Mizuho Asset Management Co. Ltd. Acquires 1,524 Shares of L Brands Inc. (LB)
Mizuho Asset Management Co. Ltd. boosted its stake in L Brands Inc. (NYSE:LB) by 87.6% during the second quarter, Holdings Channel reports. The institutional investor owned 3,264 shares of the company’s stock after buying an additional 1,524 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in L Brands were worth $219,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC bought a new stake in shares of L Brands during the first quarter worth about $35,118,000. Wellington Management Group LLP raised its position in L Brands by 105.4% in the first quarter. Wellington Management Group LLP now owns 2,648,024 shares of the company’s stock worth $232,522,000 after buying an additional 1,358,509 shares during the period. Panagora Asset Management Inc. raised its position in L Brands by 7.8% in the first quarter. Panagora Asset Management Inc. now owns 386,655 shares of the company’s stock worth $33,952,000 after buying an additional 27,996 shares during the period. Legal & General Group Plc raised its position in L Brands by 3.6% in the first quarter. Legal & General Group Plc now owns 1,089,382 shares of the company’s stock worth $95,706,000 after buying an additional 37,867 shares during the period. Finally, Nuveen Asset Management LLC raised its position in L Brands by 33.2% in the first quarter. Nuveen Asset Management LLC now owns 55,684 shares of the company’s stock worth $4,890,000 after buying an additional 13,874 shares during the period. 75.20% of the stock is owned by institutional investors.
Shares of L Brands Inc. (NYSE:LB) traded up 0.83% on Tuesday, hitting $72.79. The stock had a trading volume of 199,409 shares. The company has a market cap of $20.82 billion, a price-to-earnings ratio of 17.74 and a beta of 0.80. The firm’s 50-day moving average is $74.29 and its 200-day moving average is $74.61. L Brands Inc. has a one year low of $60.00 and a one year high of $101.11.
L Brands (NYSE:LB) last released its quarterly earnings results on Wednesday, August 17th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The firm had revenue of $2.89 billion for the quarter. L Brands had a negative return on equity of 150.59% and a net margin of 9.73%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 EPS. On average, analysts expect that L Brands Inc. will post $3.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $2.40 dividend on an annualized basis and a yield of 3.32%. L Brands’s dividend payout ratio is presently 58.68%.
A number of analysts recently issued reports on LB shares. Argus restated a “hold” rating on shares of L Brands in a research report on Friday, August 26th. Telsey Advisory Group raised their price target on L Brands from $88.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, August 19th. Vetr upgraded L Brands from a “sell” rating to a “hold” rating and set a $79.12 price target for the company in a research report on Monday, August 22nd. Jefferies Group reiterated a “hold” rating on shares of L Brands in a research report on Monday, September 12th. Finally, Nomura reiterated a “neutral” rating and set a $60.00 target price (up from $58.00) on shares of L Brands in a research report on Sunday, July 10th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. L Brands presently has an average rating of “Hold” and a consensus target price of $77.52.
In other L Brands news, insider Martin P. Waters sold 45,500 shares of L Brands stock in a transaction that occurred 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 directly owns 13,970 shares in the company, valued at approximately $1,082,535.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Charles Mcguigan sold 23,687 shares of L Brands stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $76.37, for a total value of $1,808,976.19. The disclosure for this sale can be found here. Corporate 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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