Movado Group Inc. (NYSE:MOV) Plans Dividend Increase – $0.40 Per Share

Movado Group Inc. (NYSE:MOV) declared a quarterly dividend on Wednesday, May 27th. Stockholders of record on Wednesday, June 10th will be paid a dividend of 0.40 per share on Wednesday, June 24th. This represents a c) annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Wednesday, June 10th. This is a 14.3% increase from Movado Group’s previous quarterly dividend of $0.35.

Movado Group has increased its dividend payment by an average of 0.7%annually over the last three years.

Movado Group Price Performance

Shares of NYSE MOV traded up $4.13 during midday trading on Wednesday, hitting $33.95. 686,212 shares of the company’s stock were exchanged, compared to its average volume of 152,807. The stock’s 50 day moving average price is $26.33 and its 200-day moving average price is $23.59. The firm has a market cap of $749.61 million, a P/E ratio of 29.27 and a beta of 0.86. Movado Group has a twelve month low of $14.70 and a twelve month high of $34.29.

Movado Group (NYSE:MOV) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.26. The business had revenue of $142.40 million during the quarter, compared to the consensus estimate of $135.12 million. Movado Group had a return on equity of 6.09% and a net margin of 3.96%.During the same period in the previous year, the firm posted $0.06 earnings per share. On average, analysts expect that Movado Group will post 1.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Movado Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in shares of Movado Group by 39.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company’s stock valued at $33,000 after acquiring an additional 449 shares in the last quarter. Comerica Bank boosted its holdings in Movado Group by 99.0% in the third quarter. Comerica Bank now owns 1,785 shares of the company’s stock worth $34,000 after purchasing an additional 888 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Movado Group by 70.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company’s stock worth $36,000 after purchasing an additional 724 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Movado Group by 16,040.0% in the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company’s stock worth $39,000 after purchasing an additional 1,604 shares in the last quarter. Finally, State of Wyoming bought a new stake in Movado Group in the second quarter worth $40,000. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

About Movado Group

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.