18,713 Shares in Movado Group Inc. $MOV Purchased by State of Wyoming

State of Wyoming acquired a new position in Movado Group Inc. (NYSE:MOV) in the 2nd quarter, HoldingsChannel reports. The fund acquired 18,713 shares of the company’s stock, valued at approximately $736,000.

Several other large investors have also modified their holdings of the business. PNC Financial Services Group Inc. grew its stake in shares of Movado Group by 39.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock valued at $33,000 after buying an additional 449 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Movado Group by 70.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after acquiring an additional 724 shares during the last quarter. Comerica Bank lifted its stake in shares of Movado Group by 99.0% during the 3rd quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after acquiring an additional 888 shares during the last quarter. Royal Bank of Canada boosted its holdings in Movado Group by 4.1% during the 1st quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock valued at $444,000 after acquiring an additional 1,042 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Movado Group by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 374,858 shares of the company’s stock valued at $5,718,000 after acquiring an additional 1,131 shares during the period. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Movado Group Stock Performance

Movado Group stock opened at $36.05 on Monday. The company has a market capitalization of $796.05 million, a PE ratio of 25.75 and a beta of 0.97. The company has a 50 day moving average price of $37.86 and a 200-day moving average price of $30.48. Movado Group Inc. has a fifty-two week low of $15.70 and a fifty-two week high of $40.50.

Movado Group (NYSE:MOV) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.26. The company had revenue of $142.40 million for the quarter, compared to analysts’ expectations of $135.12 million. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.During the same quarter in the prior year, the firm earned $0.06 earnings per share. On average, analysts forecast that Movado Group Inc. will post 1.87 earnings per share for the current year.

Movado Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 10th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Wednesday, June 10th. This is a positive change from Movado Group’s previous quarterly dividend of $0.35. Movado Group’s dividend payout ratio is currently 114.29%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. BWS Financial reiterated a “buy” rating and issued a $45.00 target price on shares of Movado Group in a research note on Monday, July 27th. Zacks Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Northland Securities set a $35.00 price target on shares of Movado Group in a report on Wednesday, May 27th. Finally, Weiss Ratings downgraded shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Movado Group has a consensus rating of “Buy” and a consensus price target of $40.00.

Movado Group Company Profile

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.