Morgan Stanley reaffirmed their overweight rating on shares of L Brands (NYSE:LB) in a research report report published on Thursday morning. They currently have a $70.00 price target on the specialty retailer’s stock.
LB has been the subject of several other reports. Scotiabank restated a hold rating and set a $67.00 target price on shares of L Brands in a research report on Wednesday, November 22nd. Sanford C. Bernstein reiterated an outperform rating and set a $57.00 price objective on shares of L Brands in a report on Monday, September 18th. Zacks Investment Research cut L Brands from a hold rating to a strong sell rating in a report on Wednesday, August 23rd. FBR & Co reiterated a buy rating and set a $58.00 price objective on shares of L Brands in a report on Wednesday, October 4th. Finally, Bank of America cut their price objective on L Brands from $35.00 to $32.00 and set an underperform rating on the stock in a report on Friday, August 18th. Six analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. L Brands currently has a consensus rating of Hold and a consensus price target of $50.01.
L Brands (LB) traded down $0.46 during trading on Thursday, hitting $58.11. The stock had a trading volume of 8,805,885 shares, compared to its average volume of 4,247,427. The firm has a market cap of $16,602.84, a price-to-earnings ratio of 18.73, a P/E/G ratio of 1.63 and a beta of 0.81. L Brands has a 52 week low of $35.00 and a 52 week high of $71.61. The company has a debt-to-equity ratio of -5.10, a current ratio of 1.45 and a quick ratio of 0.60.
The company also recently announced a quarterly dividend, which was paid on Friday, December 8th. Shareholders of record on Friday, November 24th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.13%. The ex-dividend date was Wednesday, November 22nd. L Brands’s payout ratio is 72.95%.
L Brands announced that its board has approved a stock buyback plan on Monday, September 18th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 2.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In related news, Director David T. Kollat purchased 9,910 shares of the stock in a transaction on Monday, November 20th. The shares were purchased at an average price of $50.34 per share, with a total value of $498,869.40. Following the transaction, the director now directly owns 158,878 shares of the company’s stock, valued at $7,997,918.52. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Allan R. Tessler purchased 20,000 shares of the stock in a transaction on Thursday, September 21st. The shares were bought at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following the transaction, the director now directly owns 43,342 shares in the company, valued at $1,603,654. The disclosure for this purchase can be found here. Insiders own 16.68% of the company’s stock.
Several large investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of L Brands by 1.3% during the 2nd quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock worth $1,037,783,000 after acquiring an additional 256,464 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of L Brands by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock worth $885,716,000 after acquiring an additional 495,987 shares during the last quarter. FMR LLC increased its holdings in shares of L Brands by 2.8% during the 2nd quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock worth $614,558,000 after acquiring an additional 305,365 shares during the last quarter. State Street Corp increased its holdings in shares of L Brands by 0.3% during the 2nd quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock worth $559,827,000 after acquiring an additional 33,815 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of L Brands by 29.0% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,156,510 shares of the specialty retailer’s stock worth $172,952,000 after acquiring an additional 935,259 shares during the last quarter. 78.95% of the stock is currently owned by hedge funds and other institutional investors.
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L Brands Company Profile
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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