Bank of Montreal Adjusts Stake in Ulta Beauty
Bank of Montreal Can has recently informed the Securities and Exchange Commission (SEC) about its decision to reduce its holdings in shares of Ulta Beauty, Inc. by a substantial 32.6% during the third quarter of the year. As of the end of this quarter, the fund held 88,774 shares of the beauty retailer after divesting 43,024 shares. This adjustment signifies that Bank of Montreal Can retains an ownership stake in Ulta valued at approximately $35,866,000, accounting for about 0.19% of the company’s total shares.
Recent Investment Activity in Ulta Beauty
In addition to Bank of Montreal’s reduction in stakes, other hedge funds have also been adjusting their positions regarding Ulta Beauty recently. Notably, LRI Investments LLC entered the stock for the first time during the first quarter, investing $31,000 into the firm. UMB Bank n.a. significantly increased its position by 83.3% in the second quarter, now owning 66 shares worth approximately $25,000 after purchasing an additional 30 shares in the latest quarter. Meanwhile, Innealta Capital LLC and Paladin Wealth LLC also initiated new positions valued at $32,000 each in Ulta Beauty during the same timeframe.
Currently, institutional investors and hedge funds make up a large portion, holding 90.39% of the beauty retailer’s stock.
Ulta Beauty Sees Stock Movement
On Friday, shares of NASDAQ:ULTA experienced an uptick of 4.1%, opening at $375.25. The company has demonstrated notable price fluctuations over the past year, recording a low of $318.17 and a high of $574.76. With a current market capitalization standing at $17.68 billion, Ulta Beauty also maintains a P/E ratio of 15.06 and a price-to-earnings-growth ratio of 2.08.
Analysts’ Perspectives on Ulta Beauty
The recent earnings results posted on August 29 revealed that Ulta Beauty reported an earnings per share (EPS) of $5.30, falling short of analysts’ expectations of $5.47. The specialty retailer had revenue of $2.55 billion for the quarter, which was slightly below the consensus estimate of $2.61 billion. Year-on-year, revenue has grown by 0.9% and analysts forecast the company will achieve an EPS of 23.07 for the current fiscal year.
Various market analysts have reacted to the stock’s performance, with TD Cowen adjusting its target price from $390 to $380, whereas JPMorgan raised Ulta’s price target from $450 to $472 and maintained an “overweight” recommendation. Meanwhile, Wells Fargo expressed a more conservative view, reducing its target from $325 to $300 with an “underweight” rating.
