Credit Suisse Group began coverage on shares of L Brands (NYSE:LB) in a research report issued on Monday, The Fly reports. The brokerage set a “neutral” rating on the specialty retailer’s stock.
Several other brokerages also recently issued reports on LB. Robert W. Baird reissued 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 lowered their price objective for the stock from $70.00 to $52.00 in a research report on Thursday, March 1st. Wolfe Research increased 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 lowered 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. Six investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $50.40.
Shares of L Brands (NYSE:LB) traded down $0.11 during mid-day trading on Monday, hitting $42.15. 3,900,357 shares of the stock traded hands, compared to its average volume of 4,980,550. The company has a debt-to-equity ratio of -5.10, a current ratio of 1.45 and a quick ratio of 0.60. L Brands has a 52 week low of $35.00 and a 52 week high of $63.10. The company has a market capitalization of $11,930.00, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.
L Brands announced that its Board of Directors has approved a share repurchase plan on Thursday, March 8th that permits the company to repurchase $226.90 million in shares. This repurchase authorization permits the specialty retailer to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its stake in L Brands by 182.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,110 shares of the specialty retailer’s stock valued at $128,000 after acquiring an additional 1,364 shares during the last quarter. Gradient Investments LLC acquired a new stake in L Brands in the fourth quarter valued at $153,000. Belpointe Asset Management LLC acquired a new stake in L Brands in the fourth quarter valued at $202,000. Check Capital Management Inc. CA acquired a new stake in L Brands in the fourth quarter valued at $205,000. Finally, St. Louis Trust Co acquired a new stake in L Brands in the fourth quarter valued at $211,000. Hedge funds and other institutional investors own 81.05% of the company’s stock.
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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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