Zacks Investment Research Downgrades Coty Inc. (COTY) to Hold
Coty Inc. (NYSE:COTY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Several other research analysts have also recently issued reports on COTY. B. Riley reissued a “sell” rating and issued a $21.50 target price on shares of Coty in a research report on Monday, August 22nd. Barclays PLC reaffirmed a “hold” rating on shares of Coty in a research report on Saturday, July 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $32.00 price objective on shares of Coty in a research report on Tuesday. Citigroup Inc. lifted their price objective on Coty from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, August 25th. Finally, Berenberg Bank started coverage on Coty in a research report on Friday, September 9th. They set a “sell” rating and a $23.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $27.75.
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Coty (NYSE:COTY) traded up 0.17% during mid-day trading on Tuesday, hitting $23.43. 8,434,610 shares of the stock traded hands. Coty has a 1-year low of $21.48 and a 1-year high of $31.60. The firm has a market capitalization of $7.87 billion, a P/E ratio of 53.25 and a beta of 0.42. The company has a 50-day moving average of $24.36 and a 200 day moving average of $26.65.
Coty (NYSE:COTY) last announced its earnings results on Tuesday, August 16th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.07. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Coty had a return on equity of 80.72% and a net margin of 3.61%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.08 earnings per share. On average, equities research analysts anticipate that Coty will post $1.11 EPS for the current year.
In other news, major shareholder Cosmetics B.V. Jab acquired 525,000 shares of Coty stock in a transaction on Monday, August 29th. The shares were acquired at an average price of $27.66 per share, with a total value of $14,521,500.00. Following the purchase, the insider now directly owns 8,355,671 shares in the company, valued at approximately $231,117,859.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 16.10% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in COTY. Wellington Management Group LLP increased its stake in Coty by 2,270.5% in the first quarter. Wellington Management Group LLP now owns 7,599,442 shares of the company’s stock worth $211,492,000 after buying an additional 7,278,863 shares during the last quarter. EFG Asset Management Americas Corp. increased its stake in Coty by 35.0% in the first quarter. EFG Asset Management Americas Corp. now owns 144,705 shares of the company’s stock worth $4,091,000 after buying an additional 37,524 shares during the last quarter. BlackRock Inc. increased its stake in Coty by 324.8% in the first quarter. BlackRock Inc. now owns 8,696 shares of the company’s stock worth $242,000 after buying an additional 6,649 shares during the last quarter. TD Asset Management Inc. purchased a new stake in Coty during the second quarter worth about $1,134,000. Finally, Quadrature Capital Ltd increased its stake in Coty by 332.0% in the first quarter. Quadrature Capital Ltd now owns 50,926 shares of the company’s stock worth $1,416,000 after buying an additional 39,137 shares during the last quarter. 17.50% of the stock is currently owned by institutional investors and hedge funds.
Coty Inc is a beauty company. The Company operates through four segments: Fragrances, Color Cosmetics, Skin & Body Care and Brazil Acquisition. Its fragrance products include a range of men’s and women’s products. Its fragrance brands include Calvin Klein, Marc Jacobs, Davidoff, Chloe, Balenciaga, Beyonce, Bottega Veneta, Miu Miu and Roberto Cavalli.
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