State of Michigan Retirement System Raises Holdings in Ulta Magnificence, Inc. (NASDAQ:ULTA)

Daily SF NewsApril 4, 2024

0 0 5 minutes read

State of Michigan Retirement System grew its position in shares of Ulta Beauty, Inc. (NASDAQ:ULTA – Free Report) by 0.6% in the fourth quarter, HoldingsChannel reports. The firm owned 16,053 shares of the specialty retailer’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Ulta Beauty were worth $7,866,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Bradley Foster & Sargent Inc. CT grew its position in shares of Ulta Beauty by 1.6% during the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 1,260 shares of the specialty retailer’s stock valued at $591,000 after purchasing an additional 20 shares in the last quarter. Raleigh Capital Management Inc. grew its position in shares of Ulta Beauty by 4.3% during the third quarter. Raleigh Capital Management Inc. now owns 535 shares of the specialty retailer’s stock valued at $214,000 after purchasing an additional 22 shares in the last quarter. Pathstone Family Office LLC grew its position in shares of Ulta Beauty by 0.8% during the fourth quarter. Pathstone Family Office LLC now owns 2,852 shares of the specialty retailer’s stock valued at $1,338,000 after purchasing an additional 22 shares in the last quarter. Pinnacle Associates Ltd. grew its position in shares of Ulta Beauty by 0.8% during the fourth quarter. Pinnacle Associates Ltd. now owns 2,828 shares of the specialty retailer’s stock valued at $1,386,000 after purchasing an additional 23 shares in the last quarter. Finally, Wetherby Asset Management Inc. grew its position in shares of Ulta Beauty by 4.9% during the first quarter. Wetherby Asset Management Inc. now owns 491 shares of the specialty retailer’s stock valued at $268,000 after purchasing an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 90.39% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on ULTA. Telsey Advisory Group reiterated an “outperform” rating and issued a $600.00 price target on shares of Ulta Beauty in a research report on Friday, March 15th. Piper Sandler lifted their price target on Ulta Beauty from $635.00 to $665.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Barclays lifted their price target on Ulta Beauty from $583.00 to $612.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Evercore ISI dropped their price target on Ulta Beauty from $656.00 to $635.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Finally, Morgan Stanley lifted their price target on Ulta Beauty from $480.00 to $525.00 and gave the stock an “equal weight” rating in a research report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ulta Beauty has a consensus rating of “Moderate Buy” and an average target price of $576.70.

Read Our Latest Report on ULTA

Ulta Beauty Stock Performance

Ulta Beauty stock opened at $439.98 on Thursday. The company has a 50 day moving average price of $528.84 and a 200-day moving average price of $465.14. Ulta Beauty, Inc. has a fifty-two week low of $368.02 and a fifty-two week high of $574.76. The company has a market capitalization of $21.24 billion, a PE ratio of 16.89, a P/E/G ratio of 2.05 and a beta of 1.30.

Ulta Beauty (NASDAQ:ULTA – Get Free Report) last posted its quarterly earnings results on Thursday, March 14th. The specialty retailer reported $8.08 earnings per share for the quarter, beating the consensus estimate of $7.49 by $0.59. Ulta Beauty had a net margin of 11.52% and a return on equity of 61.64%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the previous year, the firm posted $6.68 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. On average, analysts forecast that Ulta Beauty, Inc. will post 26.94 earnings per share for the current year.

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

Insider Buying and Selling

In related news, COO Kecia Steelman sold 20,950 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $526.39, for a total value of $11,027,870.50. Following the completion of the transaction, the chief operating officer now owns 10,494 shares of the company’s stock, valued at $5,523,936.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Catherine Ann Halligan sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $526.26, for a total value of $263,130.00. Following the completion of the transaction, the director now owns 1,665 shares of the company’s stock, valued at $876,222.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kecia Steelman sold 20,950 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $526.39, for a total transaction of $11,027,870.50. Following the completion of the transaction, the chief operating officer now directly owns 10,494 shares of the company’s stock, valued at approximately $5,523,936.66. The disclosure for this sale can be found here. Insiders sold 24,552 shares of company stock valued at $12,920,326 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Ulta Beauty Profile

(Free Report)

Ulta Beauty, Inc operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services in the United States. It offers broad assortment of branded and private label beauty products including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools; and salon services, including hair, skin, makeup, and brow services, as well as nail services.