Movado Group (NYSE:MOV) Reaches New 12-Month High - Here's What Happened

Key Points

• Movado Group shares hit a new 52-week high of $28.46 on Monday (last trade $28.4540) with volume of 267,531; the company has a market cap of about $628.2M and a P/E of ~24.5.
• Analysts are mixed but generally positive, giving Movado a MarketBeat consensus of "Moderate Buy" with an average price target of $30.75 (ratings range from Strong Buy to Hold).
• Fundamentals showed an earnings beat (Q1 EPS $0.57 vs $0.52; revenue $191.6M vs $182.0M estimates) and the company pays a $0.35 quarterly dividend (4.9% yield) despite a high payout ratio of 120.69%.

Movado Group Inc. (NYSE:MOV - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $28.46 and last traded at $28.4540, with a volume of 267531 shares. The stock had previously closed at $28.41.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Movado Group in a report on Monday, December 29th. Wall Street Zen upgraded shares of Movado Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, February 7th. Northland Securities initiated coverage on shares of Movado Group in a research report on Wednesday, January 7th. They issued an "outperform" rating and a $30.00 price target on the stock. Zacks Research raised shares of Movado Group from a "strong sell" rating to a "hold" rating in a report on Monday, January 26th. Finally, BWS Financial reiterated a "buy" rating and issued a $31.50 price objective on shares of Movado Group in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Movado Group presently has a consensus rating of "Moderate Buy" and an average target price of $30.75.

Movado Group Price Performance

The company has a 50 day moving average of $24.74 and a 200-day moving average of $21.97. The company has a market cap of $628.21 million, a P/E ratio of 24.53 and a beta of 0.85.

Movado Group (NYSE:MOV - Get Free Report) last announced its earnings results on Thursday, March 19th. The company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.05. Movado Group had a return on equity of 6.09% and a net margin of 3.96%.The business had revenue of $191.58 million for the quarter, compared to analyst estimates of $182.02 million. Research analysts anticipate that Movado Group Inc. will post 1.05 EPS for the current year.

Movado Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 16th. Investors of record on Thursday, April 2nd were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Thursday, April 2nd. Movado Group's dividend payout ratio is 120.69%.

Hedge Funds Weigh In On Movado Group

A number of hedge funds and other institutional investors have recently bought and sold shares of MOV. PNC Financial Services Group Inc. raised its position in shares of Movado Group by 39.1% during the 4th 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 in the last quarter. Comerica Bank increased its stake in Movado Group by 99.0% in the third quarter. Comerica Bank now owns 1,785 shares of the company's stock valued at $34,000 after acquiring an additional 888 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in Movado Group by 70.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company's stock valued at $36,000 after purchasing an additional 724 shares in the last quarter. State of Wyoming purchased a new stake in Movado Group during the second quarter valued at about $40,000. Finally, Laurel Wealth Advisors LLC bought a new stake in Movado Group during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 72.08% of the company's stock.

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.

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