Logitech International S.A. $LOGI Shares Sold by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd cut its Logitech stake by 16.6% in the first quarter, selling 11,429 shares and leaving it with 57,324 shares worth about $5.17 million.
• Logitech reported better-than-expected quarterly results, with EPS of $1.13 versus $1.10 expected and revenue of $1.09 billion, up 7.4% year over year.
• Analysts remain mixed on the stock: Logitech now carries an average “Hold” rating with a consensus price target of $109.57, while recent calls ranged from bullish upgrades to a Bank of America downgrade to underperform.

Mediolanum International Funds Ltd lessened its stake in shares of Logitech International S.A. (NASDAQ:LOGI - Free Report) by 16.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 57,324 shares of the technology company's stock after selling 11,429 shares during the period. Mediolanum International Funds Ltd's holdings in Logitech International were worth $5,174,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP acquired a new stake in Logitech International during the third quarter worth about $30,000. CIBC Private Wealth Group LLC boosted its holdings in Logitech International by 61.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 455 shares of the technology company's stock valued at $46,000 after purchasing an additional 173 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Logitech International by 40.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 576 shares of the technology company's stock valued at $52,000 after buying an additional 165 shares during the period. Richardson Financial Services Inc. grew its stake in shares of Logitech International by 101.5% in the 4th quarter. Richardson Financial Services Inc. now owns 663 shares of the technology company's stock valued at $66,000 after buying an additional 334 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Logitech International by 911.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 678 shares of the technology company's stock valued at $68,000 after buying an additional 611 shares during the period. Institutional investors and hedge funds own 45.76% of the company's stock.

Logitech International Stock Down 1.0%

NASDAQ:LOGI opened at $101.78 on Tuesday. Logitech International S.A. has a 52 week low of $83.32 and a 52 week high of $129.66. The stock's fifty day moving average is $106.06 and its two-hundred day moving average is $98.15. The stock has a market capitalization of $14.92 billion, a price-to-earnings ratio of 21.20, a price-to-earnings-growth ratio of 4.30 and a beta of 1.17.

Logitech International (NASDAQ:LOGI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.03. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The business had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the previous year, the firm posted $0.93 earnings per share. The company's revenue was up 7.4% on a year-over-year basis. On average, sell-side analysts expect that Logitech International S.A. will post 5.21 EPS for the current fiscal year.

Logitech International Cuts Dividend

The firm also recently declared an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be given a dividend of $1.36 per share. This represents a dividend yield of 126.0%. The ex-dividend date of this dividend is Tuesday, September 22nd.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Citigroup lifted their price target on shares of Logitech International from $115.00 to $124.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Barclays increased their price objective on Logitech International from $98.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Weiss Ratings raised Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, May 22nd. Wedbush restated an "outperform" rating and issued a $135.00 target price on shares of Logitech International in a research report on Wednesday, May 6th. Finally, Bank of America lowered Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 price target on the stock. in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Logitech International currently has an average rating of "Hold" and an average target price of $109.57.

Logitech International Profile

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company's product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.

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