Mackenzie Financial Corp acquired a new stake in PVH Corp. (NYSE:PVH – Get Rating) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 9,476 shares of the textile maker’s stock, valued at approximately $539,000.
A number of other hedge funds have also added to or reduced their stakes in PVH. Sound Shore Management Inc. CT bought a new position in PVH in the first quarter valued at approximately $110,775,000. Viking Global Investors LP increased its stake in PVH by 100.6% in the first quarter. Viking Global Investors LP now owns 1,542,375 shares of the textile maker’s stock valued at $118,161,000 after acquiring an additional 773,566 shares during the last quarter. Sound Shore Management Inc CT increased its stake in PVH by 14.2% in the second quarter. Sound Shore Management Inc CT now owns 1,651,076 shares of the textile maker’s stock valued at $93,946,000 after acquiring an additional 205,122 shares during the last quarter. Prudential Financial Inc. increased its stake in PVH by 109.8% in the first quarter. Prudential Financial Inc. now owns 348,447 shares of the textile maker’s stock valued at $26,695,000 after acquiring an additional 182,351 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in PVH by 74.5% in the first quarter. Goldman Sachs Group Inc. now owns 393,503 shares of the textile maker’s stock valued at $30,147,000 after acquiring an additional 167,984 shares during the last quarter. 95.82% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on PVH shares. Cowen decreased their target price on shares of PVH to $70.00 in a research note on Tuesday, September 6th. BMO Capital Markets decreased their target price on shares of PVH from $88.00 to $79.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 31st. StockNews.com started coverage on shares of PVH in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Credit Suisse Group decreased their target price on shares of PVH from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 31st. Finally, Morgan Stanley decreased their target price on shares of PVH from $83.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Friday, September 2nd. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, PVH presently has a consensus rating of “Hold” and a consensus price target of $77.53.
PVH Price Performance
PVH (NYSE:PVH – Get Rating) last released its earnings results on Tuesday, August 30th. The textile maker reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.07. PVH had a net margin of 10.19% and a return on equity of 12.72%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the previous year, the business earned $2.72 earnings per share. PVH’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, analysts expect that PVH Corp. will post 7.92 earnings per share for the current year.
PVH Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.0375 per share. The ex-dividend date is Tuesday, November 29th. This represents a $0.15 annualized dividend and a dividend yield of 0.24%. PVH’s dividend payout ratio is currently 1.15%.
PVH Corp. operates as an apparel company worldwide. The company operates through six segments: Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, Heritage Brands Wholesale, and Heritage Brands Retail. It designs, markets, and retails men's, women's, and children's apparel and accessories, including branded dress shirts, neckwear, sportswear, jeans wear, performance apparel, intimate apparel, underwear, swimwear, swim-related products, handbags, accessories, footwear, outerwear, home furnishings, luggage products, sleepwear, loungewear, hats, scarves, gloves, socks, watches and jewelry, eyeglasses and non-ophthalmic sunglasses, fragrance, home bed and bath furnishings, small leather goods, and other products.
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