CIBC Asset Management Inc Cuts Stake in Robert Half Inc. (NYSE:RHI)

CIBC Asset Management Inc lessened its stake in shares of Robert Half Inc. (NYSE:RHI) by 4.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,771 shares of the business services provider’s stock after selling 427 shares during the period. CIBC Asset Management Inc’s holdings in Robert Half were worth $659,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Chase Investment Counsel Corp raised its holdings in shares of Robert Half by 21.4% in the 3rd quarter. Chase Investment Counsel Corp now owns 17,000 shares of the business services provider’s stock worth $1,145,000 after purchasing an additional 3,000 shares during the period. Victory Capital Management Inc. raised its stake in shares of Robert Half by 32.7% in the third quarter. Victory Capital Management Inc. now owns 613,752 shares of the business services provider’s stock valued at $41,373,000 after buying an additional 151,261 shares during the period. Ashton Thomas Private Wealth LLC lifted its position in shares of Robert Half by 79.6% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 12,813 shares of the business services provider’s stock valued at $864,000 after buying an additional 5,679 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of Robert Half by 345.1% during the 3rd quarter. WCM Investment Management LLC now owns 18,735 shares of the business services provider’s stock worth $1,262,000 after acquiring an additional 14,526 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in Robert Half by 310.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 796 shares of the business services provider’s stock worth $54,000 after acquiring an additional 602 shares during the last quarter. Institutional investors own 92.41% of the company’s stock.

Robert Half Stock Performance

Shares of RHI stock opened at $72.61 on Thursday. The company has a market capitalization of $7.50 billion, a PE ratio of 26.50 and a beta of 1.23. Robert Half Inc. has a 52-week low of $57.05 and a 52-week high of $88.39. The business’s fifty day moving average is $68.62 and its 200 day moving average is $65.77.

Robert Half (NYSE:RHI) last issued its quarterly earnings results on Tuesday, October 22nd. The business services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.44 billion. Robert Half had a return on equity of 18.78% and a net margin of 4.84%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the company posted $0.90 EPS. On average, sell-side analysts forecast that Robert Half Inc. will post 2.45 EPS for the current fiscal year.

Robert Half Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, November 25th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Monday, November 25th. Robert Half’s payout ratio is 77.37%.

Analysts Set New Price Targets

RHI has been the topic of several recent research reports. Truist Financial dropped their price objective on shares of Robert Half from $72.00 to $62.00 and set a “hold” rating on the stock in a report on Friday, July 26th. JPMorgan Chase & Co. cut their price objective on shares of Robert Half from $70.00 to $69.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. BMO Capital Markets lowered their target price on shares of Robert Half from $72.00 to $64.00 and set a “market perform” rating on the stock in a report on Thursday, July 25th. Finally, Barclays cut their price target on Robert Half from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Robert Half currently has a consensus rating of “Hold” and an average target price of $69.00.

Robert Half Company Profile

Robert Half Inc provides talent solutions and business consulting services in North America, South America, Europe, Asia, and Australia. The company operates through Contract Talent Solutions, Permanent Placement Talent Solutions, and Protiviti segments. The Contract Talent Solutions segment provides contract engagement professionals in the fields of finance and accounting, technology, marketing and creative, legal and administrative, and customer support.