Coty (NYSE:COTY) Updates FY24 Earnings Guidance

Coty (NYSE:COTY) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.44-$0.47 for the period, compared to the consensus estimate of $0.45. Coty also updated its FY 2024 guidance to 0.470-0.470 EPS.

Coty Stock Down 3.5 %

Coty stock traded down $0.40 during midday trading on Tuesday, hitting $11.10. The stock had a trading volume of 10,513,070 shares, compared to its average volume of 4,039,215. The company has a current ratio of 0.85, a quick ratio of 0.58 and a debt-to-equity ratio of 0.80. The stock has a market cap of $9.94 billion, a P/E ratio of 31.72, a P/E/G ratio of 6.49 and a beta of 1.83. Coty has a 12 month low of $9.02 and a 12 month high of $13.46. The business has a fifty day moving average price of $11.76 and a 200 day moving average price of $11.61.

Coty (NYSE:COTY) last issued its quarterly earnings data on Monday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.37 billion. Coty had a return on equity of 11.91% and a net margin of 5.39%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. Research analysts predict that Coty will post 0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group initiated coverage on shares of Coty in a research report on Monday, April 15th. They issued a buy rating and a $14.00 price objective for the company. DA Davidson dropped their price objective on shares of Coty from $17.50 to $16.50 and set a buy rating for the company in a research note on Tuesday. Citigroup dropped their target price on shares of Coty from $13.00 to $12.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. TD Cowen lowered their price objective on shares of Coty from $16.00 to $13.00 and set a buy rating for the company in a research report on Wednesday, April 17th. Finally, Barclays lowered their price objective on shares of Coty from $13.00 to $12.00 and set an equal weight rating for the company in a research report on Friday, April 12th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $13.14.

Insider Buying and Selling at Coty

In other Coty news, Director Robert S. Singer sold 30,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $12.70, for a total transaction of $381,000.00. Following the transaction, the director now directly owns 120,000 shares in the company, valued at approximately $1,524,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Robert S. Singer sold 30,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $12.70, for a total value of $381,000.00. Following the completion of the transaction, the director now directly owns 120,000 shares of the company’s stock, valued at approximately $1,524,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert S. Singer sold 90,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $12.56, for a total transaction of $1,130,400.00. Following the sale, the director now directly owns 169,982 shares in the company, valued at approximately $2,134,973.92. The disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.

About Coty

Coty Inc, together with its subsidiaries, manufactures, markets, distributes, and sells beauty products worldwide. It operates through Prestige and Consumer Beauty segments. The company provides fragrance, color cosmetics, and skin and body care products. It offers Prestige segment products primarily through prestige retailers, including perfumeries, department stores, e-retailers, direct-to-consumer websites, and duty-free shops under the Burberry, Calvin Klein, Chloe, Davidoff, Escada, Gucci, Hugo Boss, Jil Sander, Joop!, Kylie Jenner, Lancaster, Marc Jacobs, Miu Miu, Orveda, philosophy, SKKN BY KIM, and Tiffany & Co brands.