OppenheimerFunds Inc. Has $15.06 Million Position in L Brands, Inc. (LB)
OppenheimerFunds Inc. raised its stake in shares of L Brands, Inc. (NYSE:LB) by 1,479.2% during the first quarter, Holdings Channel reports. The institutional investor owned 319,779 shares of the specialty retailer’s stock after buying an additional 299,530 shares during the period. OppenheimerFunds Inc. owned 0.11% of L Brands worth $15,062,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of LB. Norges Bank purchased a new position in L Brands during the fourth quarter valued at about $119,358,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in L Brands during the fourth quarter valued at about $115,157,000. American Century Companies Inc. increased its position 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. Honeywell International Inc. purchased a new position in L Brands during the first quarter valued at about $31,180,000. Finally, APG Asset Management N.V. increased its position in L Brands by 39.4% in the first quarter. APG Asset Management N.V. now owns 1,986,278 shares of the specialty retailer’s stock valued at $93,554,000 after buying an additional 561,711 shares during the last quarter. Hedge funds and other institutional investors own 77.14% of the company’s stock.
L Brands, Inc. (LB) traded down 0.98% on Friday, reaching $51.56. 3,833,777 shares of the company’s stock were exchanged. L Brands, Inc. has a 12-month low of $43.04 and a 12-month high of $79.67. The company has a market cap of $14.79 billion, a P/E ratio of 13.58 and a beta of 0.62. The firm has a 50 day moving average of $51.25 and a 200-day moving average of $56.07.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. Equities analysts expect that L Brands, Inc. will post $3.23 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 16th. Shareholders of record on Friday, June 2nd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.65%. The ex-dividend date of this dividend was Wednesday, May 31st. L Brands’s dividend payout ratio (DPR) is presently 63.16%.
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Several equities analysts recently issued reports on the company. Vetr downgraded L Brands from a “sell” rating to a “strong sell” rating and set a $46.89 target price on the stock. in a research report on Monday, June 12th. FBR & Co set a $54.00 target price on L Brands and gave the company a “hold” rating in a research report on Saturday, March 4th. Oppenheimer Holdings, Inc. set a $62.00 target price on L Brands and gave the company a “buy” rating in a research report on Saturday, April 8th. Jefferies Group LLC reissued a “sell” rating and issued a $35.00 target price on shares of L Brands in a research report on Tuesday, June 6th. Finally, Mizuho cut their target price on L Brands from $62.00 to $51.00 and set a “neutral” rating on the stock in a research report on Friday, February 24th. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $58.63.
In other L Brands news, CEO Nicholas Coe sold 39,839 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $48.88, for a total value of $1,947,330.32. Following the sale, the chief executive officer now owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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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