PNC Monetary Companies Group Inc. Buys 7,425 Shares of Ulta Magnificence, Inc. (NASDAQ:ULTA)

Daily SF NewsJune 19, 2024

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PNC Financial Services Group Inc. raised its position in shares of Ulta Beauty, Inc. (NASDAQ:ULTA – Free Report) by 39.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,323 shares of the specialty retailer’s stock after acquiring an additional 7,425 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.05% of Ulta Beauty worth $12,898,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wahed Invest LLC lifted its position in Ulta Beauty by 6.5% during the fourth quarter. Wahed Invest LLC now owns 835 shares of the specialty retailer’s stock valued at $409,000 after buying an additional 51 shares during the period. Wellington Management Group LLP increased its stake in shares of Ulta Beauty by 3.4% in the 4th quarter. Wellington Management Group LLP now owns 10,130 shares of the specialty retailer’s stock worth $4,964,000 after acquiring an additional 334 shares in the last quarter. Processus Wealth & Capital Management LLC purchased a new position in Ulta Beauty during the 4th quarter valued at about $1,746,000. Congress Asset Management Co. MA boosted its stake in Ulta Beauty by 0.5% during the fourth quarter. Congress Asset Management Co. MA now owns 255,014 shares of the specialty retailer’s stock worth $124,954,000 after acquiring an additional 1,158 shares in the last quarter. Finally, Vima LLC purchased a new stake in Ulta Beauty in the fourth quarter worth about $27,000. Hedge funds and other institutional investors own 90.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ULTA shares. JPMorgan Chase & Co. boosted their price target on Ulta Beauty from $530.00 to $544.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. TD Cowen cut their target price on Ulta Beauty from $520.00 to $500.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Oppenheimer reduced their price target on Ulta Beauty from $500.00 to $475.00 and set an “outperform” rating for the company in a report on Tuesday, May 7th. The Goldman Sachs Group dropped their price target on shares of Ulta Beauty from $605.00 to $476.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 14th. Finally, Jefferies Financial Group reduced their price objective on shares of Ulta Beauty from $438.00 to $412.00 and set a “hold” rating for the company in a research note on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $507.30.

Get Our Latest Stock Report on Ulta Beauty

Ulta Beauty Stock Performance

ULTA stock opened at $382.59 on Wednesday. The company has a market cap of $18.26 billion, a price-to-earnings ratio of 14.92, a P/E/G ratio of 1.69 and a beta of 1.36. The business’s 50-day moving average is $400.01 and its two-hundred day moving average is $468.49. Ulta Beauty, Inc. has a fifty-two week low of $368.02 and a fifty-two week high of $574.76.

Ulta Beauty (NASDAQ:ULTA – Get Free Report) last released its quarterly earnings results on Thursday, May 30th. The specialty retailer reported $6.47 EPS for the quarter, beating the consensus estimate of $6.19 by $0.28. The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.72 billion. Ulta Beauty had a net margin of 11.13% and a return on equity of 58.06%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.88 EPS. Equities analysts predict that Ulta Beauty, Inc. will post 25.76 earnings per share for the current year.

Ulta Beauty declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 7.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Ulta Beauty Profile

(Free Report)

Ulta Beauty, Inc operates as a specialty beauty retailer in the United States. The company offers branded and private label beauty products, including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools through its Ulta Beauty stores, shop-in-shops, Ulta.com website, and its mobile applications.