TD Asset Management Inc Acquires 97,200 Shares of Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• TD Asset Management Inc increased its stake in Birkenstock Holding PLC by 30.8%, now owning 412,572 shares worth approximately $18.9 million.
• Analysts have a consensus "Buy" rating for the stock, with a target price of $68.50, following strong earnings that exceeded estimates.
• Birkenstock reported a 19.3% year-over-year revenue increase, with earnings per share of $0.58 for the last quarter, beating expectations by $0.01.

TD Asset Management Inc grew its stake in Birkenstock Holding PLC (NYSE:BIRK - Free Report) by 30.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 412,572 shares of the company's stock after buying an additional 97,200 shares during the period. TD Asset Management Inc owned approximately 0.22% of Birkenstock worth $18,916,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Birkenstock by 37.6% during the first quarter. Principal Financial Group Inc. now owns 746,716 shares of the company's stock valued at $34,237,000 after acquiring an additional 203,918 shares during the period. Bank of New York Mellon Corp lifted its holdings in Birkenstock by 23.3% during the 1st quarter. Bank of New York Mellon Corp now owns 160,030 shares of the company's stock worth $7,337,000 after buying an additional 30,222 shares in the last quarter. Norges Bank acquired a new position in shares of Birkenstock in the 4th quarter valued at $131,786,000. Raymond James Financial Inc. acquired a new position in shares of Birkenstock in the 4th quarter valued at $283,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Birkenstock by 118.8% in the 1st quarter. Handelsbanken Fonder AB now owns 15,100 shares of the company's stock valued at $692,000 after purchasing an additional 8,200 shares during the period. Institutional investors and hedge funds own 19.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on BIRK shares. 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 for the company in a report on Thursday, July 24th. Piper Sandler decreased their price objective on Birkenstock from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, April 11th. Evercore ISI raised their target price on shares of Birkenstock from $65.00 to $70.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Finally, William Blair restated an "outperform" rating on shares of Birkenstock in a research report on Tuesday, June 3rd. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $68.50.

Birkenstock Price Performance

BIRK traded down $0.96 during trading on Friday, hitting $49.13. 2,488,282 shares of the stock traded hands, compared to its average volume of 1,990,358. Birkenstock Holding PLC has a twelve month low of $40.56 and a twelve month high of $64.78. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 34.60, a PEG ratio of 1.09 and a beta of 1.31. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.06 and a quick ratio of 1.34. The business has a 50 day moving average price of $51.31 and a 200 day moving average price of $51.25.

Birkenstock (NYSE:BIRK - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.57 by $0.01. The business had revenue of $623.54 million during the quarter, compared to the consensus estimate of $567.84 million. Birkenstock had a net margin of 12.86% and a return on equity of 10.22%. The company's revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 earnings per share. 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.