Bank of America Corp DE cut its stake in Tiffany & Co. (NYSE:TIF) by 72.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,585,757 shares of the specialty retailer’s stock after selling 4,239,143 shares during the period. Bank of America Corp DE owned approximately 1.28% of Tiffany & Co. worth $208,687,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Hall Laurie J Trustee bought a new stake in Tiffany & Co. in the 2nd quarter valued at $197,000. Legacy Advisors LLC bought a new stake in Tiffany & Co. in the 2nd quarter valued at $214,000. Bronfman E.L. Rothschild L.P. boosted its holdings in Tiffany & Co. by 266.1% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,629 shares of the specialty retailer’s stock valued at $214,000 after purchasing an additional 1,184 shares during the period. Jaffetilchin Investment Partners LLC bought a new stake in Tiffany & Co. in the 2nd quarter valued at $216,000. Finally, Visionary Asset Management Inc. bought a new stake in Tiffany & Co. in the 2nd quarter valued at $218,000. 79.68% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have weighed in on TIF shares. ValuEngine raised shares of Tiffany & Co. from a “hold” rating to a “buy” rating in a report on Wednesday, May 23rd. Loop Capital increased their price target on shares of Tiffany & Co. from $113.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, May 23rd. Citigroup increased their price target on shares of Tiffany & Co. to $150.00 and gave the company a “buy” rating in a report on Thursday, May 24th. Goldman Sachs Group initiated coverage on shares of Tiffany & Co. in a research note on Monday, June 25th. They issued a “buy” rating and a $165.00 price objective for the company. Finally, Jefferies Financial Group restated a “buy” rating and issued a $160.00 price objective on shares of Tiffany & Co. in a research note on Tuesday, August 28th. Twelve research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $131.00.
Shares of TIF stock opened at $126.03 on Friday. Tiffany & Co. has a 52-week low of $86.15 and a 52-week high of $141.64. The firm has a market capitalization of $15.10 billion, a PE ratio of 30.52, a price-to-earnings-growth ratio of 2.26 and a beta of 1.74. The company has a quick ratio of 2.09, a current ratio of 6.05 and a debt-to-equity ratio of 0.29.
Tiffany & Co. (NYSE:TIF) last announced its quarterly earnings data on Tuesday, August 28th. The specialty retailer reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.16. Tiffany & Co. had a net margin of 10.16% and a return on equity of 18.67%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company posted $0.92 EPS. The business’s revenue was up 12.1% on a year-over-year basis. equities research analysts forecast that Tiffany & Co. will post 4.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Thursday, September 20th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Wednesday, September 19th. Tiffany & Co.’s dividend payout ratio (DPR) is currently 53.27%.
In related news, EVP Philippe Galtie sold 673 shares of the stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $135.25, for a total transaction of $91,023.25. Following the completion of the sale, the executive vice president now owns 2,866 shares in the company, valued at approximately $387,626.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gretchen Koback-Pursel sold 881 shares of the stock in a transaction dated Friday, June 22nd. The stock was sold at an average price of $133.66, for a total transaction of $117,754.46. Following the sale, the insider now owns 883 shares of the company’s stock, valued at approximately $118,021.78. The disclosure for this sale can be found here. Insiders have purchased a total of 60,000 shares of company stock valued at $7,435,050 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.
Tiffany & Co. Company Profile
Tiffany & Co, through its subsidiaries, designs, manufactures, and retails jewelry and other items in the Americas, the Asia-Pacific, Japan, Europe, and internationally. The company offers jewelry collections, engagement rings, and wedding bands. It also sells timepieces, leather goods, sterling silver goods, china, crystal, stationery, eyewear, fragrances, and other accessories; and wholesales diamonds and earnings.
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