ProVise Management Group LLC Boosts Position in Magellan Midstream Partners, L.P. (MMP)

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ProVise Management Group LLC increased its holdings in Magellan Midstream Partners, L.P. (NYSE:MMP) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 33,847 shares of the pipeline company’s stock after acquiring an additional 975 shares during the quarter. ProVise Management Group LLC’s holdings in Magellan Midstream Partners were worth $2,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tortoise Capital Advisors L.L.C. lifted its holdings in Magellan Midstream Partners by 2.4% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 15,001,029 shares of the pipeline company’s stock valued at $1,036,271,000 after purchasing an additional 352,807 shares in the last quarter. Alps Advisors Inc. lifted its holdings in Magellan Midstream Partners by 1.1% during the second quarter. Alps Advisors Inc. now owns 14,866,209 shares of the pipeline company’s stock valued at $1,054,609,000 after purchasing an additional 158,679 shares in the last quarter. UBS Group AG lifted its holdings in Magellan Midstream Partners by 21.2% during the first quarter. UBS Group AG now owns 4,998,567 shares of the pipeline company’s stock valued at $291,667,000 after purchasing an additional 875,208 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Magellan Midstream Partners by 3.8% during the first quarter. JPMorgan Chase & Co. now owns 4,715,310 shares of the pipeline company’s stock valued at $275,137,000 after purchasing an additional 172,921 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP lifted its holdings in Magellan Midstream Partners by 3.8% during the second quarter. Kayne Anderson Capital Advisors LP now owns 3,635,727 shares of the pipeline company’s stock valued at $251,141,000 after purchasing an additional 132,650 shares in the last quarter. 63.96% of the stock is currently owned by institutional investors.

MMP has been the topic of several analyst reports. ValuEngine downgraded shares of Magellan Midstream Partners from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Zacks Investment Research upgraded shares of Magellan Midstream Partners from a “hold” rating to a “buy” rating and set a $76.00 price objective on the stock in a research report on Monday, July 16th. BMO Capital Markets reiterated a “buy” rating and set a $85.00 price objective on shares of Magellan Midstream Partners in a research report on Friday, July 13th. Jefferies Financial Group cut shares of Magellan Midstream Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Finally, Stifel Nicolaus lifted their price objective on shares of Magellan Midstream Partners from $71.00 to $73.00 and gave the company a “hold” rating in a research report on Friday, August 3rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $74.92.

Magellan Midstream Partners stock opened at $69.13 on Thursday. The company has a market cap of $15.57 billion, a PE ratio of 18.14, a P/E/G ratio of 2.72 and a beta of 0.79. The company has a current ratio of 0.54, a quick ratio of 0.31 and a debt-to-equity ratio of 2.04. Magellan Midstream Partners, L.P. has a 1 year low of $54.82 and a 1 year high of $75.82.

Magellan Midstream Partners (NYSE:MMP) last announced its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Magellan Midstream Partners had a net margin of 33.54% and a return on equity of 42.90%. The company had revenue of $644.10 million for the quarter, compared to analysts’ expectations of $662.37 million. During the same quarter in the previous year, the business posted $0.91 earnings per share. Magellan Midstream Partners’s quarterly revenue was up 4.0% on a year-over-year basis. analysts anticipate that Magellan Midstream Partners, L.P. will post 4.18 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Investors of record on Tuesday, August 7th were given a $0.957 dividend. This represents a $3.83 annualized dividend and a yield of 5.54%. The ex-dividend date was Monday, August 6th. This is a boost from Magellan Midstream Partners’s previous quarterly dividend of $0.92. Magellan Midstream Partners’s payout ratio is currently 100.52%.

Magellan Midstream Partners Profile

Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. The company operates through Refined Products, Crude Oil, and Marine Storage segments. It operates refined products pipeline that transports gasoline, distillates, aviation fuels, and liquefied petroleum gases for independent refiners and integrated oil companies, wholesalers, retailers, traders, railroads, airlines, bio-fuel producers, and regional farm cooperatives; and provides services, including terminalling, ethanol and biodiesel unloading and loading, additive injection, custom blending, laboratory testing, and data services to shippers.

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Institutional Ownership by Quarter for Magellan Midstream Partners (NYSE:MMP)

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