Stock Repurchase Plan Announced by lululemon athletica (LULU) Board
lululemon athletica (NASDAQ:LULU) announced that its Board of Directors has approved a stock repurchase program, which authorizes the company to repurchase $200.00 million in outstanding shares on Wednesday, December 6th, EventVestor reports. This repurchase authorization authorizes the apparel retailer to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Several analysts have commented on the stock. Cowen reaffirmed an “outperform” rating and issued a $68.00 price objective (up previously from $67.00) on shares of lululemon athletica in a research report on Friday, September 1st. Zacks Investment Research raised shares of lululemon athletica from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research report on Thursday, August 17th. Credit Suisse Group set a $56.00 price objective on shares of lululemon athletica and gave the stock a “hold” rating in a research report on Friday, August 25th. Instinet reaffirmed a “buy” rating and issued a $67.00 price objective (up previously from $65.00) on shares of lululemon athletica in a research report on Friday, September 1st. Finally, Robert W. Baird set a $70.00 price objective on shares of lululemon athletica and gave the stock a “buy” rating in a research report on Tuesday, August 29th. Four analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. lululemon athletica currently has an average rating of “Hold” and an average price target of $68.95.
Shares of lululemon athletica (NASDAQ LULU) traded up $1.30 on Thursday, hitting $67.66. 5,815,200 shares of the stock were exchanged, compared to its average volume of 2,614,103. The company has a market cap of $8,983.88, a price-to-earnings ratio of 30.44, a price-to-earnings-growth ratio of 2.46 and a beta of 0.19. lululemon athletica has a 1 year low of $47.26 and a 1 year high of $72.70.
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lululemon athletica Company Profile
lululemon athletica inc. is a designer, distributor and retailer of athletic apparel. The Company operates through two segments: Company-operated stores and Direct to consumer. It is also engaged in the sale from outlets, showrooms, sales from temporary locations, sales to wholesale accounts, warehouse sales, and license and supply arrangements.
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