Movado Group’s (MOV) Buy Rating Reiterated at Benchmark

Benchmark reissued their buy rating on shares of Movado Group (NYSE:MOVFree Report) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $41.00 price objective on the stock.

Movado Group Stock Up 1.0 %

Shares of NYSE:MOV opened at $27.93 on Wednesday. Movado Group has a 52-week low of $23.94 and a 52-week high of $31.44. The stock’s fifty day simple moving average is $27.88 and its 200-day simple moving average is $28.19. The company has a market capitalization of $616.69 million, a P/E ratio of 13.56 and a beta of 1.13.

Movado Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 23rd. Investors of record on Tuesday, April 9th will be paid a $0.35 dividend. The ex-dividend date is Monday, April 8th. This represents a $1.40 annualized dividend and a yield of 5.01%. Movado Group’s payout ratio is currently 67.96%.

Hedge Funds Weigh In On Movado Group

Several institutional investors have recently added to or reduced their stakes in MOV. US Bancorp DE increased its stake in Movado Group by 5.9% in the first quarter. US Bancorp DE now owns 8,157 shares of the company’s stock valued at $318,000 after purchasing an additional 453 shares during the last quarter. Bank of Montreal Can acquired a new position in Movado Group in the first quarter valued at $201,000. MetLife Investment Management LLC increased its stake in Movado Group by 47.6% in the first quarter. MetLife Investment Management LLC now owns 9,762 shares of the company’s stock valued at $381,000 after purchasing an additional 3,146 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Movado Group by 13.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,119 shares of the company’s stock valued at $551,000 after purchasing an additional 1,644 shares during the last quarter. Finally, LSV Asset Management increased its stake in Movado Group by 233.5% in the first quarter. LSV Asset Management now owns 94,244 shares of the company’s stock valued at $3,680,000 after purchasing an additional 65,983 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

About Movado Group

(Get Free Report)

Movado Group, Inc designs, sources, markets, and distributes watches worldwide. The company operates in two segments, Watch and Accessory Brands, and Company Stores. It offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands, such as Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.

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