L Brands (NYSE:LB) has been assigned a $56.00 target price by equities researchers at BMO Capital Markets in a note issued to investors on Tuesday. The brokerage currently has a “hold” rating on the specialty retailer’s stock. BMO Capital Markets’ target price indicates a potential downside of 7.28% from the stock’s current price.
LB has been the subject of a number of other reports. Morgan Stanley restated an “overweight” rating and issued a $70.00 price objective on shares of L Brands in a report on Thursday, December 14th. Jefferies Group set a $30.00 price objective on shares of L Brands and gave the stock a “sell” rating in a report on Monday, August 28th. Oppenheimer restated a “buy” rating on shares of L Brands in a report on Thursday, October 5th. B. Riley restated a “buy” rating and issued a $58.00 price objective on shares of L Brands in a report on Wednesday, November 29th. Finally, Robert W. Baird restated a “hold” rating and issued a $44.00 price objective on shares of L Brands in a report on Friday, September 1st. Six equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. L Brands presently has a consensus rating of “Hold” and an average price target of $50.22.
Shares of L Brands (LB) opened at $60.40 on Tuesday. The firm has a market cap of $17,221.00, a P/E ratio of 19.43, a PEG ratio of 1.69 and a beta of 0.81. The company has a quick ratio of 0.60, a current ratio of 1.45 and a debt-to-equity ratio of -5.10. L Brands has a 1-year low of $35.00 and a 1-year high of $70.20.
L Brands declared that its Board of Directors has initiated a share buyback plan on Monday, September 18th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In related news, Director David T. Kollat acquired 9,910 shares of L Brands stock in a transaction on Monday, November 20th. The shares were acquired at an average cost of $50.34 per share, with a total value of $498,869.40. Following the transaction, the director now owns 158,878 shares in the company, valued at $7,997,918.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 16.68% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the business. Barrow Hanley Mewhinney & Strauss LLC increased its position in L Brands by 29.0% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,156,510 shares of the specialty retailer’s stock valued at $172,952,000 after purchasing an additional 935,259 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in shares of L Brands in the 3rd quarter worth about $161,000. ICICI Prudential Asset Management Co Ltd grew its position in shares of L Brands by 14.9% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 11,600 shares of the specialty retailer’s stock worth $483,000 after buying an additional 1,500 shares during the period. IFM Investors Pty Ltd purchased a new stake in shares of L Brands in the 3rd quarter worth about $283,000. Finally, First Heartland Consultants Inc. purchased a new stake in shares of L Brands in the 3rd quarter worth about $832,000. 78.68% of the stock is currently owned by institutional investors and hedge funds.
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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