PVH Corp. (PVH) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of PVH Corp. (NYSE:PVH) from a buy rating to a hold rating in a research note published on Tuesday.
According to Zacks, “PVH Corp. has outperformed the industry year to date driven by its superb earnings history and brand strength. The company posted better-than-expected earnings and sales results for second-quarter fiscal 2017. While sales marked its fourth consecutive beat, earnings retained its positive surprise trend for the 13th straight time. Results continued to gain from solid momentum at its Calvin Klein and Tommy Hilfiger brands, particularly in the international regions. Further, the company raised earnings outlook for fiscal 2017. However, concerns regarding the volatile macroeconomic and geopolitical environment remain. While currency rates improved in second quarter, currency headwinds are expected to hurt fiscal 2017 earnings by 20 cents per share. Apart from this, a volatile retail scenario and greater marketing costs may hurt performance. Nonetheless, the company’s efforts to keep pace with the evolving consumer trends bode well.”
A number of other equities research analysts have also issued reports on PVH. UBS AG reiterated a buy rating and set a $128.00 target price (up from $120.00) on shares of PVH Corp. in a report on Monday, June 26th. Sanford C. Bernstein assumed coverage on shares of PVH Corp. in a report on Tuesday. They set a market perform rating and a $142.00 target price on the stock. BidaskClub upgraded shares of PVH Corp. from a buy rating to a strong-buy rating in a report on Thursday, August 10th. Cowen and Company set a $140.00 target price on shares of PVH Corp. and gave the stock a buy rating in a report on Friday, August 11th. Finally, B. Riley reiterated a buy rating and set a $128.00 target price on shares of PVH Corp. in a report on Tuesday, May 30th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $137.31.
PVH Corp. (NYSE:PVH) opened at 128.09 on Tuesday. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 24.43 and a beta of 0.46. The company’s 50-day moving average is $123.33 and its 200 day moving average is $107.93. PVH Corp. has a one year low of $84.53 and a one year high of $130.75.
PVH Corp. (NYSE:PVH) last released its earnings results on Wednesday, August 23rd. The textile maker reported $1.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.04. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. PVH Corp. had a net margin of 4.96% and a return on equity of 11.67%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.47 EPS. Equities analysts expect that PVH Corp. will post $7.71 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Thursday, August 24th will be given a $0.038 dividend. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date is Tuesday, August 22nd. PVH Corp.’s dividend payout ratio (DPR) is 2.87%.
In related news, EVP Mark D. Fischer sold 5,589 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $128.47, for a total value of $718,018.83. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Francis K. Duane sold 24,000 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $126.86, for a total transaction of $3,044,640.00. The disclosure for this sale can be found here. Insiders sold a total of 87,750 shares of company stock worth $10,368,221 over the last ninety days. Insiders own 1.50% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Lord Abbett & CO. LLC purchased a new position in shares of PVH Corp. in the 2nd quarter valued at $3,916,000. Sentry Investment Management LLC grew its position in shares of PVH Corp. by 1.0% in the 2nd quarter. Sentry Investment Management LLC now owns 6,309 shares of the textile maker’s stock valued at $722,000 after buying an additional 65 shares during the last quarter. Toronto Dominion Bank grew its position in shares of PVH Corp. by 23.6% in the 2nd quarter. Toronto Dominion Bank now owns 26,440 shares of the textile maker’s stock valued at $3,028,000 after buying an additional 5,040 shares during the last quarter. Scotia Capital Inc. grew its position in shares of PVH Corp. by 45.5% in the 2nd quarter. Scotia Capital Inc. now owns 2,816 shares of the textile maker’s stock valued at $322,000 after buying an additional 881 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of PVH Corp. in the 2nd quarter valued at $669,000. 95.24% of the stock is currently owned by hedge funds and other institutional investors.
About PVH Corp.
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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