Movado Group, Inc. (NYSE:MOV) Raises Dividend to $0.25 Per Share

Movado Group, Inc. (NYSE:MOV) declared a quarterly dividend on Tuesday, November 23rd, Zacks reports. Stockholders of record on Friday, December 3rd will be paid a dividend of 0.25 per share on Friday, December 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Thursday, December 2nd. This is an increase from Movado Group’s previous quarterly dividend of $0.20.

Movado Group has decreased its dividend payment by 100.0% over the last three years and has raised its dividend annually for the last 1 consecutive years. Movado Group has a dividend payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings.

Shares of NYSE:MOV opened at $44.21 on Wednesday. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 14.20 and a beta of 1.29. The company has a 50-day moving average price of $34.63 and a 200-day moving average price of $32.34. Movado Group has a 12 month low of $16.01 and a 12 month high of $44.92.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Tuesday, November 23rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.35. Movado Group had a net margin of 11.25% and a return on equity of 15.73%. During the same period in the prior year, the company earned $0.70 earnings per share. As a group, equities research analysts expect that Movado Group will post 2.95 earnings per share for the current fiscal year.

MOV has been the subject of a number of research reports. TheStreet raised shares of Movado Group from a “c” rating to a “b-” rating in a research note on Thursday, August 26th. Zacks Investment Research downgraded shares of Movado Group from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, October 28th.

In other news, VP Mitchell Cole Sussis sold 10,324 shares of the stock in a transaction that occurred on Friday, August 27th. The shares were sold at an average price of $37.75, for a total transaction of $389,731.00. Following the sale, the vice president now owns 13,870 shares in the company, valued at $523,592.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Alan H. Howard sold 2,109 shares of the stock in a transaction that occurred on Monday, August 30th. The shares were sold at an average price of $38.00, for a total transaction of $80,142.00. The disclosure for this sale can be found here. 28.42% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Movado Group by 4.3% during the 3rd quarter. Royal Bank of Canada now owns 18,229 shares of the company’s stock valued at $574,000 after purchasing an additional 752 shares during the period. Bank of New York Mellon Corp raised its position in shares of Movado Group by 0.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 170,228 shares of the company’s stock valued at $5,360,000 after purchasing an additional 865 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Movado Group during the 3rd quarter valued at $230,000. Jane Street Group LLC bought a new stake in shares of Movado Group during the 3rd quarter valued at $239,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Movado Group by 85.5% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,407 shares of the company’s stock valued at $706,000 after purchasing an additional 10,325 shares during the period. Hedge funds and other institutional investors own 63.11% of the company’s stock.

Movado Group Company Profile

Movado Group, Inc engages in the design, manufacture, and distribution of watches. It operates through Watch and Accessory Brands and Company Stores segments. The Watch and Accessory Brands segment include distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to revenue generated from after-sales service activities and shipping.

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Dividend History for Movado Group (NYSE:MOV)

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