Coty has been performing well of late, prompting a number of analysts and financial experts to raise their price target and recommend buying shares in the company.
In an SEC filing, which is obligatory for large shareholders who own more than 10% in any company, it was revealed that Cosmetics B.V Jab sold 1,431,571 shares at an average price of $20.96 a share, amounting to a total sale price of $30,005,728.16.
Jab remains Coty's biggest investor
Jab Holdings is a family-owned investment group registered in Luxembourg, and the Cosmetics B.V. forms its interest in the cosmetics and personal care arena.
Following on from the sale of its shares in the business, Jab still owns 262,321,246 shares in Coty, which means it remains by far the leading investor in the company.
Last week analysts at BTIG Research sent out a not that reiterated its ‘buy’ rating for Coty shares, and recommended a price target of $26.00, while back in February analysts at Citigroup set a price target per share of between $22.00 and $25.00.
Outlook improves for Coty
Share prices have been steadily climbing during the course of the past week, and hit a high of $22.97 during trading yesterday.
Net revenues for the first six months of the company’s financial year were down 2% to $2.44bn, while net income on a adjusted basis was up 21% to $266.2m.
Looking ahead to the full 2015 financial year, the company is predicting that it will return to profitable growth, thanks to a strong innovation pipeline that should boost revenues, while profits are expected to be enhanced by cost optimization and continued investment in its power brands.