Geode Capital Management LLC Lowers Stake in Bath & Body Works, Inc. (NYSE:BBWI)

Geode Capital Management LLC lessened its stake in Bath & Body Works, Inc. (NYSE:BBWI) by 32.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,595,131 shares of the company’s stock after selling 1,744,779 shares during the quarter. Geode Capital Management LLC’s holdings in Bath & Body Works were worth $114,501,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new position in shares of Bath & Body Works during the third quarter worth approximately $8,129,000. Forest Avenue Capital Management LP grew its stake in Bath & Body Works by 19.1% in the third quarter. Forest Avenue Capital Management LP now owns 1,467,763 shares of the company’s stock worth $46,851,000 after purchasing an additional 235,173 shares in the last quarter. Anthracite Investment Company Inc. purchased a new position in Bath & Body Works during the 3rd quarter worth $2,921,000. Principal Financial Group Inc. raised its position in Bath & Body Works by 328.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,069,941 shares of the company’s stock valued at $34,153,000 after purchasing an additional 820,379 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Bath & Body Works by 18.1% in the 3rd quarter. New York State Teachers Retirement System now owns 266,235 shares of the company’s stock worth $8,498,000 after buying an additional 40,793 shares during the period. Institutional investors own 95.14% of the company’s stock.

Bath & Body Works Stock Performance

Shares of NYSE BBWI opened at $38.68 on Wednesday. The company has a market cap of $8.38 billion, a PE ratio of 9.43, a P/E/G ratio of 1.44 and a beta of 1.83. The business has a 50-day simple moving average of $32.95 and a two-hundred day simple moving average of $34.41. Bath & Body Works, Inc. has a fifty-two week low of $26.20 and a fifty-two week high of $52.99.

Bath & Body Works (NYSE:BBWI) last posted its quarterly earnings data on Monday, November 25th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.58 billion. Bath & Body Works had a net margin of 12.43% and a negative return on equity of 44.03%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 earnings per share. On average, sell-side analysts predict that Bath & Body Works, Inc. will post 3.26 earnings per share for the current fiscal year.

Bath & Body Works Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.20 per share. The ex-dividend date was Friday, November 22nd. This represents a $0.80 annualized dividend and a dividend yield of 2.07%. Bath & Body Works’s payout ratio is currently 19.51%.

Insider Activity at Bath & Body Works

In other news, CEO Gina Boswell bought 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were purchased at an average price of $29.64 per share, for a total transaction of $177,840.00. Following the completion of the transaction, the chief executive officer now directly owns 242,987 shares in the company, valued at approximately $7,202,134.68. This represents a 2.53 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.27% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBWI. Deutsche Bank Aktiengesellschaft lifted their price objective on Bath & Body Works from $51.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Wells Fargo & Company upped their price target on shares of Bath & Body Works from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 12th. Bank of America dropped their price objective on shares of Bath & Body Works from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Piper Sandler boosted their price objective on shares of Bath & Body Works from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. increased their target price on Bath & Body Works from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

About Bath & Body Works

Bath & Body Works, Inc operates a specialty retailer of home fragrance, body care, and soaps and sanitizer products. It sells its products under the Bath & Body Works, White Barn, and other brand names through retail stores and e-commerce sites located in the United States and Canada, as well as through international stores operated by partners under franchise, license, and wholesale arrangements.