Cigna Investments Inc. New cut its position in L Brands, Inc. (NYSE:LB) by 7.2% during the second quarter, Holdings Channel reports. The fund owned 9,321 shares of the specialty retailer’s stock after selling 723 shares during the period. Cigna Investments Inc. New’s holdings in L Brands were worth $502,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of LB. FNY Partners Fund LP purchased a new stake in shares of L Brands during the first quarter worth approximately $129,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in shares of L Brands during the first quarter worth approximately $142,000. IFP Advisors Inc boosted its stake in shares of L Brands by 20.2% in the first quarter. IFP Advisors Inc now owns 3,152 shares of the specialty retailer’s stock worth $148,000 after buying an additional 529 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in shares of L Brands by 11.2% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,719 shares of the specialty retailer’s stock worth $200,000 after buying an additional 375 shares during the period. Finally, State of Alaska Department of Revenue purchased a new stake in shares of L Brands during the first quarter worth approximately $214,000. Institutional investors and hedge funds own 75.20% of the company’s stock.

Shares of L Brands, Inc. (LB) opened at 39.05 on Wednesday. The company’s 50-day moving average price is $45.84 and its 200 day moving average price is $50.19. L Brands, Inc. has a one year low of $39.00 and a one year high of $79.67. The stock has a market capitalization of $11.20 billion, a PE ratio of 10.28 and a beta of 0.62. L Brands also saw unusually large options trading on Monday. Stock traders bought 7,919 put options on the stock. This represents an increase of approximately 320% compared to the average daily volume of 1,885 put options.

L Brands (NYSE:LB) last released its quarterly earnings results on Wednesday, May 17th. The specialty retailer reported $0.33 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the business posted $0.59 earnings per share. The firm’s revenue was down 6.8% on a year-over-year basis. Analysts anticipate that L Brands, Inc. will post $3.23 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 6.15%. The ex-dividend date of this dividend is Wednesday, August 16th. L Brands’s dividend payout ratio is presently 63.16%.

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A number of equities research analysts have commented on LB shares. Deutsche Bank AG reduced their price objective on L Brands from $62.00 to $61.00 and set a “buy” rating for the company in a research note on Monday, May 15th. Vetr raised L Brands from a “hold” rating to a “buy” rating and set a $53.02 price objective for the company in a research note on Thursday, May 11th. Oppenheimer Holdings, Inc. set a $62.00 price objective on L Brands and gave the company a “buy” rating in a research note on Thursday, May 4th. Buckingham Research reissued a “buy” rating on shares of L Brands in a research note on Wednesday, April 26th. Finally, FBR & Co set a $60.00 price objective on L Brands and gave the company a “buy” rating in a research note on Thursday, May 18th. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have assigned a buy rating to the company. L Brands currently has a consensus rating of “Hold” and a consensus price target of $55.76.

In other news, CEO Nicholas Coe sold 39,839 shares of L Brands stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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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Institutional Ownership by Quarter for L Brands (NYSE:LB)

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