Grocery Outlet (NYSE:GO) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

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Grocery Outlet (NYSE:GO) announced its quarterly earnings data on Monday. The company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.03, Briefing.com reports. The firm had revenue of $652.50 million during the quarter, compared to the consensus estimate of $652.60 million. Grocery Outlet’s quarterly revenue was up 13.1% compared to the same quarter last year. Grocery Outlet updated its FY19 guidance to $0.73-$0.74 EPS.

Shares of NYSE:GO traded up $2.27 during trading on Tuesday, hitting $33.27. 62,948 shares of the company traded hands, compared to its average volume of 759,700. The stock has a fifty day simple moving average of $33.04. Grocery Outlet has a one year low of $27.75 and a one year high of $47.57.

In other news, EVP Thomas H. Mcmahon sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $32.72, for a total transaction of $1,636,000.00. Also, CAO Pamela B. Burke sold 26,470 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $32.72, for a total value of $866,098.40. Insiders have sold 12,119,742 shares of company stock valued at $396,557,958 over the last ninety days.

Several brokerages recently weighed in on GO. Deutsche Bank boosted their price objective on Grocery Outlet from $40.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Goldman Sachs Group assumed coverage on Grocery Outlet in a report on Monday, July 15th. They issued a “neutral” rating and a $32.00 price objective for the company. Guggenheim assumed coverage on Grocery Outlet in a report on Monday, July 15th. They set a “neutral” rating for the company. Zacks Investment Research lowered Grocery Outlet from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Jefferies Financial Group set a $51.00 target price on Grocery Outlet and gave the company a “buy” rating in a report on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Grocery Outlet presently has an average rating of “Hold” and an average price target of $39.89.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. owns and operates a chain of grocery stores in the United States. The company offers products in various categories, such as grocery, dairy and deli, produce, refrigerated and frozen, floral, beer and wine, general merchandise, and health and beauty care, as well as fresh meat and seafood; and natural, organic, specialty, and healthy products.

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