Movado Group (NYSE:MOV) Given Buy Rating at Benchmark

Benchmark reissued their buy rating on shares of Movado Group (NYSE:MOV) in a report released on Wednesday morning, Benzinga reports. They currently have a $41.00 target price on the stock.

Movado Group Stock Performance

Shares of NYSE MOV opened at $27.66 on Wednesday. The stock has a market cap of $610.73 million, a P/E ratio of 10.93 and a beta of 1.13. The firm has a 50 day moving average price of $27.88 and a 200 day moving average price of $28.19. Movado Group has a 52-week low of $23.94 and a 52-week high of $31.44.

Movado Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 23rd. Stockholders of record on Tuesday, April 9th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend is Monday, April 8th. Movado Group’s dividend payout ratio (DPR) is presently 55.34%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MOV. US Bancorp DE boosted its holdings in shares of 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 buying an additional 453 shares during the period. Bank of Montreal Can acquired a new position in shares of Movado Group in the first quarter valued at approximately $201,000. MetLife Investment Management LLC boosted its holdings in shares of 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 buying an additional 3,146 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of 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 buying an additional 1,644 shares during the period. Finally, LSV Asset Management boosted its holdings in shares of 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 buying an additional 65,983 shares during the period. Institutional investors and hedge funds own 72.08% of the company’s stock.

Movado Group Company Profile

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.