Conning Inc. cut its stake in L Brands Inc. (NYSE:LB) by 1.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,883 shares of the company’s stock after selling 70 shares during the period. Conning Inc.’s holdings in L Brands were worth $395,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in LB. Wellington Management Group LLP boosted its position in shares of L Brands by 105.4% in the first quarter. Wellington Management Group LLP now owns 2,648,024 shares of the company’s stock valued at $232,522,000 after buying an additional 1,358,509 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt boosted its position in shares of 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. Renaissance Technologies LLC purchased a new position in shares of L Brands during the first quarter valued at approximately $35,118,000. BlackRock Group LTD boosted its position in shares of L Brands by 20.3% in the first quarter. BlackRock Group LTD now owns 2,132,871 shares of the company’s stock valued at $187,287,000 after buying an additional 359,878 shares during the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of L Brands during the second quarter valued at approximately $10,418,000. 75.60% of the stock is currently owned by institutional investors.
Shares of L Brands Inc. (NYSE:LB) traded up 1.32% on Friday, reaching $70.77. 2,049,352 shares of the company traded hands. L Brands Inc. has a one year low of $60.00 and a one year high of $101.11. The firm’s 50 day moving average is $74.11 and its 200 day moving average is $73.89. The company has a market capitalization of $20.24 billion, a P/E ratio of 17.25 and a beta of 0.80.
L Brands (NYSE:LB) last posted its quarterly earnings results on Wednesday, August 17th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11. L Brands had a negative return on equity of 150.59% and a net margin of 9.73%. The business had revenue of $2.89 billion for the quarter. During the same quarter last year, the company posted $0.68 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. Analysts expect that L Brands Inc. will post $3.83 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Wednesday, August 17th. L Brands’s payout ratio is 58.68%.
Several research analysts have commented on LB shares. Stifel Nicolaus restated a “buy” rating and set a $75.00 price target on shares of L Brands in a report on Thursday, July 7th. Vetr upgraded shares of L Brands from a “hold” rating to a “buy” rating and set a $72.74 price target for the company in a report on Wednesday, June 29th. Deutsche Bank AG restated a “buy” rating on shares of L Brands in a report on Sunday, July 10th. Mizuho raised their price target on shares of L Brands from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Finally, Goldman Sachs Group Inc. upgraded shares of L Brands from a “neutral” rating to a “buy” rating and raised their price target for the stock from $73.00 to $94.00 in a report on Monday, August 22nd. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $77.52.
In other L Brands news, CEO Nicholas Coe sold 4,951 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $67.53, for a total transaction of $334,341.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Martin P. Waters sold 45,500 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $77.49, for a total value of $3,525,795.00. Following the transaction, the insider now owns 13,970 shares in the company, valued at approximately $1,082,535.30. The disclosure for this sale can be found here. Company insiders own 16.45% of the company’s stock.
L Brands Company Profile
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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