Movado Group (NYSE:MOV) Hits New 1-Year High – Should You Buy?

Shares of Movado Group Inc. (NYSE:MOV) hit a new 52-week high on Wednesday . The stock traded as high as $25.94 and last traded at $25.7550, with a volume of 28396 shares traded. The stock had previously closed at $24.50.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wall Street Zen upgraded Movado Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Weiss Ratings restated a “hold (c)” rating on shares of Movado Group in a research report on Monday, December 29th. BWS Financial restated a “buy” rating and set a $31.50 price objective on shares of Movado Group in a research report on Friday, March 20th. Zacks Research upgraded Movado Group from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Finally, Northland Securities assumed coverage on Movado Group in a research report on Wednesday, January 7th. They set an “outperform” rating and a $30.00 price objective for the company. One investment 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Movado Group Price Performance

The stock has a market capitalization of $565.31 million, a P/E ratio of 22.04 and a beta of 0.85. The firm has a 50-day simple moving average of $24.23 and a 200 day simple moving average of $21.52.

Movado Group (NYSE:MOV) last posted its earnings results on Thursday, March 19th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.52 by $0.05. The firm had revenue of $191.58 million during the quarter, compared to the consensus estimate of $182.02 million. Movado Group had a return on equity of 6.09% and a net margin of 3.96%. Sell-side analysts anticipate that Movado Group Inc. will post 1.05 earnings per share for the current fiscal year.

Movado Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Shareholders of record on Thursday, April 2nd will be given a $0.35 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $1.40 annualized dividend and a yield of 5.5%. Movado Group’s dividend payout ratio (DPR) is currently 120.69%.

Hedge Funds Weigh In On Movado Group

Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its position in shares of Movado Group by 39.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock worth $33,000 after acquiring an additional 449 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Movado Group by 70.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after acquiring an additional 724 shares during the last quarter. Comerica Bank raised its position in shares of Movado Group by 99.0% during the third quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after acquiring an additional 888 shares during the last quarter. Laurel Wealth Advisors LLC bought a new position in shares of Movado Group during the fourth quarter worth about $42,000. Finally, State of Wyoming bought a new position in shares of Movado Group during the second quarter worth about $40,000. 72.08% of the stock is currently owned by institutional investors.

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.