Beutel Goodman & Co Ltd. Sells 618,210 Shares of Toronto Dominion Bank (The) $TD

Beutel Goodman & Co Ltd. lessened its stake in Toronto Dominion Bank (The) (NYSE:TD) (TSE:TD) by 9.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,802,499 shares of the bank’s stock after selling 618,210 shares during the quarter. Toronto Dominion Bank comprises about 5.4% of Beutel Goodman & Co Ltd.’s investment portfolio, making the stock its largest holding. Beutel Goodman & Co Ltd.’s holdings in Toronto Dominion Bank were worth $683,875,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in Toronto Dominion Bank during the second quarter worth about $202,900,000. SEB Asset Management AB acquired a new position in shares of Toronto Dominion Bank during the 1st quarter worth about $139,123,000. Public Employees Retirement System of Ohio acquired a new position in shares of Toronto Dominion Bank during the 2nd quarter worth about $74,503,000. Dimensional Fund Advisors LP increased its stake in shares of Toronto Dominion Bank by 8.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,565,982 shares of the bank’s stock valued at $705,950,000 after acquiring an additional 589,316 shares during the last quarter. Finally, Nykredit A S bought a new stake in shares of Toronto Dominion Bank in the 2nd quarter valued at about $46,808,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

Toronto Dominion Bank Price Performance

TD opened at $124.22 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.09. Toronto Dominion Bank has a 12 month low of $80.23 and a 12 month high of $128.79. The company has a fifty day simple moving average of $121.14 and a 200 day simple moving average of $111.38. The stock has a market cap of $202.39 billion, a P/E ratio of 18.18, a P/E/G ratio of 1.17 and a beta of 0.72.

Toronto Dominion Bank (NYSE:TD) (TSE:TD) last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.98 EPS for the quarter, topping the consensus estimate of $1.74 by $0.24. The business had revenue of $12.07 billion for the quarter, compared to the consensus estimate of $10.70 billion. Toronto Dominion Bank had a return on equity of 14.88% and a net margin of 14.41%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.20 EPS. On average, research analysts expect that Toronto Dominion Bank will post 7.04 EPS for the current year.

Toronto Dominion Bank declared that its board has authorized a stock buyback plan on Wednesday, September 30th that allows the company to buy back $7.14 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Toronto Dominion Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, October 31st. Shareholders of record on Friday, October 9th were issued a C$1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Friday, October 9th. Toronto Dominion Bank’s dividend payout ratio is 46.81%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods began coverage on shares of Toronto Dominion Bank in a research report on Friday, August 21st. They issued a “market perform” rating on the stock. Weiss Ratings upgraded shares of Toronto Dominion Bank from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, October 21st. Finally, Wall Street Zen upgraded shares of Toronto Dominion Bank from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $148.00.

About Toronto Dominion Bank

The Toronto-Dominion Bank, commonly known as TD Bank Group, is a Canadian financial services company serving personal, business, corporate and institutional clients. Its services include everyday banking, deposits, mortgages and other lending, credit cards, wealth management, insurance and capital markets services.

TD operates primarily in Canada and the United States through businesses that include TD Canada Trust, TD Bank and TD Securities. It also provides investment and wealth-management services through its TD Wealth businesses.

The bank traces its history to the Bank of Toronto, founded in 1855.