Movado Group (MOV) Raises Quarterly Dividend 18.2% to $0.13: Approves New $50M Stock Buyback
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Movado Group (NYSE: MOV) declared a quarterly dividend of $0.13 per share, or $0.52 annualized. This is an 18.2% increase from the prior dividend of $0.11.
The dividend will be payable on April 26, 2016, to stockholders of record on April 12, 2016, with an ex-dividend date of April 8, 2016.
The annual yield on the dividend is 1.7 percent.
Movado also announced that its Board of Directors has approved a new share buyback program under which the Company may purchase up to $50 million of its outstanding common shares from time to time, depending upon a variety of factors, including market and industry conditions, share price, regulatory requirements and other corporate considerations, as determined by the Company from time to time. The authorization expires on September 30, 2017, subject to extension or earlier termination by the Board of Directors. The Company may purchase shares of its common stock in open-market and/or privately negotiated transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, and repurchases may be executed pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934. The authorization may be suspended or discontinued at any time without notice.
Movado Group’s Board of Directors had previously authorized a $100 million share buyback program which expired on January 31, 2016. The Company repurchased approximately 2,965,000 shares or $85.6 million under that program.
Efraim Grinberg, Chairman and Chief Executive Officer, stated, “We are pleased that our strong balance sheet and cash flow afford us the opportunity to continue to return value to our shareholders through both share buyback and increased quarterly dividends. Both strategies remain an important part of our capital allocation plan as evidenced by the Board’s approval of a new $50 million share buyback program as well as an 18% increase in our quarterly dividend, while allowing us to continue to invest in our brands.”
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Create E-mail Alert Related CategoriesDividend Hike, Dividends, Management Comments, Stock Buybacks
Related EntitiesDividend, Stock Buyback
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