Coty Inc. (COTY) Declares $0.13 Quarterly Dividend
Coty Inc. (NYSE:COTY) announced a quarterly dividend on Tuesday, August 22nd, Wall Street Journal reports. Investors of record on Friday, September 1st will be paid a dividend of 0.125 per share on Thursday, September 14th. This represents a $0.50 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Wednesday, August 30th.
Coty has increased its dividend by an average of 26.0% per year over the last three years and has increased its dividend every year for the last 2 years. Coty has a payout ratio of 66.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Coty to earn $0.91 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 54.9%.
Shares of Coty (NYSE:COTY) traded down 9.41% during midday trading on Tuesday, hitting $17.71. The company had a trading volume of 46,104,467 shares. The firm’s market cap is $13.24 billion. Coty has a one year low of $16.08 and a one year high of $29.00. The company’s 50 day moving average is $19.31 and its 200 day moving average is $18.82.
In other Coty news, insider Edgar O. Huber purchased 79,570 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were acquired at an average cost of $19.05 per share, for a total transaction of $1,515,808.50. Following the transaction, the insider now directly owns 79,570 shares in the company, valued at $1,515,808.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Laurent Kleitman purchased 4,400 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were acquired at an average price of $18.63 per share, for a total transaction of $81,972.00. Following the completion of the transaction, the insider now owns 35,400 shares in the company, valued at $659,502. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 174,270 shares of company stock worth $3,316,861. Corporate insiders own 16.10% of the company’s stock.
COTY has been the subject of several research analyst reports. Barclays PLC set a $19.00 price objective on Coty and gave the stock a “hold” rating in a research report on Saturday, May 13th. Jefferies Group LLC initiated coverage on Coty in a report on Friday, June 2nd. They issued a “hold” rating and a $17.00 price target for the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $22.00 price target on shares of Coty in a report on Thursday, June 8th. Societe Generale initiated coverage on Coty in a report on Monday, June 12th. They issued a “buy” rating and a $21.00 price target for the company. Finally, BidaskClub cut Coty from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $22.25.
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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