MKM Partners Lowers L Brands, Inc. (LB) Price Target to $47.00
L Brands, Inc. (NYSE:LB) had its price target decreased by MKM Partners from $48.00 to $47.00 in a research note issued to investors on Friday. The firm currently has a “neutral” rating on the specialty retailer’s stock. MKM Partners’ price objective would suggest a potential upside of 9.51% from the company’s current price.
LB has been the topic of several other research reports. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $57.00 target price on shares of L Brands in a research note on Monday, September 18th. Zacks Investment Research cut shares of L Brands from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 23rd. FBR & Co reaffirmed a “buy” rating and set a $58.00 target price on shares of L Brands in a research note on Wednesday. Vetr raised shares of L Brands from a “strong sell” rating to a “sell” rating and set a $46.34 target price on the stock in a research note on Monday, June 19th. Finally, BMO Capital Markets set a $37.00 target price on shares of L Brands and gave the stock a “market perform” rating in a research note on Friday, August 18th. Seven analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have assigned a buy rating to the stock. L Brands presently has a consensus rating of “Hold” and an average target price of $46.41.
Shares of L Brands (NYSE:LB) opened at 42.92 on Friday. The company’s 50-day moving average is $38.95 and its 200-day moving average is $46.09. The stock has a market cap of $12.18 billion, a P/E ratio of 12.60 and a beta of 0.68. L Brands has a 1-year low of $35.00 and a 1-year high of $75.50. L Brands also saw unusually large options trading activity on Thursday. Investors purchased 19,923 put options on the stock. This is an increase of approximately 801% compared to the typical daily 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 (EPS) for the quarter, topping 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 company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. Equities analysts expect that L Brands will post $3.14 EPS for the current fiscal year.
L Brands announced that its board has authorized a stock buyback plan on Monday, September 18th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the specialty retailer to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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In other news, Director Allan R. Tessler acquired 20,000 shares of the firm’s stock in a transaction dated Thursday, September 21st. The stock was acquired at an average cost of $37.00 per share, with a total value of $740,000.00. Following the completion of the acquisition, the director now owns 43,342 shares of the company’s stock, valued at $1,603,654. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 16.68% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of LB. BlackRock Inc. boosted its holdings in shares of L Brands by 3,863.4% in the first quarter. BlackRock Inc. now owns 19,000,928 shares of the specialty retailer’s stock valued at $894,945,000 after acquiring an additional 18,521,518 shares during the period. Primecap Management Co. CA boosted its holdings in shares of L Brands by 16.1% in the first quarter. Primecap Management Co. CA now owns 18,797,936 shares of the specialty retailer’s stock valued at $885,383,000 after acquiring an additional 2,600,605 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of L Brands in the first quarter valued at approximately $101,243,000. Janus Henderson Group PLC boosted its holdings in shares of L Brands by 4,925.7% in the second quarter. Janus Henderson Group PLC now owns 1,703,014 shares of the specialty retailer’s stock valued at $91,776,000 after acquiring an additional 1,669,128 shares during the period. Finally, William Blair Investment Management LLC acquired a new stake in shares of L Brands in the second quarter valued at approximately $46,840,000. 79.48% of the stock is owned by institutional investors and hedge funds.
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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