ICICI Prudential Asset Management Co Ltd Buys 1,500 Shares of L Brands Inc (LB)
ICICI Prudential Asset Management Co Ltd boosted its stake in shares of L Brands Inc (NYSE:LB) by 14.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,600 shares of the specialty retailer’s stock after buying an additional 1,500 shares during the period. L Brands makes up approximately 2.3% of ICICI Prudential Asset Management Co Ltd’s holdings, making the stock its 14th largest holding. ICICI Prudential Asset Management Co Ltd’s holdings in L Brands were worth $483,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. M&T Bank Corp grew its position in L Brands by 0.3% in the 2nd quarter. M&T Bank Corp now owns 17,171 shares of the specialty retailer’s stock valued at $925,000 after acquiring an additional 53 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in L Brands by 0.5% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,901 shares of the specialty retailer’s stock valued at $965,000 after acquiring an additional 83 shares during the last quarter. Financial Advisors Network Inc. grew its position in L Brands by 2.8% in the 2nd quarter. Financial Advisors Network Inc. now owns 4,879 shares of the specialty retailer’s stock valued at $263,000 after acquiring an additional 134 shares during the last quarter. Hedeker Wealth LLC grew its position in L Brands by 2.2% in the 2nd quarter. Hedeker Wealth LLC now owns 11,701 shares of the specialty retailer’s stock valued at $630,000 after acquiring an additional 247 shares during the last quarter. Finally, Thrivent Financial For Lutherans grew its position in L Brands by 3.5% in the 2nd quarter. Thrivent Financial For Lutherans now owns 9,154 shares of the specialty retailer’s stock valued at $493,000 after acquiring an additional 310 shares during the last quarter. 78.95% of the stock is currently owned by institutional investors.
In other news, Director David T. Kollat acquired 9,910 shares of L Brands stock in a transaction dated Monday, November 20th. The stock was purchased at an average cost of $50.34 per share, for a total transaction of $498,869.40. Following the completion of the purchase, the director now directly owns 158,878 shares in the company, valued at approximately $7,997,918.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Allan R. Tessler acquired 20,000 shares of L Brands stock in a transaction dated Thursday, September 21st. The stock was purchased at an average price of $37.00 per share, with a total value of $740,000.00. Following the completion of the purchase, the director now owns 43,342 shares of the company’s stock, valued at $1,603,654. The disclosure for this purchase can be found here. Company insiders own 16.68% of the company’s stock.
LB has been the topic of several research analyst reports. MKM Partners reaffirmed a “buy” rating and issued a $56.00 price objective on shares of L Brands in a research report on Sunday, August 20th. Deutsche Bank set a $56.00 price target on L Brands and gave the stock a “buy” rating in a research report on Thursday, August 17th. Cowen set a $40.00 price target on L Brands and gave the stock a “buy” rating in a research report on Friday, August 18th. Buckingham Research set a $43.00 price target on L Brands and gave the stock a “buy” rating in a research report on Friday, August 18th. Finally, Goldman Sachs Group set a $59.00 price target on L Brands and gave the stock a “buy” rating in a research report on Thursday, August 17th. Six equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $50.01.
L Brands Inc (NYSE:LB) traded up $0.50 during trading on Thursday, reaching $58.82. The company’s stock had a trading volume of 3,362,300 shares, compared to its average volume of 4,223,349. The company has a debt-to-equity ratio of -5.10, a quick ratio of 0.60 and a current ratio of 1.45. L Brands Inc has a 52 week low of $35.00 and a 52 week high of $72.97. The stock has a market capitalization of $16,461.71, a PE ratio of 18.57, a PEG ratio of 1.61 and a beta of 0.81.
L Brands (NYSE:LB) last released its quarterly earnings results on Wednesday, November 15th. The specialty retailer reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. L Brands had a negative return on equity of 101.19% and a net margin of 7.73%. The company had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.57 billion. During the same period last year, the business posted $0.42 earnings per share. The firm’s revenue was up 1.4% compared to the same quarter last year. equities research analysts predict that L Brands Inc will post 3.14 EPS for the current fiscal year.
L Brands declared that its Board of Directors has initiated a stock repurchase program on Monday, September 18th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the specialty retailer to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 8th. Shareholders of record on Friday, November 24th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend was Wednesday, November 22nd. L Brands’s dividend payout ratio (DPR) is presently 72.95%.
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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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