L Brands, Inc. (NYSE:LB) Position Maintained by Tortoise Investment Management LLC
Tortoise Investment Management LLC held its stake in L Brands, Inc. (NYSE:LB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,800 shares of the specialty retailer’s stock at the end of the second quarter. Tortoise Investment Management LLC’s holdings in L Brands were worth $744,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in L Brands by 3,863.4% in the first quarter. BlackRock Inc. now owns 19,000,928 shares of the specialty retailer’s stock valued at $894,945,000 after buying an additional 18,521,518 shares during the period. Wellington Management Group LLP raised its position in 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 valued at $683,636,000 after buying an additional 6,745,624 shares during the period. Primecap Management Co. CA raised its position in 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 valued at $885,383,000 after buying an additional 2,600,605 shares during the period. Renaissance Technologies LLC bought a new position in L Brands during the first quarter valued at about $101,243,000. Finally, American Century Companies Inc. raised its position in 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 valued at $72,356,000 after buying an additional 1,505,076 shares during the period. Hedge funds and other institutional investors own 75.43% of the company’s stock.
Shares of L Brands, Inc. (NYSE:LB) opened at 40.88 on Friday. L Brands, Inc. has a one year low of $40.77 and a one year high of $79.67. The firm has a 50-day moving average price of $46.63 and a 200 day moving average price of $50.65. The stock 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 results on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.04. L Brands had a negative return on equity of 104.19% and a net margin of 8.87%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the previous year, the firm posted $0.59 earnings per share. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. On average, equities analysts expect that L Brands, Inc. will post $3.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.87%. L Brands’s dividend payout ratio (DPR) is 63.16%.
Several equities analysts have issued reports on the company. Jefferies Group LLC reiterated an “underperform” rating and issued a $32.00 target price on shares of L Brands in a research note on Wednesday. BMO Capital Markets set a $44.00 price target on L Brands and gave the stock a “hold” rating in a research note on Tuesday, August 8th. Buckingham Research dropped their price target on L Brands from $62.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. UBS AG dropped their price target on L Brands from $52.00 to $44.00 and set a “neutral” rating on the stock in a research note on Friday, August 4th. Finally, Deutsche Bank AG restated a “buy” rating and set a $60.00 price target on shares of L Brands in a research note on Tuesday, August 1st. Five research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $55.76.
In other news, CEO Nicholas Coe sold 39,839 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $48.88, for a total value of $1,947,330.32. Following the completion of the transaction, the chief executive officer now directly owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 16.45% of the company’s stock.
About L Brands
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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