State of Michigan Retirement System grew its holdings in Kroger Co (NYSE:KR) by 9.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 200,757 shares of the company’s stock after acquiring an additional 16,881 shares during the period. State of Michigan Retirement System’s holdings in Kroger were worth $6,796,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. First Command Bank acquired a new stake in shares of Kroger in the 1st quarter valued at $27,000. Watson Rebecca acquired a new stake in shares of Kroger in the second quarter worth about $27,000. Synovus Financial Corp boosted its stake in shares of Kroger by 565.8% during the 1st quarter. Synovus Financial Corp now owns 1,012 shares of the company’s stock worth $30,000 after acquiring an additional 860 shares in the last quarter. Optimum Investment Advisors acquired a new position in shares of Kroger during the 1st quarter valued at about $32,000. Finally, PrairieView Partners LLC bought a new position in shares of Kroger in the 1st quarter valued at approximately $33,000. Institutional investors own 77.77% of the company’s stock.
In other news, Director Clyde R. Moore sold 13,000 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $35.24, for a total value of $458,120.00. Following the sale, the director now owns 132,677 shares of the company’s stock, valued at approximately $4,675,537.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO W Rodney Mcmullen sold 85,381 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $31.97, for a total transaction of $2,729,630.57. Following the sale, the chief executive officer now owns 3,097,481 shares of the company’s stock, valued at approximately $99,026,467.57. The disclosure for this sale can be found here. Insiders have sold a total of 224,059 shares of company stock valued at $7,485,124 in the last 90 days. 1.34% of the stock is owned by corporate insiders.
Kroger (NYSE:KR) last posted its quarterly earnings results on Thursday, June 18th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.10. The firm had revenue of $41.55 billion during the quarter, compared to analyst estimates of $40.92 billion. Kroger had a net margin of 1.66% and a return on equity of 24.62%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.72 earnings per share. Sell-side analysts forecast that Kroger Co will post 2.84 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This is a boost from Kroger’s previous quarterly dividend of $0.16. This represents a $2.88 dividend on an annualized basis and a dividend yield of 8.28%. Kroger’s dividend payout ratio is presently 29.09%.
Several equities analysts have commented on KR shares. MKM Partners began coverage on Kroger in a report on Wednesday. They set a “neutral” rating and a $40.00 price target on the stock. CSFB raised their target price on shares of Kroger from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Bank of America boosted their target price on shares of Kroger from $37.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Wells Fargo & Co raised their price target on Kroger from $37.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Citigroup lowered Kroger from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 15th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the stock. Kroger presently has an average rating of “Hold” and a consensus target price of $34.13.
The Kroger Co operates as a retailer in the United States. The company operates supermarkets, multi-department stores, marketplace stores, and price impact warehouse stores. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, pet centers, fresh seafood, and organic produce; and multi-department stores provide apparel, home fashion and furnishings, outdoor living, electronics, automotive products, and toys.
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