Swiss National Bank reduced its stake in shares of L Brands (NYSE:LB) by 13.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 774,089 shares of the specialty retailer’s stock after selling 123,200 shares during the quarter. Swiss National Bank’s holdings in L Brands were worth $29,578,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vident Investment Advisory LLC bought a new position in L Brands during the 4th quarter worth $231,000. American International Group Inc. grew its stake in L Brands by 74.8% during the 4th quarter. American International Group Inc. now owns 10,436,938 shares of the specialty retailer’s stock worth $628,512,000 after buying an additional 4,466,237 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its stake in L Brands by 20.8% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 14,374 shares of the specialty retailer’s stock worth $865,000 after buying an additional 2,474 shares during the last quarter. Xact Kapitalforvaltning AB grew its stake in L Brands by 7.6% during the 4th quarter. Xact Kapitalforvaltning AB now owns 44,304 shares of the specialty retailer’s stock worth $2,668,000 after buying an additional 3,130 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in L Brands by 10.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 139,122 shares of the specialty retailer’s stock worth $8,378,000 after buying an additional 12,600 shares during the last quarter. Hedge funds and other institutional investors own 81.88% of the company’s stock.
Shares of L Brands opened at $34.05 on Friday, according to MarketBeat.com. L Brands has a 12 month low of $33.50 and a 12 month high of $34.51. The firm has a market cap of $9.65 billion, a PE ratio of 10.62, a P/E/G ratio of 0.99 and a beta of 0.77. The company has a debt-to-equity ratio of -7.60, a current ratio of 1.62 and a quick ratio of 1.01.
L Brands declared that its Board of Directors has authorized a stock repurchase program on Thursday, March 8th that permits the company to repurchase $226.90 million in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In related news, CFO Stuart B. Burgdoerfer sold 17,000 shares of the company’s stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $39.56, for a total transaction of $672,520.00. Following the transaction, the chief financial officer now directly owns 52,640 shares of the company’s stock, valued at $2,082,438.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Stuart B. Burgdoerfer sold 33,000 shares of the company’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $42.53, for a total value of $1,403,490.00. Following the transaction, the chief financial officer now directly owns 69,640 shares in the company, valued at $2,961,789.20. The disclosure for this sale can be found here. 17.32% of the stock is currently owned by insiders.
LB has been the subject of a number of recent research reports. Barclays upped their price objective on L Brands from $44.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Northcoast Research upgraded L Brands from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 7th. Cowen restated a “hold” rating and set a $49.00 price objective on shares of L Brands in a research note on Thursday, February 8th. Wolfe Research upped their price objective 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. Finally, Deutsche Bank lowered their price objective on L Brands from $67.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Eight investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $46.47.
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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