L Brands, Inc. (NYSE:LB) Shares Sold by Korea Investment CORP
Korea Investment CORP lowered its position in shares of L Brands, Inc. (NYSE:LB) by 12.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,757 shares of the specialty retailer’s stock after selling 13,680 shares during the period. Korea Investment CORP’s holdings in L Brands were worth $5,160,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position 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 worth $894,945,000 after buying an additional 18,521,518 shares in the last quarter. Wellington Management Group LLP raised its position in shares of L Brands by 86.8% in the first quarter. Wellington Management Group LLP now owns 14,514,565 shares of the specialty retailer’s stock worth $683,636,000 after buying an additional 6,745,624 shares in the last quarter. Primecap Management Co. CA raised its position 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 worth $885,383,000 after buying an additional 2,600,605 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of L Brands during the first quarter worth approximately $101,243,000. Finally, American Century Companies Inc. raised its position in shares of L Brands by 4,831.7% in the first quarter. American Century Companies Inc. now owns 1,536,226 shares of the specialty retailer’s stock worth $72,356,000 after buying an additional 1,505,076 shares in the last quarter. 75.43% of the stock is owned by institutional investors and hedge funds.
Shares of L Brands, Inc. (NYSE:LB) opened at 40.88 on Friday. L Brands, Inc. has a 1-year low of $40.77 and a 1-year high of $79.67. The stock’s 50 day moving average is $46.63 and its 200 day moving average is $50.65. The company has a market capitalization of $11.73 billion, a PE ratio of 10.77 and a beta of 0.62.
L Brands (NYSE:LB) last released its quarterly earnings data on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.04. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.46 billion. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 EPS. On average, equities research analysts anticipate that L Brands, Inc. will post $3.24 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 5.87%. The ex-dividend date is Wednesday, August 16th. L Brands’s dividend payout ratio is 63.16%.
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LB has been the subject of several recent research reports. Buckingham Research reissued a “buy” rating on shares of L Brands in a research report on Wednesday, April 26th. Jefferies Group LLC set a $35.00 price target on shares of L Brands and gave the stock a “sell” rating in a research report on Tuesday, July 4th. Deutsche Bank AG dropped their price target on shares of L Brands from $62.00 to $61.00 and set a “buy” rating for the company in a research report on Friday, May 5th. Vetr raised shares of L Brands from a “strong sell” rating to a “sell” rating and set a $46.89 price target for the company in a research report on Monday, June 5th. Finally, Zacks Investment Research raised shares of L Brands from a “sell” rating to a “hold” rating in a research report on Tuesday, April 25th. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $55.76.
In related news, CEO Nicholas Coe sold 39,839 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $48.88, for a total transaction of $1,947,330.32. Following the completion of the transaction, the chief executive officer now directly owns 75,658 shares in the company, valued at approximately $3,698,163.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 16.45% of the stock is owned by corporate insiders.
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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