Ferrari N.V. $RACE Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its stake in Ferrari N.V. (NYSE: RACE) by 21.4%, selling 89,383 shares and retaining 327,487 shares worth about $122.6 million at quarter-end.
• Ferrari raised its annual dividend to $3.615 (up from $3.13), with an ex-dividend date of April 21 and a payment date of May 5.
• Analysts' consensus on RACE is a Moderate Buy, with an average price target of $469.06.

Pictet Asset Management Holding SA reduced its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 21.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 327,487 shares of the company's stock after selling 89,383 shares during the period. Pictet Asset Management Holding SA owned 0.14% of Ferrari worth $122,563,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RACE. Bank of New York Mellon Corp boosted its stake in shares of Ferrari by 63.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company's stock worth $1,295,907,000 after purchasing an additional 1,039,234 shares during the last quarter. Groupama Asset Managment boosted its stake in shares of Ferrari by 5.7% during the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company's stock worth $8,244,189,000 after purchasing an additional 916,821 shares during the last quarter. Ninety One UK Ltd acquired a new stake in shares of Ferrari during the 4th quarter worth about $338,785,000. Viking Global Investors LP boosted its stake in shares of Ferrari by 432.7% during the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company's stock worth $353,526,000 after purchasing an additional 585,872 shares during the last quarter. Finally, Credit Agricole S A acquired a new stake in shares of Ferrari during the 3rd quarter worth about $279,003,000.

Ferrari Price Performance

RACE opened at $347.50 on Tuesday. The company's 50 day simple moving average is $348.92 and its 200 day simple moving average is $367.11. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $519.10. The stock has a market capitalization of $81.30 billion, a PE ratio of 34.37, a P/E/G ratio of 3.33 and a beta of 1.00.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st will be given a $3.615 dividend. This is a boost from Ferrari's previous annual dividend of $3.13. This represents a dividend yield of 119.0%. The ex-dividend date of this dividend is Tuesday, April 21st.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RACE shares. Citigroup raised shares of Ferrari from a "sell" rating to a "neutral" rating in a research note on Thursday, February 12th. Morgan Stanley set a $420.00 price target on shares of Ferrari in a research note on Monday, February 16th. Jefferies Financial Group raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research note on Friday, April 10th. Finally, Zacks Research raised shares of Ferrari from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $469.06.

Ferrari Company Profile

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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