L Brands Inc (LB) Shares Sold by Cadence Capital Management LLC
Cadence Capital Management LLC cut its holdings in L Brands Inc (NYSE:LB) by 40.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,178 shares of the specialty retailer’s stock after selling 6,949 shares during the period. Cadence Capital Management LLC’s holdings in L Brands were worth $375,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company increased its stake in L Brands by 821.6% in the first quarter. The Manufacturers Life Insurance Company now owns 2,707,103 shares of the specialty retailer’s stock valued at $103,438,000 after purchasing an additional 2,413,375 shares in the last quarter. BlackRock Inc. increased its stake in L Brands by 10.7% in the first quarter. BlackRock Inc. now owns 21,861,287 shares of the specialty retailer’s stock valued at $835,321,000 after purchasing an additional 2,107,414 shares in the last quarter. Makaira Partners LLC increased its stake in L Brands by 235.5% in the first quarter. Makaira Partners LLC now owns 2,523,582 shares of the specialty retailer’s stock valued at $96,426,000 after purchasing an additional 1,771,382 shares in the last quarter. Millennium Management LLC increased its stake in L Brands by 499.8% in the first quarter. Millennium Management LLC now owns 1,135,675 shares of the specialty retailer’s stock valued at $43,394,000 after purchasing an additional 946,326 shares in the last quarter. Finally, Fosun International Ltd bought a new stake in L Brands in the first quarter valued at $32,222,000. 72.64% of the stock is owned by hedge funds and other institutional investors.
Shares of L Brands stock opened at $26.52 on Friday. L Brands Inc has a 12-month low of $26.25 and a 12-month high of $63.10. The company has a quick ratio of 0.83, a current ratio of 1.56 and a debt-to-equity ratio of -5.90. The firm has a market cap of $7.66 billion, a P/E ratio of 8.29, a P/E/G ratio of 0.95 and a beta of 0.58.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 7th. Stockholders of record on Friday, August 24th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $2.40 annualized dividend and a dividend yield of 9.05%. L Brands’s payout ratio is 75.00%.
A number of analysts recently commented on LB shares. Zacks Investment Research lowered L Brands from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Morgan Stanley boosted their target price on L Brands from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, May 25th. Citigroup raised L Brands from a “neutral” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Monday, May 14th. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $30.00 target price on shares of L Brands in a research report on Thursday, May 24th. Finally, Deutsche Bank decreased their price objective on L Brands from $50.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, May 24th. Six equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $37.59.
L Brands Company Profile
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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