Victory Capital Management Inc. has increased its holding in The Goldman Sachs Group, Inc. (NYSE:GS) by 2.5% during the fourth quarter, according to the company’s latest Form 13F filing with the Securities and Exchange Commission. The fund now owns 257,770 shares worth $88,513,000 after having made an additional purchase of 6,198 shares in Q4. The addition resulted in Victory Capital Management owning about 0.08% of The Goldman Sachs Group’s worth as of its most recent filing with the SEC.
The Wall Street giant reported $8.79 EPS for Q1 of FY2023 which surpassed analysts’ average estimates by $0.65 at $8.14 EPS while losing a total revenue of $12.22 billion compared to analysts’ expectations of $12.66 billion which signified a decline down five and a half percent from the same period last year where it posted impressive results of $10.76 EPS.
Although not all research firms have been bullish on GS in recent times, strategists at JP Morgan Chase & Co have cut their target price for The Goldman Sachs Group from $430 to $415 whilst keeping an “overweight” rating for the investment management company due to be optimistic about growth amidst several headwinds experienced by struggling firms since the start of COVID-19 pandemic.However Credit Suisse Group retains an outperform rating several other firms also remain bullish towards The Goldman Sachs Group with Bank of America recently increasing its price target from being between $$384-$425 and Evercore ISI rating this stock report as ‘outperform.’
In contrast Wells Fargo & Company dropped their price objective on Goldman Sachs from a range($420 -$390) while maintainig an “Overweight” rate owing to numerous changes occasioned global economic slowdown due to COVID-19 pandemic. Because there are currently six hold ratings assigned by experts and analysts, one sell rating, and twelve buy ratings given to the company by experts, Bloomberg suggests that it has a consensus target price of $389.17 as of writing.
In conclusion, even if results were far from Goldman Sachs Group Inc’s top performances recorded this time last year, several institutional investors remain optimistic about placing their bets on the future growth of the firm. Even with reports of staff layoffs due to budget cuts as part of overhauling their internal systems designed to not only improve efficiency but also increase profits in these unpredictable economic times, Goldman maybe looking towards a brighter future for its investors particularly through its innovative digital platforms.
The Goldman Sachs Group, Inc.
GS
Strong Buy
Updated on: 17/06/2023
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Institutional Investors and Hedge Funds Adjust Stakes in Goldman Sachs Amid Target Price Cuts and Dividend Payout
Goldman Sachs, the investment management company, has recently had a number of institutional investors and hedge funds reduce or add to their stakes in the company. Visionary Wealth Advisors increased their stake by 2.3%, Magnus Financial Group LLC raised their stake by 1%, and Aviance Capital Partners LLC increased theirs by 0.6%. Additionally, Platform Technology Partners and Gladstone Institutional Advisory LLC both raised their stakes by 0.7% and 1.4%, respectively. Together, hedge funds and institutional investors now own 69.09% of the company’s stock.
At the time of writing, shares in Goldman Sachs were trading at $339.88 per share. The company has a market cap of $112.99 billion and a P/E ratio of 12.10, with a P/E/G ratio of 0.90 and a beta of 1.41.
The business has also been the subject of recent research by various firms including JPMorgan Chase & Co., who lowered their price target for Goldman Sachs from $430 to $415 while maintaining an “overweight” rating for the company; Credit Suisse Group who reiterated an “outperform” rating with a price target of $410; Bank of America who upped their price objective to $425 from $384; Evercore ISI who increased their price objective from $360 to $370 while maintaining an “outperform” rating, and Wells Fargo & Company who dropped their price objective from $420 to $390 while maintaining an “overweight” rating on the stock.
The Goldman Sachs Group is also expected to pay out a dividend on June 29th, with an annual total payout of $10 per share for investors.
In May, major shareholder Goldman Sachs Group Inc sold over 24 million shares in The Goldman Sachs Group stock at an average price of $21.61 each, bringing in over half a billion dollars. The company’s Treasurer, Philip R. Berlinski, also sold 3,750 shares of the company at an average price of $338.10 per share.
Despite these recent changes in investment stakes and shareholder activity, The Goldman Sachs Group remains one of the most profitable and highly-regarded investment management companies in the world.