California Public Employees Retirement System Sells 127,345 Shares of Lululemon Athletica inc. (LULU)
California Public Employees Retirement System decreased its position in Lululemon Athletica inc. (NASDAQ:LULU) by 35.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 233,862 shares of the apparel retailer’s stock after selling 127,345 shares during the quarter. California Public Employees Retirement System’s holdings in Lululemon Athletica were worth $38,323,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Optimum Investment Advisors increased its position in Lululemon Athletica by 2,052.2% in the fourth quarter. Optimum Investment Advisors now owns 1,442 shares of the apparel retailer’s stock worth $175,000 after buying an additional 1,375 shares in the last quarter. Jennison Associates LLC purchased a new stake in Lululemon Athletica in the fourth quarter worth about $314,834,000. Meeder Asset Management Inc. increased its position in Lululemon Athletica by 9.2% in the fourth quarter. Meeder Asset Management Inc. now owns 8,070 shares of the apparel retailer’s stock worth $981,000 after buying an additional 680 shares in the last quarter. Gateway Investment Advisers LLC increased its position in Lululemon Athletica by 60.3% in the fourth quarter. Gateway Investment Advisers LLC now owns 115,386 shares of the apparel retailer’s stock worth $14,032,000 after buying an additional 43,389 shares in the last quarter. Finally, First Foundation Advisors purchased a new stake in Lululemon Athletica in the fourth quarter worth about $1,216,000. 80.26% of the stock is currently owned by institutional investors.
LULU has been the subject of a number of analyst reports. Cowen upped their price target on Lululemon Athletica from $190.00 to $192.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Canaccord Genuity set a $186.00 price target on Lululemon Athletica and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Wedbush cut Lululemon Athletica from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $176.00 to $155.00 in a research report on Friday, March 22nd. MKM Partners upped their price target on Lululemon Athletica from $179.00 to $189.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Finally, Bank of America upped their price target on Lululemon Athletica from $185.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $174.90.
Lululemon Athletica (NASDAQ:LULU) last released its earnings results on Wednesday, March 27th. The apparel retailer reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.11. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Lululemon Athletica had a return on equity of 35.49% and a net margin of 14.71%. The firm’s revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the business posted $1.33 earnings per share. As a group, analysts forecast that Lululemon Athletica inc. will post 4.65 EPS for the current fiscal year.
Lululemon Athletica declared that its board has authorized a stock repurchase plan on Wednesday, March 27th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the apparel retailer to buy up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Lululemon Athletica news, COO Stuart Haselden sold 49,319 shares of the firm’s stock in a transaction that occurred on Friday, March 29th. The stock was sold at an average price of $164.62, for a total transaction of $8,118,893.78. Following the completion of the transaction, the chief operating officer now owns 24,685 shares in the company, valued at approximately $4,063,644.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michelle Sun Choe sold 6,170 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $170.92, for a total value of $1,054,576.40. Following the transaction, the insider now owns 11,294 shares of the company’s stock, valued at approximately $1,930,370.48. The disclosure for this sale can be found here. Insiders have sold a total of 519,344 shares of company stock valued at $79,873,942 in the last 90 days. 0.32% of the stock is currently owned by company insiders.
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About Lululemon Athletica
lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women, men, and female youth. It operates through two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits; and athletic wear for female youth.
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