Bank of America Corp. Downgrades V.F. Corp. (VFC) to Underperform
Bank of America Corp. lowered shares of V.F. Corp. (NYSE:VFC) from a buy rating to an underperform rating in a research report report published on Thursday. Bank of America Corp. currently has $54.00 target price on the stock, down from their previous target price of $73.00.
Several other brokerages have also weighed in on VFC. Piper Jaffray Cos. restated a buy rating and set a $67.00 target price on shares of V.F. Corp. in a research report on Friday, July 22nd. Wells Fargo & Co. reaffirmed a market perform rating and issued a $58.00 price target (up previously from $57.00) on shares of V.F. Corp. in a report on Monday, September 12th. They noted that the move was a valuation call. Brean Capital reaffirmed a hold rating on shares of V.F. Corp. in a report on Monday, July 25th. Morgan Stanley reaffirmed an underperform rating and issued a $52.50 price target on shares of V.F. Corp. in a report on Wednesday, June 1st. Finally, DA Davidson downgraded shares of V.F. Corp. from a buy rating to a neutral rating and reduced their price target for the company from $78.00 to $64.00 in a report on Tuesday, September 6th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Hold and an average target price of $68.16.
Shares of V.F. Corp. (NYSE:VFC) opened at 56.14 on Thursday. The firm has a market cap of $23.28 billion, a P/E ratio of 22.21 and a beta of 0.76. V.F. Corp. has a 12-month low of $52.21 and a 12-month high of $73.81. The company has a 50-day moving average of $61.43 and a 200 day moving average of $62.84.
V.F. Corp. (NYSE:VFC) last issued its earnings results on Friday, July 22nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. V.F. Corp. had a net margin of 8.82% and a return on equity of 25.27%. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Equities research analysts anticipate that V.F. Corp. will post $3.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 19th. Investors of record on Friday, September 9th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend was Wednesday, September 7th. V.F. Corp.’s payout ratio is 58.73%.
In other V.F. Corp. news, Director Clarence Otis, Jr. sold 25,540 shares of the stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $62.12, for a total transaction of $1,586,544.80. Following the transaction, the director now directly owns 37,510 shares in the company, valued at approximately $2,330,121.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric C. Wiseman sold 264,816 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $64.55, for a total transaction of $17,093,872.80. Following the transaction, the chief executive officer now owns 756,198 shares in the company, valued at $48,812,580.90. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zions Bancorporation increased its position in V.F. Corp. by 8.0% in the first quarter. Zions Bancorporation now owns 2,475 shares of the company’s stock worth $156,000 after buying an additional 183 shares during the period. Oakworth Capital Inc. increased its position in V.F. Corp. by 108.3% in the second quarter. Oakworth Capital Inc. now owns 2,674 shares of the company’s stock worth $167,000 after buying an additional 1,390 shares during the period. Dubuque Bank & Trust Co. increased its position in V.F. Corp. by 42.4% in the first quarter. Dubuque Bank & Trust Co. now owns 2,732 shares of the company’s stock worth $177,000 after buying an additional 814 shares during the period. CLS Investments LLC bought a new position in V.F. Corp. during the first quarter worth approximately $199,000. Finally, Stone Ridge Asset Management LLC bought a new position in V.F. Corp. during the first quarter worth approximately $207,000. Hedge funds and other institutional investors own 84.48% of the company’s stock.
V.F. Corp. Company Profile
V.F. Corporation (VF) is engaged in the design, manufacturing, marketing and distribution of branded lifestyle apparel, footwear and related products. The Company’s segments include Outdoor & Action Sports, Jeanswear, Imagewear, Sportswear, Contemporary Brands and Other. The Company owns a portfolio of brands in the outerwear, footwear, denim, backpack, luggage, accessory, sportswear, occupational and performance apparel categories.
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