Alecta Pensionsforsakring Omsesidigt lessened its holdings in L Brands Inc (NYSE:LB) by 58.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,745,000 shares of the specialty retailer’s stock after selling 5,287,500 shares during the quarter. L Brands makes up approximately 1.2% of Alecta Pensionsforsakring Omsesidigt’s investment portfolio, making the stock its 25th largest position. Alecta Pensionsforsakring Omsesidigt’s holdings in L Brands were worth $138,116,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Old Mutual Global Investors UK Ltd. bought a new position in L Brands during the 1st quarter worth approximately $117,000. Belpointe Asset Management LLC bought a new position in L Brands during the 4th quarter worth approximately $202,000. Camarda Financial Advisors LLC bought a new position in L Brands during the 1st quarter worth approximately $131,000. Vident Investment Advisory LLC bought a new position in L Brands during the 4th quarter worth approximately $231,000. Finally, Sciencast Management LP bought a new position in L Brands during the 4th quarter worth approximately $202,000. Institutional investors and hedge funds own 76.58% of the company’s stock.
L Brands traded down $0.85, hitting $35.59, during mid-day trading on Thursday, according to MarketBeat. The company’s stock had a trading volume of 2,668,794 shares, compared to its average volume of 4,688,782. L Brands Inc has a twelve month low of $30.70 and a twelve month high of $63.10. The company has a current ratio of 1.56, a quick ratio of 0.83 and a debt-to-equity ratio of -5.90. The company has a market cap of $10.10 billion, a P/E ratio of 11.17, a PEG ratio of 1.13 and a beta of 0.76.
L Brands (NYSE:LB) last posted its quarterly earnings results on Wednesday, May 23rd. The specialty retailer reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. L Brands had a net margin of 7.30% and a negative return on equity of 93.09%. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter last year, the firm posted $0.33 EPS. L Brands’s revenue was up 7.8% compared to the same quarter last year. sell-side analysts predict that L Brands Inc will post 2.79 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, June 1st were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 6.74%. The ex-dividend date of this dividend was Thursday, May 31st. L Brands’s payout ratio is currently 75.00%.
L Brands declared that its board has initiated a share buyback program on Thursday, March 8th that permits the company to buyback $226.90 million in outstanding shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
LB has been the subject of several analyst reports. KeyCorp lowered their price target on shares of L Brands from $35.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, March 26th. Sanford C. Bernstein reduced their price objective on shares of L Brands from $52.00 to $47.00 and set an “outperform” rating for the company in a research report on Thursday, May 24th. Zacks Investment Research downgraded shares of L Brands from a “hold” rating to a “sell” rating in a research report on Monday, March 26th. Nomura reduced their price objective on shares of L Brands from $32.00 to $29.00 and set a “hold” rating for the company in a research report on Thursday, May 24th. Finally, Citigroup raised shares of L Brands from a “neutral” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Monday, May 14th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $43.47.
In related news, Director Donna James sold 1,000 shares of L Brands stock in a transaction on Friday, May 25th. The shares were sold at an average price of $35.29, for a total value of $35,290.00. Following the completion of the sale, the director now owns 19,738 shares of the company’s stock, valued at approximately $696,554.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 17.32% of the company’s stock.
L Brands Company Profile
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
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