PNC Financial Services Group Inc. Has $403,000 Position in Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• PNC Financial Services Group Inc. significantly increased its stake in Birkenstock Holding PLC, raising its holdings by 2,514.6% and owning 8,785 shares worth $403,000.
• Birkenstock recently reported a 19.3% increase in revenue year-over-year, with earnings per share of $0.58, surpassing analyst expectations.
• Wall Street analysts have generally rated Birkenstock positively, with a consensus price target of $68.58 and several brokerages recommending a "buy" rating.

PNC Financial Services Group Inc. lifted its holdings in shares of Birkenstock Holding PLC (NYSE:BIRK - Free Report) by 2,514.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,785 shares of the company's stock after purchasing an additional 8,449 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Birkenstock were worth $403,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BIRK. Signaturefd LLC boosted its position in Birkenstock by 66.5% during the first quarter. Signaturefd LLC now owns 841 shares of the company's stock valued at $39,000 after purchasing an additional 336 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Birkenstock by 12.3% during the fourth quarter. Legal & General Group Plc now owns 3,158 shares of the company's stock worth $179,000 after purchasing an additional 347 shares during the period. Malaga Cove Capital LLC increased its stake in shares of Birkenstock by 3.5% during the fourth quarter. Malaga Cove Capital LLC now owns 12,108 shares of the company's stock worth $686,000 after purchasing an additional 407 shares during the period. Quarry LP increased its stake in shares of Birkenstock by 120.3% during the fourth quarter. Quarry LP now owns 1,097 shares of the company's stock worth $62,000 after purchasing an additional 599 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Birkenstock by 4.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 14,778 shares of the company's stock worth $837,000 after purchasing an additional 688 shares during the period. 19.93% of the stock is currently owned by institutional investors.

Birkenstock Trading Down 3.6%

NYSE BIRK opened at $48.41 on Friday. The business's 50-day moving average price is $50.35 and its two-hundred day moving average price is $50.69. Birkenstock Holding PLC has a 12 month low of $40.56 and a 12 month high of $64.78. The firm has a market capitalization of $9.09 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 1.20 and a beta of 1.31. The company has a current ratio of 3.06, a quick ratio of 1.34 and a debt-to-equity ratio of 0.47.

Birkenstock (NYSE:BIRK - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.57 by $0.01. Birkenstock had a return on equity of 10.22% and a net margin of 12.86%. The company had revenue of $623.54 million for the quarter, compared to analyst estimates of $567.84 million. During the same quarter in the prior year, the company earned $0.38 EPS. The firm's revenue for the quarter was up 19.3% compared to the same quarter last year. On average, analysts expect that Birkenstock Holding PLC will post 1.77 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BIRK. William Blair reiterated an "outperform" rating on shares of Birkenstock in a research note on Tuesday, June 3rd. Stifel Nicolaus raised their price objective on Birkenstock from $62.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. BMO Capital Markets raised their price objective on Birkenstock from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. The Goldman Sachs Group upgraded Birkenstock from a "neutral" rating to a "buy" rating and set a $60.00 price objective on the stock in a research note on Thursday, July 24th. Finally, UBS Group set a $77.00 price target on Birkenstock and gave the company a "buy" rating in a research note on Tuesday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $68.58.

Birkenstock Profile

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.

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