PVH Corp. (PVH) Cut to “Hold” at Zacks Investment Research
PVH Corp. (NYSE:PVH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “PVH Corp. has outperformed the broader industry year to date. The company has been doing well on the back of superb earnings history and brand strength. The company's diversified portfolio allows it to stay ahead of its peers, generate above-average industry growth and sustain its position in the current challenging environment. PVH’s approach to brand management facilitates each of its brands to develop further through efficient marketing strategies, financial control and operating leverage. Further, focus on higher-margin businesses through buyouts and divestments bode well. The company’s raised fiscal 2017 view reflects confidence in its investments in brands and global platforms. However, management expects currency woes, along with a volatile retail scenario to remain deterrents in fiscal 2017. Estimates have been going up lately ahead of the second quarter earnings release.”
Other analysts have also recently issued reports about the stock. Credit Suisse Group cut their price target on shares of PVH Corp. to $114.00 in a report on Thursday, March 23rd. Piper Jaffray Companies set a $120.00 price target on shares of PVH Corp. and gave the company a “buy” rating in a report on Thursday, May 25th. B. Riley reaffirmed a “buy” rating and issued a $125.00 price target on shares of PVH Corp. in a report on Sunday, April 9th. Wunderlich reaffirmed a “buy” rating and issued a $125.00 price target on shares of PVH Corp. in a report on Saturday, March 25th. Finally, Citigroup Inc raised shares of PVH Corp. from a “neutral” rating to a “buy” rating and set a $115.00 price target on the stock in a report on Friday, March 24th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. PVH Corp. presently has an average rating of “Buy” and an average price target of $122.06.
PVH Corp. (NYSE PVH) traded up 1.29% during midday trading on Wednesday, reaching $110.48. 1,386,908 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $103.30 and its 200 day moving average is $97.25. The firm has a market capitalization of $8.60 billion, a P/E ratio of 22.84 and a beta of 0.47. PVH Corp. has a 52 week low of $83.80 and a 52 week high of $115.40.
PVH Corp. (NYSE:PVH) last posted its quarterly earnings results on Wednesday, May 24th. The textile maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.05. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.96 billion. PVH Corp. had a net margin of 4.69% and a return on equity of 11.57%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.50 earnings per share. On average, analysts expect that PVH Corp. will post $7.50 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Thursday, May 18th were given a $0.038 dividend. The ex-dividend date was Tuesday, May 16th. This represents a $0.15 dividend on an annualized basis and a yield of 0.14%. PVH Corp.’s dividend payout ratio is presently 3.11%.
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In related news, CEO Daniel Grieder sold 18,701 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $103.43, for a total value of $1,934,244.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark D. Fischer sold 1,500 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $109.75, for a total transaction of $164,625.00. The disclosure for this sale can be found here. Insiders sold a total of 30,534 shares of company stock valued at $3,188,110 in the last quarter. 1.30% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in PVH. Vanguard Group Inc. raised its position in shares of PVH Corp. by 1.4% in the first quarter. Vanguard Group Inc. now owns 7,942,535 shares of the textile maker’s stock worth $821,815,000 after buying an additional 112,758 shares in the last quarter. BlackRock Inc. raised its position in shares of PVH Corp. by 3,001.8% in the first quarter. BlackRock Inc. now owns 5,090,455 shares of the textile maker’s stock worth $526,711,000 after buying an additional 4,926,341 shares in the last quarter. State Street Corp raised its position in shares of PVH Corp. by 1.7% in the first quarter. State Street Corp now owns 3,672,807 shares of the textile maker’s stock worth $380,025,000 after buying an additional 61,303 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of PVH Corp. by 17.1% in the first quarter. Ameriprise Financial Inc. now owns 2,692,857 shares of the textile maker’s stock worth $278,637,000 after buying an additional 393,500 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of PVH Corp. by 14.8% in the first quarter. Bank of New York Mellon Corp now owns 1,590,433 shares of the textile maker’s stock worth $164,563,000 after buying an additional 204,936 shares in the last quarter. Hedge funds and other institutional investors own 96.69% of the company’s stock.
PVH Corp. Company Profile
PVH Corp. is an apparel company. The Company operates through three segments: Calvin Klein, which consists of the Calvin Klein North America and Calvin Klein International segments; Tommy Hilfiger, which consists of the Tommy Hilfiger North America and Tommy Hilfiger International segments, and Heritage Brands, which consists of the Heritage Brands Wholesale and Heritage Brands Retail segments.
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