CIBC Asset Management Inc Increases Holdings in The Kroger Co. (NYSE:KR)

CIBC Asset Management Inc boosted its position in The Kroger Co. (NYSE:KR) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,121 shares of the company’s stock after buying an additional 3,030 shares during the period. CIBC Asset Management Inc’s holdings in Kroger were worth $7,345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of KR. Northwest Investment Counselors LLC purchased a new position in shares of Kroger during the 3rd quarter valued at about $34,000. Adirondack Trust Co. grew its holdings in Kroger by 1,628.1% during the fourth quarter. Adirondack Trust Co. now owns 553 shares of the company’s stock worth $34,000 after acquiring an additional 521 shares during the period. Crews Bank & Trust purchased a new position in Kroger during the fourth quarter valued at approximately $39,000. McClarren Financial Advisors Inc. acquired a new position in Kroger in the fourth quarter valued at approximately $39,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Kroger in the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 80.93% of the company’s stock.

Kroger Stock Up 0.2 %

Shares of NYSE KR opened at $65.41 on Thursday. The stock has a market cap of $47.33 billion, a PE ratio of 17.31, a P/E/G ratio of 2.88 and a beta of 0.47. The company has a current ratio of 1.54, a quick ratio of 1.07 and a debt-to-equity ratio of 1.74. The Kroger Co. has a 12-month low of $46.96 and a 12-month high of $66.18. The company has a 50-day moving average of $61.60 and a 200 day moving average of $58.03.

Kroger (NYSE:KR) last posted its quarterly earnings results on Thursday, December 5th. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Kroger had a return on equity of 27.73% and a net margin of 1.85%. The business had revenue of $33.63 billion during the quarter, compared to analyst estimates of $34.19 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts predict that The Kroger Co. will post 4.44 EPS for the current fiscal year.

Kroger announced that its Board of Directors has initiated a share repurchase plan on Wednesday, December 11th that permits the company to repurchase $7.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 16.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Kroger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.28 annualized dividend and a dividend yield of 1.96%. Kroger’s payout ratio is 33.86%.

Insider Activity at Kroger

In other news, CFO Todd A. Foley sold 16,932 shares of the company’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $61.44, for a total value of $1,040,302.08. Following the transaction, the chief financial officer now owns 53,782 shares of the company’s stock, valued at $3,304,366.08. This represents a 23.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Yael Cosset sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $58.39, for a total value of $1,167,800.00. Following the sale, the senior vice president now directly owns 144,620 shares of the company’s stock, valued at $8,444,361.80. The trade was a 12.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 195,448 shares of company stock valued at $12,143,923. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

KR has been the subject of several recent research reports. Roth Mkm lifted their target price on shares of Kroger from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Jefferies Financial Group raised shares of Kroger from a “hold” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $73.00 in a report on Tuesday, December 3rd. UBS Group increased their target price on shares of Kroger from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Citigroup reaffirmed a “neutral” rating and issued a $61.00 price target on shares of Kroger in a report on Friday, January 24th. Finally, Wells Fargo & Company raised their price objective on Kroger from $70.00 to $73.00 and gave the company an “overweight” rating in a report on Thursday, December 12th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Kroger currently has an average rating of “Moderate Buy” and an average target price of $67.19.

Kroger Company Profile

The Kroger Co operates as a food and drug retailer in the United States. The company operates combination food and drug stores, multi-department stores, marketplace stores, and price impact warehouses. 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.