Orrstown Financial Services Inc. raised its position in shares of V.F. Corporation (NYSE:VFC) by 9.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,780 shares of the textile maker’s stock after buying an additional 150 shares during the period. Orrstown Financial Services Inc.’s holdings in V.F. Corporation were worth $103,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of V.F. Corporation by 13.9% in the first quarter. Wellington Management Group LLP now owns 33,920,937 shares of the textile maker’s stock worth $1,864,633,000 after buying an additional 4,129,477 shares during the last quarter. State Street Corp boosted its stake in shares of V.F. Corporation by 1.4% in the first quarter. State Street Corp now owns 20,946,013 shares of the textile maker’s stock worth $1,151,388,000 after buying an additional 295,004 shares during the last quarter. BlackRock Inc. boosted its stake in shares of V.F. Corporation by 1,744.1% in the first quarter. BlackRock Inc. now owns 19,467,773 shares of the textile maker’s stock worth $1,070,143,000 after buying an additional 18,412,097 shares during the last quarter. Parnassus Investments CA boosted its stake in shares of V.F. Corporation by 25.5% in the first quarter. Parnassus Investments CA now owns 13,480,236 shares of the textile maker’s stock worth $724,090,000 after buying an additional 2,740,485 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt boosted its stake in shares of V.F. Corporation by 4.1% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 6,391,000 shares of the textile maker’s stock worth $351,313,000 after buying an additional 250,000 shares during the last quarter.
V.F. Corporation (NYSE:VFC) traded up 0.32% during trading on Monday, hitting $56.20. 5,300,916 shares of the company traded hands. V.F. Corporation has a 52 week low of $48.05 and a 52 week high of $65.20. The company’s 50 day moving average is $54.59 and its 200-day moving average is $53.64. The stock has a market capitalization of $22.51 billion, a PE ratio of 22.91 and a beta of 0.77.
V.F. Corporation (NYSE:VFC) last announced its earnings results on Friday, April 28th. The textile maker reported $0.55 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. V.F. Corporation had a net margin of 8.67% and a return on equity of 26.78%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.73 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. Analysts predict that V.F. Corporation will post $2.92 earnings per share for the current year.
V.F. Corporation announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the textile maker to buy up to 22.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, June 19th. Stockholders of record on Friday, June 9th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Wednesday, June 7th. V.F. Corporation’s dividend payout ratio is currently 68.85%.
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VFC has been the topic of a number of recent research reports. Vetr cut shares of V.F. Corporation from a “sell” rating to a “strong sell” rating and set a $49.00 price target on the stock. in a research note on Tuesday, April 18th. B. Riley reiterated a “neutral” rating and issued a $53.00 target price on shares of V.F. Corporation in a research note on Sunday, April 30th. Buckingham Research reiterated a “neutral” rating and issued a $55.00 target price on shares of V.F. Corporation in a research note on Monday. Cowen and Company increased their target price on shares of V.F. Corporation from $52.00 to $56.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 4th. Finally, Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $49.00 target price (down from $52.00) on shares of V.F. Corporation in a research note on Monday, May 1st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and three have issued a buy rating to the company’s stock. V.F. Corporation currently has a consensus rating of “Hold” and an average price target of $55.67.
About V.F. Corporation
V.F. Corporation (VF) is engaged in the design, production, procurement, marketing and distribution of branded lifestyle apparel, footwear and related products. The Company’s segments include Outdoor & Action Sports, Jeanswear, Imagewear and Sportswear. Its Outdoor & Action Sports Coalition is a group of authentic outdoor and activity-based lifestyle brands.
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