Royal Bank of Canada Cuts Holdings in Ulta Beauty Inc (NASDAQ:ULTA)
Royal Bank of Canada trimmed its holdings in shares of Ulta Beauty Inc (NASDAQ:ULTA) by 20.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 93,400 shares of the specialty retailer’s stock after selling 23,837 shares during the period. Royal Bank of Canada owned approximately 0.17% of Ulta Beauty worth $16,411,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Ulta Beauty by 0.5% in the 1st quarter. BlackRock Inc. now owns 4,022,059 shares of the specialty retailer’s stock worth $706,676,000 after buying an additional 18,600 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt boosted its stake in shares of Ulta Beauty by 44.8% in the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,003,605 shares of the specialty retailer’s stock worth $176,323,000 after buying an additional 310,605 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Ulta Beauty by 1.2% in the 1st quarter. Geode Capital Management LLC now owns 917,963 shares of the specialty retailer’s stock worth $160,984,000 after buying an additional 10,829 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in shares of Ulta Beauty by 2.2% in the 1st quarter. Champlain Investment Partners LLC now owns 808,785 shares of the specialty retailer’s stock worth $142,104,000 after buying an additional 17,750 shares during the last quarter. Finally, Atlanta Capital Management Co. L L C purchased a new position in shares of Ulta Beauty in the 1st quarter worth $109,436,000. Institutional investors and hedge funds own 86.96% of the company’s stock.
In other news, insider Jeffrey J. Childs sold 3,494 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $238.41, for a total transaction of $833,004.54. Also, Director Catherine Ann Halligan sold 500 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $256.55, for a total transaction of $128,275.00. Following the sale, the director now directly owns 2,750 shares in the company, valued at $705,512.50. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.
Ulta Beauty (NASDAQ:ULTA) last announced its quarterly earnings data on Thursday, May 28th. The specialty retailer reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($2.00). The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Ulta Beauty had a net margin of 6.37% and a return on equity of 24.36%. Ulta Beauty’s quarterly revenue was down 32.7% compared to the same quarter last year. During the same period last year, the firm earned $3.26 earnings per share. On average, equities analysts forecast that Ulta Beauty Inc will post 4.89 earnings per share for the current year.
Ulta Beauty announced that its board has approved a stock repurchase plan on Thursday, March 12th that allows the company to repurchase $1.60 billion in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
ULTA has been the topic of a number of research reports. Stifel Nicolaus dropped their price target on Ulta Beauty from $230.00 to $220.00 and set a “hold” rating on the stock in a research note on Friday, March 13th. Piper Sandler reaffirmed a “buy” rating and issued a $275.00 target price on shares of Ulta Beauty in a report on Wednesday, June 17th. Barclays raised Ulta Beauty from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $263.00 to $276.00 in a report on Friday, June 19th. Robert W. Baird decreased their target price on Ulta Beauty from $315.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, March 13th. Finally, Cowen raised their target price on Ulta Beauty from $235.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $258.41.
Ulta Beauty Profile
Ulta Beauty, Inc operates as a beauty retailer in the United States. The company's stores offer cosmetics, fragrances, skincare and haircare products, bath and body products, and salon styling tools; salon services, including hair, skin, makeup, and brow services; and others, including nail products and accessories.
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