L Brands (NYSE:LB) declared that its Board of Directors has initiated a stock repurchase program, which permits the company to repurchase $226.90 million in shares on Thursday, March 8th, EventVestor reports. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Shares of L Brands (LB) opened at $39.91 on Tuesday. L Brands has a 1 year low of $35.00 and a 1 year high of $63.10. The company has a quick ratio of 0.60, a current ratio of 1.45 and a debt-to-equity ratio of -5.10. The company has a market capitalization of $11,448.68, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.11 and a beta of 0.59.
L Brands (NYSE:LB) last posted its earnings results on Wednesday, February 28th. The specialty retailer reported $2.11 EPS for the quarter, beating the Zacks’ consensus estimate of $2.05 by $0.06. L Brands had a negative return on equity of 96.25% and a net margin of 7.78%. The company had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the previous year, the business earned $2.03 earnings per share. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. equities research analysts expect that L Brands will post 3.17 EPS for the current fiscal year.
Several research analysts recently weighed in on LB shares. Robert W. Baird reiterated a “hold” rating and set a $60.00 price target on shares of L Brands in a research report on Friday, December 22nd. Telsey Advisory Group lowered L Brands from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $70.00 to $52.00 in a research note on Thursday, March 1st. Wolfe Research lifted their price target on L Brands from $48.00 to $53.00 and gave the stock a “peer perform” rating in a research note on Monday, February 12th. BMO Capital Markets lowered their price target on L Brands from $56.00 to $45.00 and set a “market perform” rating on the stock in a research note on Friday, March 2nd. Finally, Piper Jaffray Companies set a $49.00 price target on L Brands and gave the stock a “hold” rating in a research note on Wednesday, January 10th. Seven equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $50.24.
In related news, CFO Stuart B. Burgdoerfer sold 33,000 shares of the business’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $42.53, for a total value of $1,403,490.00. Following the sale, the chief financial officer now owns 69,640 shares in the company, valued at approximately $2,961,789.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 16.68% of the stock is currently owned by insiders.
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About L Brands
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners.
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