Oppenheimer Holdings, Inc. Reaffirms “Buy” Rating for L Brands, Inc. (LB)
Several other brokerages also recently weighed in on LB. Jefferies Group LLC set a $32.00 target price on shares of L Brands and gave the company a sell rating in a research note on Wednesday, July 19th. BidaskClub downgraded shares of L Brands from a hold rating to a sell rating in a research note on Friday, July 28th. Cowen and Company reissued a buy rating and issued a $56.00 target price on shares of L Brands in a research note on Tuesday, July 4th. Instinet cut their target price on shares of L Brands from $43.00 to $38.00 and set a neutral rating for the company in a research note on Thursday, August 17th. Finally, Royal Bank Of Canada reissued a hold rating and issued a $55.00 target price on shares of L Brands in a research note on Monday, June 19th. Seven investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of Hold and an average price target of $46.41.
Shares of L Brands (LB) opened at 42.92 on Thursday. L Brands has a one year low of $35.00 and a one year high of $75.50. The company has a 50 day moving average of $38.95 and a 200-day moving average of $46.09. The stock has a market cap of $12.18 billion, a price-to-earnings ratio of 12.60 and a beta of 0.68. L Brands also was the recipient of some unusual options trading activity on Thursday. Investors acquired 19,923 put options on the stock. This is an increase of approximately 801% compared to the typical volume of 2,211 put options.
L Brands (NYSE:LB) last announced its earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.03. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, analysts anticipate that L Brands will post $3.14 earnings per share for the current year.
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L Brands declared that its board has approved a stock buyback plan on Monday, September 18th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the specialty retailer to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other L Brands news, Director Allan R. Tessler bought 20,000 shares of L Brands stock in a transaction dated Thursday, September 21st. The stock was bought at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following the purchase, the director now owns 43,342 shares in the company, valued at approximately $1,603,654. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 16.68% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of L Brands by 1.3% during the 2nd quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock valued at $1,037,783,000 after buying an additional 256,464 shares during the last quarter. Primecap Management Co. CA boosted its stake in shares of L Brands by 16.1% during the 1st 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. Vanguard Group Inc. boosted its stake in shares of L Brands by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock valued at $885,716,000 after buying an additional 495,987 shares during the last quarter. FMR LLC boosted its stake in shares of L Brands by 2.8% during the 2nd quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock valued at $614,558,000 after buying an additional 305,365 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of L Brands by 0.3% during the 2nd quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock valued at $559,827,000 after buying an additional 33,815 shares during the last quarter. Institutional investors own 79.48% 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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