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Associated British Foods (LON:ABF) Stock Price Down 12.9% - Here's What Happened

Associated British Foods logo with Consumer Defensive background

Key Points

  • Associated British Foods' shares dropped 12.9% during mid-day trading, trading as low as GBX 1,928.50, significantly increasing the trading volume to approximately 26.9 million shares.
  • Despite the recent decline, analysts maintain mixed outlooks, with Shore Capital issuing a "buy" rating while Deutsche Bank downgraded the stock to "sell" and reduced the target price.
  • The company's strong market presence includes sales of £13.9 billion and operations in 53 countries, highlighting its status as a diversified international group in food and retail.
  • MarketBeat previews top five stocks to own in October.

Shares of Associated British Foods plc (LON:ABF - Get Free Report) dropped 12.9% during mid-day trading on Wednesday . The stock traded as low as GBX 1,928.50 ($26.09) and last traded at GBX 1,952.50 ($26.41). Approximately 26,944,266 shares changed hands during mid-day trading, an increase of 579% from the average daily volume of 3,967,327 shares. The stock had previously closed at GBX 2,241 ($30.32).

Wall Street Analysts Forecast Growth

ABF has been the topic of several research analyst reports. Shore Capital reiterated a "buy" rating on shares of Associated British Foods in a report on Wednesday. Deutsche Bank Aktiengesellschaft cut Associated British Foods to a "sell" rating and lowered their target price for the stock from GBX 2,220 to GBX 2,130 in a research note on Tuesday, August 26th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of GBX 2,215.

Get Our Latest Report on Associated British Foods

Associated British Foods Price Performance

The stock has a market capitalization of £13.84 billion, a price-to-earnings ratio of 1,097.29, a PEG ratio of 1.51 and a beta of 1.24. The company has a debt-to-equity ratio of 32.88, a quick ratio of 0.93 and a current ratio of 1.78. The company has a 50 day moving average of GBX 2,197.56 and a 200 day moving average of GBX 2,080.26.

Insider Activity

In other news, insider Eoin Tonge sold 16,741 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of GBX 2,070, for a total transaction of £346,538.70. Corporate insiders own 1.49% of the company's stock.

Associated British Foods Company Profile

(Get Free Report)

Associated British Foods is a diversified international food, ingredients and retail group with sales of £13.9bn, 128,000 employees and operations in 53 countries across Europe, Africa, the Americas, Asia and Australia. Our purpose is to provide safe, nutritious, affordable food, and clothing that is great value for money.

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