Capstone Asset Management Co. reduced its position in shares of L Brands, Inc. (NYSE:LB) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 237,902 shares of the specialty retailer’s stock after selling 764 shares during the period. Capstone Asset Management Co.’s holdings in L Brands were worth $12,821,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of L Brands by 3,863.4% in the first quarter. BlackRock Inc. now owns 19,000,928 shares of the specialty retailer’s stock worth $894,945,000 after buying an additional 18,521,518 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of L Brands by 16.1% in the first quarter. Primecap Management Co. CA now owns 18,797,936 shares of the specialty retailer’s stock worth $885,383,000 after buying an additional 2,600,605 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of L Brands by 1.2% in the first quarter. Vanguard Group Inc. now owns 15,939,639 shares of the specialty retailer’s stock worth $750,756,000 after buying an additional 196,711 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of L Brands by 86.8% in the first quarter. Wellington Management Group LLP now owns 14,514,565 shares of the specialty retailer’s stock worth $683,636,000 after buying an additional 6,745,624 shares in the last quarter. Finally, State Street Corp raised its stake in shares of L Brands by 2.4% in the first quarter. State Street Corp now owns 10,354,575 shares of the specialty retailer’s stock worth $487,693,000 after buying an additional 245,162 shares in the last quarter. Hedge funds and other institutional investors own 75.64% of the company’s stock.
Shares of L Brands, Inc. (NYSE:LB) traded down 2.13% on Monday, hitting $44.15. 7,286,618 shares of the stock were exchanged. L Brands, Inc. has a 12 month low of $43.04 and a 12 month high of $79.67. The company has a 50-day moving average price of $51.51 and a 200 day moving average price of $54.79. The company has a market cap of $12.66 billion, a PE ratio of 11.63 and a beta of 0.65.
L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.04. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.46 billion. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. L Brands’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. Equities analysts forecast that L Brands, Inc. will post $3.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 16th. Investors of record on Friday, June 2nd were paid a $0.60 dividend. The ex-dividend date was Wednesday, May 31st. This represents a $2.40 annualized dividend and a dividend yield of 5.44%. L Brands’s payout ratio is 63.16%.
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A number of analysts have weighed in on LB shares. Buckingham Research restated a “buy” rating on shares of L Brands in a research report on Wednesday, April 26th. Instinet restated a “neutral” rating and issued a $49.00 target price (up previously from $48.00) on shares of L Brands in a research report on Friday, May 19th. Zacks Investment Research lowered shares of L Brands from a “hold” rating to a “sell” rating in a research report on Tuesday, March 14th. Jefferies Group LLC set a $35.00 target price on shares of L Brands and gave the company a “sell” rating in a research report on Thursday, May 4th. Finally, Piper Jaffray Companies restated a “neutral” rating and issued a $48.00 target price on shares of L Brands in a research report on Wednesday, April 12th. Four research analysts have rated the stock with a sell rating, eighteen have given a hold rating and nine have given a buy rating to the company’s stock. L Brands presently has a consensus rating of “Hold” and a consensus target price of $57.13.
In related news, CEO Nicholas Coe sold 39,839 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $48.88, for a total value of $1,947,330.32. Following the completion of the transaction, the chief executive officer now directly owns 75,658 shares in the company, valued at approximately $3,698,163.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.45% of the stock is owned by company insiders.
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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