Allianz SE has established a new position in shares of Bunge Global SA during the second quarter of 2023, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The investment firm acquired 5,589 shares of the agribusiness company, valued at approximately $449,000.
In addition to Allianz, several other institutional investors have also shown interest in Bunge Global. Notably, Cromwell Holdings LLC increased its stake by an impressive 4,175.0%, acquiring an additional 334 shares to reach a total of 342 shares, valued at $27,000. Another firm, Ameritas Advisory Services LLC, entered the scene by purchasing a new stake worth around $29,000.
Meanwhile, Manchester Capital Management LLC raised its stake by 588.5% in the first quarter. Following the acquisition of 359 shares, it now owns 420 shares valued at $32,000. Additionally, SVB Wealth LLC and Caitong International Asset Management Co. Ltd also made notable investments, with Caitong increasing its holdings by 197.1% during the same period.
Institutional investors now control approximately 86.23% of Bunge Global’s stock, reflecting a strong interest from large financial entities.
Stock Performance and Analyst Ratings
As of the last trading session, Bunge Global shares opened at $96.88, reflecting a 0.6% increase. The company boasts a market capitalization of $18.73 billion and a price-to-earnings ratio of 9.68. Bunge Global’s stock has experienced a 52-week low of $67.40 and a high of $99.55. Its 50-day moving average stands at $87.85, while the two-hundred day moving average is $82.55. The firm reports a quick ratio of 1.29, a current ratio of 2.07, and a debt-to-equity ratio of 0.59.
Recent evaluations from equity research analysts have been generally favorable. On November 7, 2023, CICC Research raised its price target for Bunge Global from $90.00 to $110.00. In the same report, JPMorgan Chase & Co. increased its price target from $107.00 to $109.00 and assigned an “overweight” rating to the stock. Similarly, Barclays upgraded its rating from “equal weight” to “overweight,” raising the price target from $105.00 to $120.00 on November 6.
As of now, five investment analysts have rated the stock as a Buy, while four have assigned a Hold rating. The consensus rating is categorized as a “Moderate Buy” with a price target averaging $102.88, according to data from MarketBeat.com.
Insider Transactions
In other developments, Christopher Mahoney, a director at Bunge Global, purchased 5,000 shares on August 18, 2023. The shares were acquired at an average price of $81.73, resulting in a total transaction value of approximately $408,650. Following this acquisition, Mahoney’s ownership increased significantly, with a total of 7,164 shares now valued at around $585,513.72. Company insiders currently hold 0.80% of Bunge Global’s stock.
Bunge Global SA operates as an agribusiness and food company with a global reach, functioning through four primary segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment is engaged in the purchase, storage, transportation, processing, and sale of agricultural commodities, primarily focusing on oilseeds and grains.
As interest in Bunge Global continues to grow, the company’s performance will be closely monitored by investors and analysts alike.
