Coty Inc. (COTY) Cut to “Hold” at Zacks Investment Research
Coty Inc. (NYSE:COTY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Coty Inc. is involved in the manufacturing, marketing and distribution of beauty products. It operates in three segments: Fragrances, Colour Cosmetics and Skin & Body Care. The Company’s brand consists of adidas, Calvin Klein, Chloe, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen. It sells the products through department stores, specialty retailers, perfumeries and pharmacies, mass-market retailers and duty-free shops in airports and cities and e-commerce channels. Coty Inc. is headquartered in New York. “
A number of other analysts also recently issued reports on the company. Bank of America Corp. set a $29.00 price target on Coty and gave the stock a “hold” rating in a research report on Wednesday, August 31st. Deutsche Bank AG restated a “buy” rating and issued a $32.00 price target on shares of Coty in a research report on Thursday, August 18th. Berenberg Bank initiated coverage on Coty in a research report on Friday, September 9th. They issued a “sell” rating and a $23.00 price target for the company. Citigroup Inc. raised their price target on Coty from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, August 25th. Finally, B. Riley restated a “sell” rating and issued a $19.50 price target on shares of Coty in a research report on Monday, June 20th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Coty has a consensus rating of “Hold” and an average price target of $28.05.
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Shares of Coty (NYSE:COTY) traded down 1.00% during mid-day trading on Wednesday, hitting $23.85. 22,293,319 shares of the stock were exchanged. The stock’s 50 day moving average is $26.77 and its 200 day moving average is $27.15. Coty has a 12 month low of $21.48 and a 12 month high of $31.60. The firm has a market cap of $8.02 billion, a P/E ratio of 54.20 and a beta of 0.37.
Coty (NYSE:COTY) last issued its quarterly earnings results on Tuesday, August 16th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The company earned $1.08 billion during the quarter, compared to the consensus estimate of $1.05 billion. Coty had a return on equity of 80.72% and a net margin of 3.61%. Coty’s revenue was up 5.5% on a year-over-year basis. During the same period last year, the company earned $0.08 earnings per share. Analysts expect that Coty will post $1.12 EPS for the current fiscal year.
In other Coty news, SVP Sebastien Froidefond sold 3,983 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $27.02, for a total value of $107,620.66. Following the sale, the senior vice president now owns 20,862 shares in the company, valued at $563,691.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Cosmetics B.V. Jab bought 175,000 shares of Coty stock in a transaction on Wednesday, August 31st. The stock was acquired at an average price of $27.13 per share, for a total transaction of $4,747,750.00. Following the purchase, the insider now owns 8,880,671 shares of the company’s stock, valued at $240,932,604.23. The disclosure for this purchase can be found here. 12.40% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Coty by 50.9% in the second quarter. Royal Bank of Canada now owns 71,454 shares of the company’s stock worth $1,857,000 after buying an additional 24,095 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Coty by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 153,433 shares of the company’s stock worth $3,988,000 after buying an additional 8,808 shares during the last quarter. Stifel Financial Corp raised its stake in Coty by 2.3% in the second quarter. Stifel Financial Corp now owns 9,405 shares of the company’s stock worth $245,000 after buying an additional 212 shares during the last quarter. Aristotle Capital Management LLC raised its stake in Coty by 1.5% in the second quarter. Aristotle Capital Management LLC now owns 4,569,616 shares of the company’s stock worth $118,764,000 after buying an additional 67,706 shares during the last quarter. Finally, FDx Advisors Inc. acquired a new stake in Coty during the second quarter worth $205,000. Institutional investors and hedge funds own 17.44% of the company’s stock.
Coty Company Profile
Coty Inc is a beauty company. The Company manufactures and markets beauty products with distribution in over 130 countries and territories across both prestige and mass markets. The Company’s segments include Fragrances, Color Cosmetics, and Skin & Body Care. Its Fragrances products include a range of men’s and women’s products, and also include fashion designer, celebrity and lifestyle brands.
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