Shares of V.F. Corporation (VFC) touched a new 52-week high of $238.25 on Dec 2, 2013, beating its previous high of $237.18 on Nov 29. The shares of this Zacks Rank #3 (Hold) stock eventually closed at $235.74. Since the company announced robust third-quarter 2013 results, along with a 4:1 stock split and a 21% hike in the quarterly dividend, the stock has been gaining momentum. This year, shares of VF Corp. have been performing well, and have amassed a year-to-date return of 59.1%.
Average volume of shares traded over the last three months was approximately 568.3K. Moreover, the company currently trades at a forward P/E of 21.5, a 16.2% premium to the peer group average of 18.5x. The last traded price is 2.8% above the Zacks Consensus average analyst price target of $229.39.
Investors became more optimistic about this footwear and apparel retailer stock after the company reported quarterly earnings per share of $3.91, surpassing the Zacks Consensus Estimate by 3.7% and rising 11.1% from the year-ago quarter.
V.F. Corp.'s total revenue of $3,266.7 million rose 4.7% from $3,119.6 million in the year-ago period on the back of robust growth in Outdoor & Action Sports, Jeanswear and International as well as Direct-to-Consumer revenues.
Further, the company’s announcement of a 21% hike in the quarterly dividend boosted the stock. V.F. Corp. will pay a dividend of $1.05 per share on a pre-split basis (recently it approved a four-for-one stock split) payable on Dec 20, 2013 to shareholders of record date as of Dec 10, 2013.
An impressive record of beating the quarterly earnings expectations, sustained focus on geographic expansion and effective implementation of long-term growth strategies position this global retailer well and boosts investor sentiment.
Apart from V.F. Corp, other stocks such as Nike, Inc. (NKE), Foot Locker, Inc. (FL) and American Express Company (AXP) achieved new 52-week highs of $80.14, $39.30 and $86.53, respectively, on Dec 2, 2013.
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