Bank of America Corp DE Raises Holdings in Victoria's Secret & Co. $VSXY

Key Points

• Bank of America increased its Victoria’s Secret stake by 61.9% in the first quarter, owning 632,358 shares valued at approximately $29.3 million, or 0.8% of the company.
• Institutional investors collectively own 90.29% of VSXY. Analysts maintain a “Moderate Buy” consensus, with an average price target of $88.70, although ratings range from Strong Buy to Hold.
• Victoria’s Secret exceeded quarterly expectations, reporting $0.60 in earnings per share versus the $0.29 consensus and revenue of $1.56 billion versus estimates of $1.52 billion; however, insiders sold 2.5 million shares worth about $212.4 million during the quarter.

Bank of America Corp DE increased its stake in shares of Victoria's Secret & Co. (NYSE:VSXY - Free Report) by 61.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 632,358 shares of the company's stock after purchasing an additional 241,660 shares during the period. Bank of America Corp DE owned 0.80% of Victoria's Secret & Co. worth $29,316,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Victoria's Secret & Co. during the fourth quarter worth about $33,000. Parallel Advisors LLC lifted its stake in shares of Victoria's Secret & Co. by 666.7% during the first quarter. Parallel Advisors LLC now owns 621 shares of the company's stock valued at $29,000 after buying an additional 540 shares during the period. Hantz Financial Services Inc. boosted its position in Victoria's Secret & Co. by 104.3% during the fourth quarter. Hantz Financial Services Inc. now owns 811 shares of the company's stock worth $44,000 after acquiring an additional 414 shares during the last quarter. DV Equities LLC acquired a new stake in Victoria's Secret & Co. during the fourth quarter worth approximately $49,000. Finally, Leonteq Securities AG purchased a new stake in Victoria's Secret & Co. in the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors own 90.29% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on VSXY shares. The Goldman Sachs Group boosted their price target on Victoria's Secret & Co. from $56.00 to $84.00 and gave the company a "neutral" rating in a report on Wednesday, June 3rd. Morgan Stanley reaffirmed an "overweight" rating and issued a $99.00 price objective on shares of Victoria's Secret & Co. in a research report on Monday, July 6th. Barclays upped their target price on Victoria's Secret & Co. from $67.00 to $108.00 and gave the company an "overweight" rating in a research note on Wednesday, June 3rd. Bank of America upgraded Victoria's Secret & Co. from a "neutral" rating to a "buy" rating and increased their target price for the stock from $58.00 to $68.00 in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group lowered Victoria's Secret & Co. from a "buy" rating to a "hold" rating and raised their price target for the stock from $65.00 to $73.00 in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $88.70.

Insider Activity at Victoria's Secret & Co.

In related news, major shareholder International Pte Ltd Bbrc sold 1,107,672 shares of Victoria's Secret & Co. stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $80.11, for a total transaction of $88,735,603.92. Following the transaction, the insider owned 9,202,959 shares in the company, valued at approximately $737,249,045.49. The trade was a 10.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 2,500,000 shares of company stock valued at $212,353,716. Company insiders own 0.52% of the company's stock.

Victoria's Secret & Co. Price Performance

VSXY stock opened at $88.94 on Friday. The company has a market cap of $7.06 billion, a PE ratio of 47.82, a price-to-earnings-growth ratio of 0.70 and a beta of 2.06. The company has a current ratio of 1.26, a quick ratio of 0.41 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average price of $83.82 and a two-hundred day moving average price of $63.94. Victoria's Secret & Co. has a 12-month low of $21.23 and a 12-month high of $102.46.

Victoria's Secret & Co. (NYSE:VSXY - Get Free Report) last released its quarterly earnings data on Tuesday, June 2nd. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.31. Victoria's Secret & Co. had a return on equity of 38.03% and a net margin of 3.11%.The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company posted $0.09 EPS. As a group, research analysts predict that Victoria's Secret & Co. will post 4.67 EPS for the current year.

About Victoria's Secret & Co.

Victoria’s Secret & Co is a leading designer, manufacturer and marketer of intimate apparel, beauty products and accessories for women. The company operates a portfolio of brands that includes Victoria’s Secret, renowned for its lingerie, bras and sleepwear; PINK, a line targeting younger consumers with activewear and lifestyle products; and Victoria’s Secret Beauty, offering fragrances, cosmetics and personal care items. Products are sold through retail stores as well as direct-to-consumer channels, including e-commerce platforms and mobile applications.

The origins of Victoria’s Secret date back to 1977, when founders Roy and Gaye Raymond opened the first store in San Francisco.

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