Empire (TSE:EMP.A) Price Target Increased to C$44.00 by Analysts at Desjardins

Empire (TSE:EMP.A) had its price target hoisted by Desjardins from C$42.00 to C$44.00 in a report issued on Friday, BayStreet.CA reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued reports about the company. BMO Capital Markets boosted their price target on Empire from C$40.00 to C$43.00 and gave the stock a market perform rating in a report on Friday. National Bankshares boosted their price target on Empire from C$41.00 to C$42.00 in a report on Thursday, August 29th. Royal Bank of Canada lifted their price objective on Empire from C$41.00 to C$42.00 and gave the stock a sector perform rating in a research note on Friday. TD Securities lifted their price objective on Empire from C$38.00 to C$44.00 and gave the stock a hold rating in a research note on Friday. Finally, CIBC lifted their price objective on Empire from C$40.00 to C$47.00 and gave the stock an outperform rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of C$43.14.

Empire Stock Performance

The business has a 50 day simple moving average of C$37.03 and a 200 day simple moving average of C$34.48. The company has a current ratio of 0.80, a quick ratio of 0.29 and a debt-to-equity ratio of 134.59. Empire has a twelve month low of C$31.45 and a twelve month high of C$41.38. The stock has a market cap of C$5.68 billion, a PE ratio of 13.55, a PEG ratio of 16.20 and a beta of 0.47.

Empire Increases Dividend

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

Insider Activity at Empire

In related news, Director William Linton sold 7,058 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of C$34.39, for a total transaction of C$242,690.74. Following the sale, the director now owns 875 shares in the company, valued at approximately C$30,087.05. In related news, Senior Officer Pierre St-Laurent sold 3,000 shares of the stock in a transaction 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. Also, Director William Linton sold 7,058 shares of the stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$34.39, for a total value of C$242,690.74. Following the sale, the director now owns 875 shares in the company, valued at approximately C$30,087.05. In the last 90 days, insiders have sold 14,294 shares of company stock worth $504,880. Company 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.