WEALTHFRONT Corp Grows Position in Coty Inc (COTY)
WEALTHFRONT Corp boosted its position in shares of Coty Inc (NYSE:COTY) by 31.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 85,819 shares of the company’s stock after purchasing an additional 20,710 shares during the period. WEALTHFRONT Corp’s holdings in Coty were worth $1,078,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in COTY. Bank of Montreal Can acquired a new stake in Coty during the second quarter valued at $2,815,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Coty by 6.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,553,622 shares of the company’s stock valued at $21,906,000 after purchasing an additional 97,172 shares during the last quarter. First Trust Advisors LP boosted its position in Coty by 1,046.3% during the second quarter. First Trust Advisors LP now owns 380,644 shares of the company’s stock valued at $5,367,000 after purchasing an additional 347,437 shares during the last quarter. Chevy Chase Trust Holdings Inc. acquired a new stake in Coty during the second quarter valued at $5,608,000. Finally, D.A. Davidson & CO. boosted its position in Coty by 25.3% during the second quarter. D.A. Davidson & CO. now owns 111,395 shares of the company’s stock valued at $1,571,000 after purchasing an additional 22,500 shares during the last quarter. 66.21% of the stock is owned by hedge funds and other institutional investors.
In other Coty news, CEO Pierre Laubies acquired 2,308,447 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was acquired at an average price of $8.69 per share, with a total value of $20,060,404.43. Following the transaction, the chief executive officer now owns 2,308,447 shares of the company’s stock, valued at $20,060,404.43. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Cosmetics B.V. Jab acquired 5,400,000 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The shares were acquired at an average cost of $8.89 per share, with a total value of $48,006,000.00. Following the transaction, the insider now directly owns 294,508,041 shares in the company, valued at approximately $2,618,176,484.49. The disclosure for this purchase can be found here. Insiders acquired 11,023,447 shares of company stock valued at $97,704,004 in the last ninety days. Insiders own 1.20% of the company’s stock.
Coty (NYSE:COTY) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. Coty had a positive return on equity of 5.72% and a negative net margin of 1.75%. The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the previous year, the firm earned $0.10 earnings per share. The business’s quarterly revenue was down 9.2% compared to the same quarter last year. As a group, analysts predict that Coty Inc will post 0.67 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be given a $0.125 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 6.67%. Coty’s dividend payout ratio is currently 72.46%.
A number of analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Coty from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Friday, August 10th. Wells Fargo & Co set a $11.00 price objective on Coty and gave the company a “hold” rating in a research report on Thursday, September 13th. Morgan Stanley raised Coty from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $17.00 to $14.50 in a research report on Tuesday, August 28th. Barclays set a $15.00 price objective on Coty and gave the company a “hold” rating in a research report on Wednesday, August 22nd. Finally, Citigroup reduced their price target on Coty from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 23rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $12.86.
Coty Inc, together with its subsidiaries, manufactures, markets, distributes, and sells beauty products worldwide. It operates in three segments: Luxury, Consumer Beauty, and Professional Beauty. The Luxury segment offers prestige fragrances, and skincare and cosmetics products through various retailers, including perfumeries, department stores, and duty-free shops under the Alexander McQueen, Balenciaga, Burberry, Bottega Veneta, Calvin Klein, Cavalli, Chloe, Davidoff, Escada, Gucci, Hugo Boss, Jil Sander, Joop!, Lacoste, Lancaster, Marc Jacobs, Miu Miu, philosophy, Stella McCartney, and Tiffany & Co brands.
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