Lincoln National Corp trimmed its stake in L Brands (NYSE:LB) by 52.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 70,087 shares of the specialty retailer’s stock after selling 78,451 shares during the period. Lincoln National Corp’s holdings in L Brands were worth $2,678,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Banque Pictet & Cie SA bought a new position in L Brands in the 1st quarter worth approximately $650,000. Korea Investment CORP increased its position in L Brands by 8.6% in the 1st quarter. Korea Investment CORP now owns 137,922 shares of the specialty retailer’s stock worth $5,270,000 after buying an additional 10,965 shares during the period. Skba Capital Management LLC increased its position in L Brands by 1.3% in the 1st quarter. Skba Capital Management LLC now owns 415,680 shares of the specialty retailer’s stock worth $15,883,000 after buying an additional 5,400 shares during the period. Tyers Asset Management LLC increased its position in L Brands by 31.9% in the 1st quarter. Tyers Asset Management LLC now owns 7,472 shares of the specialty retailer’s stock worth $286,000 after buying an additional 1,808 shares during the period. Finally, Riverhead Capital Management LLC increased its position in L Brands by 31.5% in the 1st quarter. Riverhead Capital Management LLC now owns 8,350 shares of the specialty retailer’s stock worth $319,000 after buying an additional 2,000 shares during the period. 81.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of LB stock opened at $33.74 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.01 and a debt-to-equity ratio of -7.60. The firm has a market capitalization of $9.61 billion, a P/E ratio of 10.54, a P/E/G ratio of 0.99 and a beta of 0.77. L Brands has a one year low of $30.70 and a one year high of $63.10.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.05 by $0.06. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.72 billion. L Brands had a negative return on equity of 101.69% and a net margin of 7.78%. L Brands’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.03 EPS. research analysts expect that L Brands will post 2.99 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 7.11%. L Brands’s dividend payout ratio is 75.00%.
L Brands declared that its board has approved a share repurchase program on Thursday, March 8th that allows the company to repurchase $226.90 million in outstanding shares. This repurchase authorization allows the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Several research analysts have commented on LB shares. Royal Bank of Canada reaffirmed a “buy” rating and issued a $52.00 price target on shares of L Brands in a research report on Thursday, March 1st. Robert W. Baird set a $63.00 price target on L Brands and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Deutsche Bank dropped their price target on L Brands from $67.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, February 26th. Northcoast Research raised L Brands from a “neutral” rating to a “buy” rating in a research report on Wednesday, February 7th. Finally, Citigroup raised L Brands from a “neutral” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Monday, May 14th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $46.47.
In other L Brands news, CFO Stuart B. Burgdoerfer sold 33,000 shares of the business’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $42.53, for a total value of $1,403,490.00. Following the transaction, the chief financial officer now owns 69,640 shares of the company’s stock, valued at $2,961,789.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Stuart B. Burgdoerfer sold 17,000 shares of the business’s stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $39.56, for a total value of $672,520.00. Following the completion of the transaction, the chief financial officer now directly owns 52,640 shares in the company, valued at approximately $2,082,438.40. The disclosure for this sale can be found here. 17.32% of the stock is owned by insiders.
About L Brands
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
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