Axxcess Wealth Management LLC Invests $310,000 in PulteGroup, Inc. (NYSE:PHM)

Axxcess Wealth Management LLC purchased a new position in PulteGroup, Inc. (NYSE:PHM) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,000 shares of the construction company’s stock, valued at approximately $310,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PHM. Pacer Advisors Inc. raised its holdings in shares of PulteGroup by 54.6% during the fourth quarter. Pacer Advisors Inc. now owns 3,003,713 shares of the construction company’s stock valued at $310,043,000 after acquiring an additional 1,060,466 shares during the period. Hsbc Holdings PLC grew its holdings in shares of PulteGroup by 63.6% during the third quarter. Hsbc Holdings PLC now owns 1,748,119 shares of the construction company’s stock valued at $129,354,000 after buying an additional 679,582 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in PulteGroup in the 3rd quarter worth about $47,762,000. Invesco Ltd. grew its stake in PulteGroup by 13.3% during the 3rd quarter. Invesco Ltd. now owns 4,432,965 shares of the construction company’s stock valued at $328,261,000 after acquiring an additional 522,032 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new position in shares of PulteGroup in the 3rd quarter valued at about $27,738,000. Institutional investors and hedge funds own 89.90% of the company’s stock.

PulteGroup Price Performance

Shares of NYSE:PHM opened at $115.81 on Thursday. The business has a 50 day moving average price of $112.90 and a 200 day moving average price of $101.97. PulteGroup, Inc. has a twelve month low of $65.16 and a twelve month high of $121.07. The company has a market cap of $24.36 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 0.52 and a beta of 1.56. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.18.

PulteGroup announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 30th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the construction company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

PulteGroup Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Tuesday, June 18th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, June 18th. This represents a $0.80 annualized dividend and a yield of 0.69%. PulteGroup’s payout ratio is 6.41%.

Analysts Set New Price Targets

Several research analysts have weighed in on PHM shares. Oppenheimer upped their price objective on shares of PulteGroup from $138.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Jefferies Financial Group lifted their price objective on PulteGroup from $126.00 to $131.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. StockNews.com raised PulteGroup from a “hold” rating to a “buy” rating in a research note on Wednesday, April 24th. The Goldman Sachs Group boosted their price target on PulteGroup from $91.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. Finally, Raymond James reiterated an “outperform” rating and issued a $135.00 target price (up from $120.00) on shares of PulteGroup in a research note on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.73.

PulteGroup Profile

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.