L Brands, Inc. (NYSE:LB) had its target price lowered by investment analysts at MKM Partners from $48.00 to $47.00 in a note issued to investors on Friday, October 6th, MarketBeat.com reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. MKM Partners’ target price would indicate a potential upside of 11.59% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on LB. Jefferies Group LLC set a $30.00 price objective on shares of L Brands and gave the company a “sell” rating in a research report on Monday, August 28th. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of L Brands in a research report on Thursday, October 5th. Robert W. Baird reissued a “hold” rating and set a $44.00 price objective on shares of L Brands in a research report on Friday, September 1st. Buckingham Research cut their price objective on shares of L Brands from $62.00 to $52.00 and set a “buy” rating for the company in a research report on Friday, August 4th. Finally, Cowen and Company reissued a “buy” rating and set a $56.00 price objective on shares of L Brands in a research report on Tuesday, July 4th. Seven equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $46.41.
Shares of L Brands (LB) opened at 42.12 on Friday. The company has a market cap of $11.96 billion, a price-to-earnings ratio of 12.36 and a beta of 0.68. L Brands has a 12 month low of $35.00 and a 12 month high of $75.50. The company’s 50-day moving average price is $40.21 and its 200-day moving average price is $45.73.
L Brands (NYSE:LB) last announced its earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 EPS. Analysts anticipate that L Brands will post $3.13 EPS for the current year.
L Brands declared that its Board of Directors has approved a share buyback program on Monday, September 18th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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In related news, Director Allan R. Tessler bought 20,000 shares of the company’s stock in a transaction on Thursday, September 21st. The shares were acquired at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following the purchase, the director now directly owns 43,342 shares of the company’s stock, valued at $1,603,654. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 16.68% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of L Brands by 1.3% during the second quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock valued at $1,037,783,000 after purchasing an additional 256,464 shares in the last quarter. Primecap Management Co. CA boosted its stake in shares of L Brands by 16.1% during the first quarter. Primecap Management Co. CA now owns 18,797,936 shares of the specialty retailer’s stock valued at $885,383,000 after purchasing an additional 2,600,605 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of L Brands by 3.1% during the second quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock valued at $885,716,000 after purchasing an additional 495,987 shares in the last quarter. FMR LLC boosted its stake in shares of L Brands by 2.8% during the second quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock valued at $614,558,000 after purchasing an additional 305,365 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of L Brands by 0.3% during the second quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock valued at $559,827,000 after purchasing an additional 33,815 shares in the last quarter. Hedge funds and other institutional investors own 79.36% of the company’s stock.
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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