Great West Life Assurance Co. Can Lowers Position in L Brands, Inc. (LB)
Great West Life Assurance Co. Can reduced its stake in shares of L Brands, Inc. (NYSE:LB) by 0.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 187,288 shares of the specialty retailer’s stock after selling 260 shares during the period. Great West Life Assurance Co. Can’s holdings in L Brands were worth $10,082,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in LB. BlackRock Inc. boosted its stake in L Brands by 3,863.4% in the first quarter. BlackRock Inc. now owns 19,000,928 shares of the specialty retailer’s stock valued at $894,945,000 after buying an additional 18,521,518 shares during the last quarter. Wellington Management Group LLP boosted its stake in 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 valued at $683,636,000 after buying an additional 6,745,624 shares during the last quarter. Primecap Management Co. CA boosted its stake in 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 valued at $885,383,000 after buying an additional 2,600,605 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in L Brands during the first quarter valued at approximately $101,243,000. Finally, American Century Companies Inc. boosted its stake in L Brands by 4,831.7% in the first quarter. American Century Companies Inc. now owns 1,536,226 shares of the specialty retailer’s stock valued at $72,356,000 after buying an additional 1,505,076 shares during the last quarter. Hedge funds and other institutional investors own 75.43% of the company’s stock.
L Brands, Inc. (NYSE LB) opened at 41.24 on Friday. The firm has a market capitalization of $11.83 billion, a price-to-earnings ratio of 10.86 and a beta of 0.62. L Brands, Inc. has a one year low of $41.22 and a one year high of $79.67. The firm has a 50-day moving average price of $46.97 and a 200-day moving average price of $50.79.
L Brands (NYSE:LB) last released its earnings results on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.04. L Brands had a negative return on equity of 104.19% and a net margin of 8.87%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period last year, the business posted $0.59 earnings per share. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. Analysts expect that L Brands, Inc. will post $3.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date is Wednesday, August 16th. L Brands’s dividend payout ratio is currently 63.16%.
Several equities research analysts have commented on LB shares. Buckingham Research restated a “buy” rating on shares of L Brands in a research note on Wednesday, April 26th. Jefferies Group LLC set a $35.00 target price on L Brands and gave the company a “sell” rating in a research note on Tuesday, July 4th. Deutsche Bank AG cut their target price on L Brands from $62.00 to $61.00 and set a “buy” rating on the stock in a research note on Friday, May 5th. Vetr upgraded L Brands from a “strong sell” rating to a “sell” rating and set a $46.89 target price on the stock in a research note on Monday, June 5th. Finally, Zacks Investment Research upgraded L Brands from a “sell” rating to a “hold” rating in a research note on Tuesday, April 25th. Five research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $55.76.
In other L Brands news, CEO Nicholas Coe sold 39,839 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $48.88, for a total value of $1,947,330.32. Following the completion of the sale, the chief executive officer now directly owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.45% 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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