently rate Avery Dennison with a “Buy” rating, while three analysts have assigned the stock a “Hold” rating. According to MarketBeat, the stock holds a consensus rating of “Moderate Buy,” with an average price target of $200.55.

Avery Dennison Corporation operates as a materials science and digital identification solutions company across various regions, including the United States, Europe, the Middle East, North Africa, Asia, and Latin America. It specializes in pressure-sensitive materials, performance tapes, and mechanical fasteners, providing products under established brands such as Fasson and Avery Dennison.