JPMorgan Chase & Co. Cuts Bath & Body Works (NYSE:BBWI) Price Target to $41.00

Bath & Body Works (NYSE:BBWI) had its target price trimmed by JPMorgan Chase & Co. from $47.00 to $41.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on BBWI. Piper Sandler raised Bath & Body Works from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $38.00 to $35.00 in a research note on Wednesday, April 9th. Raymond James reissued an “outperform” rating and issued a $46.00 target price (up previously from $42.00) on shares of Bath & Body Works in a report on Tuesday, February 25th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $43.00 price target on shares of Bath & Body Works in a research note on Thursday, February 27th. Cowen reiterated a “buy” rating on shares of Bath & Body Works in a report on Thursday, February 27th. Finally, Robert W. Baird boosted their price objective on shares of Bath & Body Works from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Bath & Body Works has a consensus rating of “Moderate Buy” and an average price target of $43.69.

Bath & Body Works Price Performance

Bath & Body Works stock opened at $27.57 on Monday. The business has a 50 day simple moving average of $32.43 and a 200-day simple moving average of $33.89. Bath & Body Works has a 12 month low of $24.96 and a 12 month high of $52.99. The stock has a market capitalization of $5.91 billion, a PE ratio of 6.72, a price-to-earnings-growth ratio of 0.92 and a beta of 1.69.

Bath & Body Works (NYSE:BBWI) last released its earnings results on Thursday, February 27th. The company reported $2.09 EPS for the quarter, topping the consensus estimate of $2.04 by $0.05. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Bath & Body Works had a net margin of 12.43% and a negative return on equity of 44.03%. As a group, equities research analysts anticipate that Bath & Body Works will post 3.3 EPS for the current year.

Bath & Body Works announced that its board has approved a share repurchase program on Thursday, February 27th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Bath & Body Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.80 annualized dividend and a dividend yield of 2.90%. Bath & Body Works’s dividend payout ratio is currently 21.98%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bath & Body Works by 32.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,784 shares of the company’s stock worth $2,046,000 after buying an additional 12,964 shares in the last quarter. Wellington Management Group LLP acquired a new position in Bath & Body Works in the 3rd quarter valued at $8,129,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bath & Body Works by 13.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,704,625 shares of the company’s stock worth $66,088,000 after purchasing an additional 195,813 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Bath & Body Works in the fourth quarter valued at $1,350,000. Finally, Alliancebernstein L.P. increased its stake in Bath & Body Works by 35.6% in the fourth quarter. Alliancebernstein L.P. now owns 5,178,447 shares of the company’s stock valued at $200,768,000 after purchasing an additional 1,360,264 shares during the last quarter. Institutional investors and hedge funds own 95.14% of the company’s stock.

Bath & Body Works Company Profile

Bath & Body Works, Inc is a specialty retailers and home to America’s Favorite Fragrances, offering a breadth of exclusive fragrances for the body and home, including the selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap.