L Brands Inc (NYSE:LB) Stake Lowered by Wealthfront Inc.
Wealthfront Inc. lowered its stake in L Brands Inc (NYSE:LB) by 43.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,535 shares of the specialty retailer’s stock after selling 16,701 shares during the period. Wealthfront Inc.’s holdings in L Brands were worth $1,297,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in LB. Dimensional Fund Advisors LP lifted its position in shares of L Brands by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 479,066 shares of the specialty retailer’s stock worth $25,818,000 after buying an additional 2,760 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in shares of L Brands by 17.7% in the second quarter. Lord Abbett & CO. LLC now owns 400,200 shares of the specialty retailer’s stock worth $21,567,000 after buying an additional 60,056 shares during the last quarter. Shell Asset Management Co. lifted its position in shares of L Brands by 23.7% in the third quarter. Shell Asset Management Co. now owns 54,029 shares of the specialty retailer’s stock worth $3,619,000 after buying an additional 10,336 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in shares of L Brands by 9.3% in the third quarter. Mutual of America Capital Management LLC now owns 32,310 shares of the specialty retailer’s stock worth $1,344,000 after buying an additional 2,736 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of L Brands by 32.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 202,986 shares of the specialty retailer’s stock worth $8,444,000 after buying an additional 49,357 shares during the last quarter. 81.05% of the stock is owned by institutional investors.
LB has been the subject of a number of analyst reports. BMO Capital Markets set a $56.00 price target on L Brands and gave the stock a “hold” rating in a research report on Tuesday, December 19th. Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 price target on shares of L Brands in a research report on Thursday, December 14th. Royal Bank of Canada raised L Brands from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $40.00 to $58.00 in a research report on Friday, November 17th. B. Riley set a $58.00 price target on L Brands and gave the stock a “buy” rating in a research report on Thursday, November 16th. Finally, Robert W. Baird set a $60.00 price objective on L Brands and gave the stock a “hold” rating in a research report on Thursday, December 28th. Seven equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $50.33.
L Brands (NYSE:LB) last released its quarterly earnings data on Wednesday, February 28th. The specialty retailer reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.06. L Brands had a negative return on equity of 96.25% and a net margin of 7.78%. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the company posted $2.03 EPS. The company’s revenue was up 7.4% compared to the same quarter last year. sell-side analysts predict that L Brands Inc will post 3.17 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $2.40 annualized dividend and a dividend yield of 5.85%. L Brands’s dividend payout ratio is currently 69.77%.
L Brands declared that its Board of Directors has approved a stock repurchase program on Thursday, March 8th that allows the company to repurchase $226.90 million in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, CFO Stuart B. Burgdoerfer sold 33,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $42.53, for a total value of $1,403,490.00. Following the sale, the chief financial officer now directly owns 69,640 shares in the company, valued at approximately $2,961,789.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 16.68% of the company’s stock.
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L Brands Company Profile
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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