Westfield Capital Management Co. LP Purchases Shares of 1,572,685 Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• Westfield Capital Management Co. LP has made a significant investment in Birkenstock Holding PLC, acquiring approximately 1,572,685 shares, valued at around $72 million, representing 0.84% of the company.
• Birkenstock's recent earnings report showed an 8.33% increase in earnings per share (EPS), surpassing estimates, with a revenue increase of 19.3% compared to the previous year.
• Several analysts have raised their price targets for Birkenstock, with firms like BMO Capital Markets increasing their target to $75.00, indicating a positive outlook for the stock.

Westfield Capital Management Co. LP acquired a new position in Birkenstock Holding PLC (NYSE:BIRK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,572,685 shares of the company's stock, valued at approximately $72,108,000. Westfield Capital Management Co. LP owned about 0.84% of Birkenstock at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in Birkenstock by 37.6% in 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 position in shares of Birkenstock by 23.3% during the first quarter. Bank of New York Mellon Corp now owns 160,030 shares of the company's stock worth $7,337,000 after purchasing an additional 30,222 shares in the last quarter. TD Asset Management Inc boosted its position in Birkenstock by 30.8% in the 1st quarter. TD Asset Management Inc now owns 412,572 shares of the company's stock valued at $18,916,000 after buying an additional 97,200 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Birkenstock during the fourth quarter valued at $283,000. Finally, Handelsbanken Fonder AB grew its stake in shares of Birkenstock by 118.8% during the first quarter. Handelsbanken Fonder AB now owns 15,100 shares of the company's stock worth $692,000 after purchasing an additional 8,200 shares during the period. 19.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BIRK shares. Stifel Nicolaus increased their price target on Birkenstock from $62.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Robert W. Baird increased their target price on Birkenstock from $65.00 to $70.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. UBS Group set a $77.00 target price on shares of Birkenstock and gave the stock a "buy" rating in a report on Tuesday. William Blair reiterated an "outperform" rating on shares of Birkenstock in a report on Tuesday, June 3rd. Finally, Telsey Advisory Group restated an "outperform" rating and set a $70.00 price objective on shares of Birkenstock in a report on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $68.58.

Birkenstock Trading Down 0.6%

Shares of Birkenstock stock traded down $0.31 during trading on Friday, hitting $48.20. The company's stock had a trading volume of 1,235,587 shares, compared to its average volume of 1,898,700. The stock has a market cap of $9.05 billion, a price-to-earnings ratio of 33.94, a price-to-earnings-growth ratio of 1.17 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. Birkenstock Holding PLC has a 52 week low of $40.56 and a 52 week high of $64.78. The stock has a 50-day moving average price of $50.97 and a two-hundred day moving average price of $51.04.

Birkenstock (NYSE:BIRK - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.01. The company had revenue of $623.54 million for the quarter, compared to analyst estimates of $567.84 million. Birkenstock had a return on equity of 10.22% and a net margin of 12.86%. The firm's quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. Equities research analysts anticipate that Birkenstock Holding PLC will post 1.77 EPS for the current fiscal year.

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.