Coty (COTY) Shares Gap Up on Insider Buying Activity
Coty Inc (NYSE:COTY) shares gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $8.80, but opened at $9.09. Coty shares last traded at $9.15, with a volume of 14091919 shares.
Specifically, major shareholder Cosmetics B.V. Jab purchased 5,400,000 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The stock was bought at an average price of $8.89 per share, with a total value of $48,006,000.00. Following the completion of the purchase, the insider now directly owns 294,508,041 shares of the company’s stock, valued at approximately $2,618,176,484.49. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Pierre Laubies purchased 2,308,447 shares of the company’s stock in a transaction that occurred on Wednesday, November 14th. The stock was acquired at an average cost of $8.69 per share, with a total value of $20,060,404.43. Following the purchase, the chief executive officer now directly owns 2,308,447 shares of the company’s stock, valued at $20,060,404.43. The disclosure for this purchase can be found here. In the last three months, insiders have bought 14,678,447 shares of company stock valued at $142,287,404. Insiders own 1.20% of the company’s stock.
COTY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on Coty from $13.00 to $11.00 and set an “underweight” rating for the company in a research note on Friday, August 10th. Bank of America lowered Coty from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $16.00 to $10.00 in a research note on Thursday, August 16th. BMO Capital Markets lowered Coty from an “outperform” rating to a “hold” rating and dropped their price target for the stock from $18.00 to $12.00 in a research note on Tuesday, August 21st. Societe Generale lowered Coty from a “buy” rating to a “hold” rating in a research note on Wednesday, August 22nd. Finally, Wells Fargo & Co dropped their price target on Coty from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, August 22nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $12.86.
Coty (NYSE:COTY) last announced its quarterly earnings data on Wednesday, November 7th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.07 by $0.04. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.17 billion. Coty had a positive return on equity of 5.72% and a negative net margin of 1.75%. The company’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. Analysts anticipate that Coty Inc will post 0.67 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 5.79%. The ex-dividend date of this dividend is Thursday, November 29th. Coty’s dividend payout ratio is currently 72.46%.
A number of institutional investors have recently made changes to their positions in COTY. Bank of New York Mellon Corp lifted its position in Coty by 819,570.7% during the third quarter. Bank of New York Mellon Corp now owns 24,836,022 shares of the company’s stock valued at $311,939,000 after buying an additional 24,832,992 shares during the period. FMR LLC lifted its position in Coty by 31.5% during the second quarter. FMR LLC now owns 54,828,166 shares of the company’s stock valued at $773,077,000 after buying an additional 13,121,191 shares during the period. Franklin Resources Inc. lifted its position in Coty by 21.2% during the third quarter. Franklin Resources Inc. now owns 50,872,038 shares of the company’s stock valued at $638,952,000 after buying an additional 8,894,234 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in Coty during the third quarter valued at $59,090,000. Finally, Mackenzie Financial Corp lifted its position in Coty by 43.6% during the third quarter. Mackenzie Financial Corp now owns 12,742,524 shares of the company’s stock valued at $160,046,000 after buying an additional 3,868,062 shares during the period. 67.55% of the stock is owned by institutional investors and hedge funds.
Coty Company Profile (NYSE:COTY)
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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