L Brands (LB) Bonds Trading 2.1% Higher
An issue of L Brands Inc (NYSE:LB) bonds rose 2.1% as a percentage of their face value during trading on Wednesday. The debt issue has a 5.25% coupon and will mature on February 1, 2028. The debt is now trading at $97.38 and was trading at $95.45 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
LB has been the subject of several recent analyst reports. Robert W. Baird restated a “hold” rating and set a $60.00 price objective on shares of L Brands in a research report on Friday, December 22nd. Telsey Advisory Group downgraded shares of L Brands from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $70.00 to $52.00 in a research report on Thursday, March 1st. Wolfe Research boosted their price objective on shares of L Brands from $48.00 to $53.00 and gave the stock a “peer perform” rating in a research report on Monday, February 12th. Piper Jaffray Companies set a $47.00 price objective on shares of L Brands and gave the stock a “hold” rating in a research report on Thursday, November 16th. Finally, BMO Capital Markets reduced their price objective on shares of L Brands from $56.00 to $45.00 and set a “market perform” rating for the company in a research report on Friday, March 2nd. Seven analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $50.33.
Shares of L Brands Inc (LB) traded down $0.60 on Wednesday, reaching $41.30. 4,215,546 shares of the company’s stock traded hands, compared to its average volume of 4,941,980. The company has a quick ratio of 0.60, a current ratio of 1.45 and a debt-to-equity ratio of -5.10. The firm has a market cap of $11,897.48, a PE ratio of 12.01, a P/E/G ratio of 1.16 and a beta of 0.59. L Brands Inc has a 12 month low of $35.00 and a 12 month high of $63.10.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Friday, February 23rd were paid a $0.60 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $2.40 annualized dividend and a yield of 5.81%. L Brands’s dividend payout ratio is currently 69.77%.
L Brands declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 8th that permits the company to repurchase $226.90 million in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the business. Fosun International Ltd increased its stake in L Brands by 205.4% in the 3rd quarter. Fosun International Ltd now owns 532,022 shares of the specialty retailer’s stock valued at $22,137,000 after buying an additional 357,797 shares during the period. Alyeska Investment Group L.P. increased its stake in L Brands by 4.0% in the 3rd quarter. Alyeska Investment Group L.P. now owns 855,019 shares of the specialty retailer’s stock valued at $35,577,000 after buying an additional 33,005 shares during the period. Oppenheimer & Co. Inc. increased its stake in L Brands by 31.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 18,512 shares of the specialty retailer’s stock valued at $770,000 after buying an additional 4,378 shares during the period. California Public Employees Retirement System increased its stake in L Brands by 7.0% in the 3rd quarter. California Public Employees Retirement System now owns 585,641 shares of the specialty retailer’s stock valued at $24,369,000 after buying an additional 38,141 shares during the period. Finally, American International Group Inc. increased its stake in L Brands by 74.8% in the 4th quarter. American International Group Inc. now owns 10,436,938 shares of the specialty retailer’s stock valued at $628,512,000 after buying an additional 4,466,237 shares during the period. 81.05% of the stock is currently owned by institutional investors.
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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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