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 released on Thursday. Bank of America Corp. currently has $54.00 price target on the stock, down from their previous price target of $73.00.
Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Co. reissued a market perform rating and set a $58.00 price objective (up from $57.00) on shares of V.F. Corp. in a research note on Monday, September 12th. They noted that the move was a valuation call. Canaccord Genuity reissued a buy rating and set a $76.00 price objective on shares of V.F. Corp. in a research note on Sunday, September 11th. DA Davidson cut V.F. Corp. from a buy rating to a neutral rating and reduced their price objective for the stock from $78.00 to $64.00 in a research note on Tuesday, September 6th. Buckingham Research cut V.F. Corp. from a buy rating to a neutral rating and reduced their price objective for the stock from $70.00 to $60.00 in a research note on Friday, September 2nd. Finally, Zacks Investment Research raised V.F. Corp. from a sell rating to a hold rating in a research note on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $68.16.
V.F. Corp. (NYSE:VFC) opened at 56.14 on Thursday. The company’s 50-day moving average price is $61.43 and its 200-day moving average price is $62.84. The company has a market cap of $23.28 billion, a price-to-earnings ratio of 22.21 and a beta of 0.76. V.F. Corp. has a 52-week low of $52.21 and a 52-week high of $73.81.
V.F. Corp. (NYSE:VFC) last issued its quarterly earnings data on Friday, July 22nd. The company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. V.F. Corp. had a return on equity of 25.27% and a net margin of 8.82%. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.53 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts expect that V.F. Corp. will post $3.20 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 19th. Stockholders of record on Friday, September 9th were issued a dividend of $0.37 per share. The ex-dividend date was Wednesday, September 7th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.64%. V.F. Corp.’s dividend payout ratio is currently 58.73%.
In other news, Director Clarence Otis, Jr. sold 25,540 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 37,510 shares in the company, valued at approximately $2,330,121.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric C. Wiseman sold 264,816 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $64.55, for a total transaction of $17,093,872.80. Following the sale, the chief executive officer now owns 756,198 shares of the company’s stock, valued at approximately $48,812,580.90. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Royal London Asset Management Ltd. increased its stake in shares of V.F. Corp. by 1.1% in the fourth quarter. Royal London Asset Management Ltd. now owns 120,196 shares of the company’s stock worth $7,532,000 after buying an additional 1,283 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in V.F. Corp. by 2.1% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 39,188 shares of the company’s stock valued at $2,439,000 after buying an additional 800 shares during the period. Norges Bank bought a new stake in V.F. Corp. during the fourth quarter valued at $201,481,000. DnB Asset Management AS increased its stake in V.F. Corp. by 99.9% in the first quarter. DnB Asset Management AS now owns 27,616 shares of the company’s stock valued at $1,788,000 after buying an additional 13,800 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in V.F. Corp. by 14.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 78,909 shares of the company’s stock valued at $5,110,000 after buying an additional 10,256 shares during the period. Institutional investors and hedge funds 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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