BMO Capital Markets Raises Empire (TSE:EMP.A) Price Target to C$40.00

Empire (TSE:EMP.A) had its price objective lifted by BMO Capital Markets from C$35.00 to C$40.00 in a research report released on Tuesday morning, BayStreet.CA reports.

A number of other analysts have also recently commented on the company. Desjardins boosted their price objective on Empire from C$38.00 to C$40.00 and gave the company a buy rating in a research report on Monday, June 24th. Royal Bank of Canada dropped their price target on shares of Empire from C$42.00 to C$41.00 and set a sector perform rating on the stock in a research note on Friday, June 21st. TD Securities upped their price objective on shares of Empire from C$36.00 to C$38.00 and gave the stock a hold rating in a research report on Monday, June 24th. Finally, National Bankshares lifted their target price on shares of Empire from C$41.00 to C$42.00 in a research report on Thursday, August 29th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of C$39.57.

Empire Price Performance

TSE:EMP.A opened at C$38.58 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.80 and a debt-to-equity ratio of 134.59. Empire has a 52 week low of C$31.45 and a 52 week high of C$40.69. The stock’s 50-day moving average price is C$36.56 and its 200-day moving average price is C$34.29. The stock has a market capitalization of C$5.54 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 16.20 and a beta of 0.47.

Empire Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 31st were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Monday, July 15th. This is a positive change from Empire’s previous quarterly dividend of $0.18. Empire’s payout ratio is presently 27.40%.

Insider Activity at Empire

In other Empire news, Senior Officer Vivek Sood sold 4,236 shares of Empire stock in a transaction on Friday, July 19th. The stock was sold at an average price of C$36.17, for a total value of C$153,228.83. Following the sale, the insider now owns 381 shares in the company, valued at C$13,781.91. In other Empire news, Senior Officer Vivek Sood sold 4,236 shares of Empire stock in a transaction dated Friday, July 19th. The shares were sold at an average price of C$36.17, for a total transaction of C$153,228.83. Following the completion of the sale, the insider now directly owns 381 shares in the company, valued at C$13,781.91. Also, Senior Officer Pierre St-Laurent sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of C$36.32, for a total transaction of C$108,960.00. Over the last three months, insiders have sold 14,294 shares of company stock worth $504,880. Insiders own 2.15% of the company’s stock.

Empire Company Profile

Empire Company Limited, together with its subsidiaries, engages in the food retail and related real estate businesses in Canada. It operates through two segments, Food Retailing, and Investments and Other Operations. The company owns, affiliates, and franchises approximately 1,500 retail stores under various retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawtons Drugs; and approximately 350 retail fuel locations.