Alecta Pensionsforsakring Omsesidigt buys $724,233,120 stake in L Brands Inc (LB)

L Brands Inc (LB) : Alecta Pensionsforsakring Omsesidigt scooped up 815,000 additional shares in L Brands Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 5, 2016. The investment management firm now holds a total of 10,803,000 shares of L Brands Inc which is valued at $724,233,120.L Brands Inc makes up approximately 7.16% of Alecta Pensionsforsakring Omsesidigt’s portfolio.

Other Hedge Funds, Including , New England Research Management boosted its stake in LB in the latest quarter, The investment management firm added 2,100 additional shares and now holds a total of 6,250 shares of L Brands Inc which is valued at $419,000. L Brands Inc makes up approx 0.37% of New England Research Management’s portfolio.

L Brands Inc opened for trading at $69.38 and hit $69.87 on the upside on Monday, eventually ending the session at $69.41, with a gain of 0.33% or 0.23 points. The heightened volatility saw the trading volume jump to 13,51,815 shares. Company has a market cap of $19,956 M.

On the company’s financial health, L Brands Inc reported $0.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on May 18, 2016. Analyst had a consensus of $0.55. The company had revenue of $2613.80 million for the quarter, compared to analysts expectations of $2669.41 million. The company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 EPS.

Many Wall Street Analysts have commented on L Brands Inc. L Brands Inc was Downgraded by BofA/Merrill to ” Underperform” on Jun 28, 2016. Shares were Reiterated by Wolfe Research on May 20, 2016 to “Peer Perform” and Lowered the Price Target to $ 62 from a previous price target of $70 .Shares were Reiterated by FBR Capital on May 20, 2016 to “Mkt Perform” and Lowered the Price Target to $ 63 from a previous price target of $93 .

L Brands Inc. operates specialty retail business. The Company is a specialty retailer of women’s intimate and other apparel beauty and personal care products and accessories. It operates in three segments: Victoria’s Secret which includes Victoria’s Secret PINK which is the specialty retailer of women’s intimate and other apparel with fashion-inspired collections prestige fragrances celebrated supermodels and world-famous runway shows; Bath & Body Works which is the specialty retailer of home fragrance and personal care products including shower gels lotions soaps and sanitizers and Victoria’s Secret and Bath & Body Works International which includes the Victoria’s Secret and Bath & Body Works company-owned and partner-operated stores outside of the United States and Canada. It sells its merchandise through company-owned specialty retail stores in the United States Canada and the United Kingdom which are primarily mall-based and through its Websites and other channels.

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