Hartford Investment Management Co. reduced its stake in Coty Inc (NYSE:COTY) by 26.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,662 shares of the company’s stock after selling 17,506 shares during the period. Hartford Investment Management Co.’s holdings in Coty were worth $560,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Coty by 36.4% during the fourth quarter. Bank of New York Mellon Corp now owns 33,881,957 shares of the company’s stock worth $222,265,000 after buying an additional 9,045,935 shares during the period. Norges Bank acquired a new position in shares of Coty during the fourth quarter worth approximately $36,720,000. FMR LLC boosted its position in shares of Coty by 7.9% during the fourth quarter. FMR LLC now owns 63,208,973 shares of the company’s stock worth $414,651,000 after buying an additional 4,636,912 shares during the period. Contrarius Investment Management Ltd boosted its position in shares of Coty by 85.1% during the fourth quarter. Contrarius Investment Management Ltd now owns 6,410,041 shares of the company’s stock worth $42,050,000 after buying an additional 2,946,600 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Coty by 57.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,578,515 shares of the company’s stock worth $49,713,000 after buying an additional 2,759,305 shares during the period. Institutional investors own 73.45% of the company’s stock.
Several equities analysts have recently issued reports on COTY shares. Jefferies Financial Group set a $11.00 price objective on Coty and gave the stock a “hold” rating in a research report on Wednesday, March 27th. Stifel Nicolaus downgraded Coty from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research report on Wednesday, April 17th. Bank of America assumed coverage on Coty in a research report on Thursday, May 9th. They set a “neutral” rating and a $12.00 price objective for the company. Wells Fargo & Co boosted their target price on Coty from $9.00 to $11.00 and gave the stock a “market perform” rating in a report on Tuesday, April 16th. Finally, ValuEngine raised Coty from a “sell” rating to a “hold” rating in a report on Wednesday, May 15th. Eleven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $12.50.
In related news, COO Giovanni Pieraccioni purchased 93,100 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were bought at an average price of $12.91 per share, with a total value of $1,201,921.00. Following the completion of the acquisition, the chief operating officer now owns 93,100 shares of the company’s stock, valued at $1,201,921. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdco B.V. Cottage purchased 150,000,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was bought at an average cost of $11.65 per share, for a total transaction of $1,747,500,000.00. The disclosure for this purchase can be found here. Insiders acquired 156,499,674 shares of company stock worth $1,823,271,995 in the last ninety days. 1.20% of the stock is owned by corporate insiders.
NYSE:COTY traded down $0.39 during midday trading on Wednesday, hitting $12.62. 7,798,730 shares of the stock were exchanged, compared to its average volume of 19,910,070. Coty Inc has a one year low of $5.91 and a one year high of $14.87. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 3.00 and a beta of 0.88. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.95 and a quick ratio of 0.62.
Coty (NYSE:COTY) last announced its earnings results on Wednesday, May 8th. The company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Coty had a positive return on equity of 5.78% and a negative net margin of 13.20%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.13 earnings per share. On average, sell-side analysts expect that Coty Inc will post 0.64 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, June 6th will be issued a $0.125 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.50 annualized dividend and a dividend yield of 3.96%. Coty’s dividend payout ratio is currently 72.46%.
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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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