L Brands Inc.’s Same-Store Sales Numbers Beat Analysts’ Expectations (NYSE:LB)
L Brands’ (NYSE:LB) same store sales climbed 2% in the month of September. The company beat analysts’ expectations of a 1.9% year-over-year increase in sales. L Brands’ shares dropped by 1.5% in the first day of trading following the report.
A number of analysts have recently commented on the company. Wedbush restated a “neutral” rating and issued a $65.00 price target on shares of L Brands in a report on Sunday, September 4th. Oppenheimer Holdings Inc. restated a “market perform” rating and issued a $75.00 price target on shares of L Brands in a report on Tuesday, June 21st. Zacks Investment Research upgraded L Brands from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Monday, August 22nd. Mizuho boosted their price target on L Brands from $75.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 18th. Finally, Bank of America Corp. lowered L Brands from a “neutral” rating to an “underperform” rating and cut their price target for the company from $74.00 to $57.00 in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. L Brands currently has an average rating of “Hold” and an average price target of $77.52.
In other news, COO Charles Mcguigan sold 23,687 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $76.37, for a total value of $1,808,976.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas Coe sold 4,951 shares of the stock in a transaction on Monday, July 11th. The shares were sold at an average price of $67.53, for a total value of $334,341.03. The disclosure for this sale can be found here. 16.45% of the stock is owned by insiders.
L Brands (NYSE:LB) opened at 70.77 on Friday. The company has a market capitalization of $20.24 billion, a PE ratio of 17.25 and a beta of 0.80. L Brands has a 52 week low of $60.00 and a 52 week high of $101.11. The stock has a 50 day moving average price of $74.11 and a 200-day moving average price of $73.89.
L Brands (NYSE:LB) last issued its earnings results on Wednesday, August 17th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.11. L Brands had a net margin of 9.73% and a negative return on equity of 150.59%. The company had revenue of $2.89 billion for the quarter. During the same quarter in the prior year, the business posted $0.68 EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts predict that L Brands will post $3.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.39%. The ex-dividend date was Wednesday, August 17th. L Brands’s dividend payout ratio is currently 58.68%.
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in L Brands by 0.7% in the second quarter. Vanguard Group Inc. now owns 15,408,113 shares of the company’s stock valued at $1,034,346,000 after buying an additional 110,918 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt increased its position in L Brands by 8.2% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 10,803,000 shares of the company’s stock valued at $725,421,000 after buying an additional 815,000 shares during the last quarter. Jackson Square Partners LLC increased its position in L Brands by 39.0% in the second quarter. Jackson Square Partners LLC now owns 7,415,981 shares of the company’s stock valued at $497,834,000 after buying an additional 2,082,149 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in L Brands by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,450,806 shares of the company’s stock valued at $566,445,000 after buying an additional 33,613 shares during the last quarter. Finally, American International Group Inc. increased its position in L Brands by 5,516.4% in the second quarter. American International Group Inc. now owns 5,959,135 shares of the company’s stock valued at $400,037,000 after buying an additional 5,853,032 shares during the last quarter. Institutional investors own 75.60% 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 and beauty categories. The Company operates through three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. Victoria’s Secret segment includes PINK, which is the specialty retailer of women’s intimate and other apparel with collections, fragrances, supermodels and runway shows.
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