Mondelez Draws Institutional Shifts and Insider Sales Following Earnings
Mondelez International recently saw position changes by major institutional investors, alongside multi-million dollar share sales by its CEO and an earnings report that topped expectations.
Institutional investors have recently adjusted their stakes in Mondelez International, Inc. According to regulatory filings, Allspring Global Investments Holdings LLC trimmed its position by 9.5% during the third quarter, parting with 141,362 shares to retain 1,354,026 shares valued at $78,209,000. Conversely, University of Texas Texas AM Investment Management Co. increased its holding by 10,827.1% during the same quarter, buying 27,934 shares to conclude the period with 28,192 shares worth $1,645,000. Institutional entities and hedge funds hold 78.32% of the company's equity.
Executive transactions have also been disclosed through regulatory filings under pre-arranged Rule 10b5-1 trading blueprints. Chief Executive Officer Dirk Van de Put carried out several divestments in early November. On Monday, November 2nd, Van de Put sold 129,285 shares at an average price of $66.04 for $8,537,981.40. That was followed on Wednesday, November 4th, by the sale of 108,386 shares at an average price of $68.03 for $7,373,499.58, and on Thursday, November 5th, with a sale of 20,899 shares at an average of $68.03 for $1,421,758.97. Company insiders collectively hold 0.45% of the shares.
In government disclosures, Representative Thomas H. Kean, Jr. reported the sale of between $1,001 and $15,000 in Mondelez stock on September 23rd from the Kean Family Partnership account, a trade filed on October 30th.
These transactions followed the snack food company's quarterly earnings release on Thursday, October 29th. Mondelez posted earnings of $0.78 per share, exceeding the consensus estimate of $0.71 per share by $0.07. Revenue totaled $9.97 billion, narrowly missing expectations of $9.98 billion, while rising 2.3% compared to the prior-year period. The company recorded a return on equity of 14.18%, and analysts forecast Mondelez will achieve earnings of 3.06 per share for the current year.
Wall Street sentiment remains largely constructive. According to MarketBeat, the company holds a consensus rating of Moderate Buy, with 17 analysts assigning a Buy rating and 10 recommending a Hold. The average analyst price target stands at $69.30.