L Brands, Inc. (LB) Position Boosted by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board raised its position in shares of L Brands, Inc. (NYSE:LB) by 6.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 556,275 shares of the specialty retailer’s stock after buying an additional 31,370 shares during the period. Canada Pension Plan Investment Board’s holdings in L Brands were worth $29,978,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. 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 worth $894,945,000 after buying an additional 18,521,518 shares in 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 worth $885,383,000 after buying an additional 2,600,605 shares in the last quarter. Vanguard Group Inc. boosted its stake in 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 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 worth $683,636,000 after buying an additional 6,745,624 shares in the last quarter. Finally, State Street Corp boosted its stake in 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. 75.43% of the stock is owned by hedge funds and other institutional investors.
Shares of L Brands, Inc. (NYSE:LB) opened at 40.88 on Friday. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 10.77 and a beta of 0.62. The stock has a 50 day moving average price of $46.63 and a 200-day moving average price of $50.65. L Brands, Inc. has a one year low of $40.77 and a one year high of $79.67.
L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share 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 firm 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 EPS. The business’s revenue was down 6.8% compared to the same quarter last year. On average, equities research analysts expect that L Brands, Inc. will post $3.24 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.87%. L Brands’s dividend payout ratio (DPR) is presently 63.16%.
LB has been the subject of a number of recent analyst reports. Buckingham Research reaffirmed a “buy” rating on shares of L Brands in a report on Wednesday, April 26th. Instinet reissued a “neutral” rating and issued a $49.00 target price (up from $48.00) on shares of L Brands in a research note on Friday, May 19th. Jefferies Group LLC set a $32.00 target price on L Brands and gave the company a “sell” rating in a research note on Wednesday, July 19th. BidaskClub cut L Brands from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, Credit Suisse Group reissued a “neutral” rating and issued a $55.00 target price (up from $52.00) on shares of L Brands in a research note on Friday, May 19th. 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 an average rating of “Hold” and a consensus price target of $55.76.
In other 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 transaction of $1,947,330.32. Following the transaction, the chief executive officer now owns 75,658 shares of the company’s stock, valued at approximately $3,698,163.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 16.45% of the stock is owned by corporate insiders.
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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