First Horizon Advisors Inc. acquired a new stake in L Brands, Inc. (NYSE:LB) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,060 shares of the specialty retailer’s stock, valued at approximately $127,000.
Several other large investors have also made changes to their positions in LB. Pelham Capital Ltd. purchased a new stake in shares of L Brands in the first quarter valued at $187,393,000. Norges Bank purchased a new stake in L Brands during the fourth quarter valued at about $92,467,000. Assenagon Asset Management S.A. grew its position in L Brands by 1,689.5% during the first quarter. Assenagon Asset Management S.A. now owns 1,619,212 shares of the specialty retailer’s stock valued at $100,164,000 after acquiring an additional 1,528,730 shares during the period. Steadfast Capital Management LP grew its position in L Brands by 34.3% during the fourth quarter. Steadfast Capital Management LP now owns 5,558,444 shares of the specialty retailer’s stock valued at $206,719,000 after acquiring an additional 1,418,141 shares during the period. Finally, Egerton Capital UK LLP grew its position in L Brands by 8.8% during the fourth quarter. Egerton Capital UK LLP now owns 15,819,746 shares of the specialty retailer’s stock valued at $588,336,000 after acquiring an additional 1,276,710 shares during the period. 77.99% of the stock is owned by institutional investors and hedge funds.
A number of research firms have issued reports on LB. Morgan Stanley boosted their price target on L Brands from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday, May 24th. CIBC boosted their price target on L Brands from $40.00 to $43.00 and gave the company an “underperformer” rating in a research report on Thursday, June 3rd. Evercore ISI raised L Brands from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $50.00 to $75.00 in a research report on Friday, February 26th. Citigroup boosted their price objective on L Brands from $62.00 to $70.00 in a research note on Wednesday, May 12th. Finally, UBS Group upgraded L Brands from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $61.57.
L Brands (NYSE:LB) last announced its quarterly earnings data on Tuesday, May 18th. The specialty retailer reported $1.25 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.25. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.84 billion. L Brands had a negative return on equity of 137.83% and a net margin of 10.73%. L Brands’s quarterly revenue was up 82.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.99) earnings per share. As a group, equities research analysts predict that L Brands, Inc. will post 5.79 EPS for the current fiscal year.
The business also recently announced a — dividend, which will be paid on Friday, June 18th. Stockholders of record on Friday, June 4th will be issued a dividend of $0.15 per share. This represents a dividend yield of 0.86%. The ex-dividend date is Thursday, June 3rd. L Brands’s dividend payout ratio (DPR) is presently 17.34%.
In other news, Director Leslie H. Wexner sold 3,050,000 shares of the company’s stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $58.31, for a total value of $177,845,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James L. Bersani sold 36,458 shares of the company’s stock in a transaction on Thursday, May 27th. The stock was sold at an average price of $69.21, for a total transaction of $2,523,258.18. Following the completion of the transaction, the insider now directly owns 198,166 shares in the company, valued at $13,715,068.86. The disclosure for this sale can be found here. Insiders have sold 8,086,458 shares of company stock valued at $506,868,758 over the last ninety days. Corporate insiders own 16.31% of the company’s stock.
L Brands Company Profile
L Brands, Inc operates as a retailer of home fragrance products, body care products, soaps and sanitizers, women's intimate and other apparel, and personal and beauty care products. It operates in two segments, Bath & Body Works and Victoria's Secret. The Bath & Body Works segment sells body care, home fragrance products, soaps, and sanitizers under the Bath & Body Works, White Barn, C.O.
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