Birkenstock Holding PLC $BIRK Shares Sold by Millennium Management LLC

Key Points

• Millennium Management LLC has sold 460,751 shares of Birkenstock Holding PLC, resulting in a 45.3% reduction in its holdings, bringing its ownership down to approximately 555,884 shares worth about $25.5 million.
• Several institutional investors, including PNC Financial, Bank of New York Mellon, and Principal Financial Group, significantly increased their stakes in Birkenstock during the same quarter.
• Birkenstock's recent quarterly earnings surpassed expectations, reporting a revenue of $749.13 million, leading analysts to set a consensus price target of $68.58 for the stock.

Millennium Management LLC decreased its holdings in Birkenstock Holding PLC (NYSE:BIRK - Free Report) by 45.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 555,884 shares of the company's stock after selling 460,751 shares during the quarter. Millennium Management LLC owned approximately 0.30% of Birkenstock worth $25,487,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Interval Partners LP bought a new position in shares of Birkenstock during the 1st quarter worth approximately $10,918,000. EFG Asset Management North America Corp. bought a new position in shares of Birkenstock during the first quarter valued at about $2,541,000. Cinctive Capital Management LP lifted its holdings in Birkenstock by 141.2% during the first quarter. Cinctive Capital Management LP now owns 165,487 shares of the company's stock worth $7,588,000 after acquiring an additional 96,870 shares during the period. Concorde Asset Management LLC bought a new stake in Birkenstock in the first quarter worth about $326,000. Finally, AQR Capital Management LLC raised its stake in Birkenstock by 53.1% in the 1st quarter. AQR Capital Management LLC now owns 14,954 shares of the company's stock valued at $686,000 after acquiring an additional 5,189 shares during the period. 19.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BIRK has been the topic of a number of research analyst reports. UBS Group set a $77.00 target price on Birkenstock and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $70.00 price objective on shares of Birkenstock in a research report on Thursday, August 14th. William Blair reiterated an "outperform" rating on shares of Birkenstock in a research note on Tuesday, June 3rd. Finally, The Goldman Sachs Group raised Birkenstock from a "neutral" rating to a "buy" rating and set a $60.00 price target on the stock in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company. According to MarketBeat, Birkenstock currently has an average rating of "Buy" and an average price target of $68.58.

Birkenstock Price Performance

NYSE BIRK traded down $0.01 during mid-day trading on Wednesday, hitting $45.65. The stock had a trading volume of 260,420 shares, compared to its average volume of 1,908,647. The firm's 50 day moving average is $49.67 and its 200 day moving average is $49.79. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 1.03 and a beta of 1.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.78 and a quick ratio of 1.29. Birkenstock Holding PLC has a twelve month low of $40.56 and a twelve month high of $62.66.

Birkenstock (NYSE:BIRK - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.03. The firm had revenue of $749.13 million during the quarter, compared to analysts' expectations of $641.18 million. Birkenstock had a net margin of 15.21% and a return on equity of 11.52%. Birkenstock's revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business earned $0.40 earnings per share. Birkenstock has set its FY 2025 guidance at EPS. Equities research analysts forecast that Birkenstock Holding PLC will post 1.77 earnings per share for the current fiscal year.

About Birkenstock

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.