V.F. Corp. (VFC) Cut to “Underperform” at Bank of America Corp.
Bank of America Corp. downgraded shares of V.F. Corp. (NYSE:VFC) from a buy rating to an underperform rating in a research note published on Thursday. The brokerage currently has $54.00 target price on the stock, down from their prior target price of $73.00.
VFC has been the topic of several other reports. Buckingham Research reissued a buy rating and issued a $70.00 price objective on shares of V.F. Corp. in a research report on Tuesday, July 26th. Canaccord Genuity reaffirmed a buy rating and set a $76.00 target price on shares of V.F. Corp. in a research report on Sunday, September 11th. B. Riley reaffirmed a neutral rating and set a $63.00 target price on shares of V.F. Corp. in a research report on Monday, July 25th. Zacks Investment Research raised V.F. Corp. from a hold rating to a buy rating and set a $70.00 target price on the stock in a research report on Tuesday, July 5th. Finally, DA Davidson reaffirmed a buy rating and set a $79.00 target price on shares of V.F. Corp. in a research report on Monday, July 18th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $68.16.
Shares of V.F. Corp. (NYSE:VFC) opened at 56.58 on Thursday. The stock has a market capitalization of $23.47 billion, a P/E ratio of 22.38 and a beta of 0.76. The firm’s 50-day moving average price is $61.61 and its 200 day moving average price is $62.90. V.F. Corp. has a 1-year low of $52.21 and a 1-year high of $73.81.
V.F. Corp. (NYSE:VFC) last released its quarterly earnings data on Friday, July 22nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. V.F. Corp. had a return on equity of 25.27% and a net margin of 8.82%. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same period last year, the company posted $0.40 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. Analysts expect that V.F. Corp. will post $3.20 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 19th. Stockholders of record on Friday, September 9th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Wednesday, September 7th. V.F. Corp.’s dividend payout ratio is currently 58.73%.
In other news, CEO Eric C. Wiseman sold 264,816 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $64.55, for a total transaction of $17,093,872.80. Following the completion of the transaction, the chief executive officer now owns 756,198 shares of the company’s stock, valued at $48,812,580.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Clarence Otis, Jr. sold 25,540 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $62.12, for a total transaction of $1,586,544.80. Following the transaction, the director now directly owns 37,510 shares of the company’s stock, valued at approximately $2,330,121.20. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in VFC. State Street Corp raised its position in shares of V.F. Corp. by 18.3% in the first quarter. State Street Corp now owns 18,228,650 shares of the company’s stock worth $1,180,486,000 after buying an additional 2,813,937 shares in the last quarter. Wellington Management Group LLP raised its position in V.F. Corp. by 334.9% in the first quarter. Wellington Management Group LLP now owns 11,940,163 shares of the company’s stock valued at $773,245,000 after buying an additional 9,194,423 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in V.F. Corp. by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,755,681 shares of the company’s stock valued at $567,018,000 after buying an additional 23,959 shares during the period. BlackRock Fund Advisors raised its position in V.F. Corp. by 5.7% in the first quarter. BlackRock Fund Advisors now owns 4,698,169 shares of the company’s stock valued at $304,253,000 after buying an additional 255,269 shares during the period. Finally, Franklin Resources Inc. raised its position in V.F. Corp. by 3.2% in the first quarter. Franklin Resources Inc. now owns 3,247,631 shares of the company’s stock valued at $210,316,000 after buying an additional 100,543 shares during the period. 84.48% of the stock is owned by institutional investors and hedge funds.
About V.F. Corp.
V.F. Corporation (VF) is engaged in the design, manufacturing, marketing and distribution of branded lifestyle apparel, footwear and related products. The Company’s segments include Outdoor & Action Sports, Jeanswear, Imagewear, Sportswear, Contemporary Brands and Other. The Company owns a portfolio of brands in the outerwear, footwear, denim, backpack, luggage, accessory, sportswear, occupational and performance apparel categories.
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