Brandes Investment Partners LP Trims Position in L Brands Inc (LB)
Brandes Investment Partners LP reduced its position in L Brands Inc (NYSE:LB) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,344 shares of the specialty retailer’s stock after selling 1,812 shares during the quarter. Brandes Investment Partners LP’s holdings in L Brands were worth $1,707,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of LB. CI Investments Inc. acquired a new position in L Brands during the third quarter worth $2,273,000. Fosun International Ltd raised its stake in L Brands by 14.4% during the third quarter. Fosun International Ltd now owns 1,213,243 shares of the specialty retailer’s stock worth $36,762,000 after acquiring an additional 152,981 shares in the last quarter. Bank of New York Mellon Corp raised its stake in L Brands by 83.4% during the third quarter. Bank of New York Mellon Corp now owns 5,079,497 shares of the specialty retailer’s stock worth $153,908,000 after acquiring an additional 2,310,431 shares in the last quarter. AXA raised its stake in L Brands by 133.6% during the third quarter. AXA now owns 26,748 shares of the specialty retailer’s stock worth $810,000 after acquiring an additional 15,300 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in L Brands by 1.5% during the third quarter. Alliancebernstein L.P. now owns 434,507 shares of the specialty retailer’s stock worth $13,166,000 after acquiring an additional 6,549 shares in the last quarter. 70.55% of the stock is owned by hedge funds and other institutional investors.
Shares of LB stock opened at $29.37 on Thursday. The stock has a market capitalization of $9.50 billion, a P/E ratio of 9.18, a PEG ratio of 1.14 and a beta of 0.33. L Brands Inc has a 12 month low of $25.89 and a 12 month high of $63.10.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be given a $0.60 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $2.40 dividend on an annualized basis and a yield of 8.17%. L Brands’s payout ratio is 75.00%.
LB has been the subject of several recent analyst reports. Morgan Stanley reiterated an “equal weight” rating and set a $32.00 price objective (down from $56.00) on shares of L Brands in a research note on Friday, August 24th. Zacks Investment Research lowered L Brands from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Barclays set a $31.00 target price on L Brands and gave the company a “hold” rating in a research note on Thursday, October 18th. Wells Fargo & Co upgraded L Brands from a “market perform” rating to an “outperform” rating and raised their target price for the company from $30.00 to $55.00 in a research note on Monday, November 12th. Finally, B. Riley lowered their target price on L Brands from $49.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, August 23rd. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. L Brands has an average rating of “Hold” and a consensus target price of $38.39.
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L Brands Company Profile
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
Read More: Stock Symbols and CUSIP Explained
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