Estee Lauder slips on $1 bln secondary offering by Lauder heir's family

Shares of cosmetics maker Estee Lauder EL.N down 2.1% before the bell at $90.90 after overnight secondary offering priced

EL late Tues announced sale of ~11.3 mln shares by trusts affiliated with descendants of Leonard Lauder, who died on June 14, at $90 for gross proceeds of ~$1 bln

Offering price represents 3.1% discount to stock's last close

Selling stockholders intend to use offering proceeds to help settle Leonard Lauder’s estate, including paying estate taxes and other obligations, per the statement

Post offering, members of the Lauder family will beneficially own, directly or indirectly, 82% of the outstanding voting power of EL's stock

EL has ~360.3 mln shares outstanding

JP Morgan is sole underwriter of the offering

Through Tues close, EL stock up ~24% YTD

Co early last Thurs posted qtrly results beat on robust growth in its fragrance business

20 of 28 analysts rate EL "hold", rest rate "strong buy" or "buy"; median PT of $105 up from $90 a month ago, per LSEG data