United Natural Foods (NYSE:UNFI) Posts Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• United Natural Foods beat earnings expectations: Quarterly EPS was $0.69, exceeding the $0.61 consensus estimate by $0.08. Revenue totaled $7.64 billion, slightly below the $7.71 billion forecast.
• Shares fell 0.4% to $43.74 despite the earnings beat. The stock has traded between $27.97 and $57.02 over the past year and carries a consensus “Hold” rating with an average price target of $47.86.
• Analyst sentiment remains mixed, with two Buy ratings, six Holds and one Sell. An insider also sold 10,000 shares valued at approximately $515,600, while institutional investors own 87.63% of the company.

United Natural Foods (NYSE:UNFI - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08, FiscalAI reports. United Natural Foods had a positive return on equity of 7.42% and a negative net margin of 0.12%.The business had revenue of $7.64 billion during the quarter, compared to the consensus estimate of $7.71 billion.

United Natural Foods Stock Down 0.4%

UNFI opened at $43.74 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.51 and a current ratio of 1.33. The company has a market capitalization of $2.65 billion, a PE ratio of -66.27 and a beta of 0.80. The stock's fifty day moving average is $47.60 and its 200-day moving average is $46.85. United Natural Foods has a one year low of $27.97 and a one year high of $57.02.

Wall Street Analyst Weigh In

Several brokerages have weighed in on UNFI. BMO Capital Markets reaffirmed an "outperform" rating and set a $56.00 target price on shares of United Natural Foods in a research note on Wednesday, June 10th. Roth Capital restated a "neutral" rating and set a $43.00 price objective on shares of United Natural Foods in a research note on Wednesday, June 10th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $47.00 price objective on shares of United Natural Foods in a report on Wednesday, June 10th. UBS Group increased their target price on shares of United Natural Foods from $44.00 to $47.00 and gave the company a "neutral" rating in a research report on Wednesday, June 10th. Finally, Zacks Research downgraded shares of United Natural Foods from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $47.86.

Insiders Place Their Bets

In related news, insider Mark Bushway sold 10,000 shares of United Natural Foods stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $51.56, for a total transaction of $515,600.00. Following the transaction, the insider directly owned 51,119 shares of the company's stock, valued at $2,635,695.64. The trade was a 16.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On United Natural Foods

Institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC bought a new stake in shares of United Natural Foods in the 4th quarter worth approximately $656,000. AQR Capital Management LLC boosted its holdings in United Natural Foods by 52.5% during the first quarter. AQR Capital Management LLC now owns 111,854 shares of the company's stock worth $3,064,000 after buying an additional 38,504 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in United Natural Foods by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,117 shares of the company's stock worth $962,000 after buying an additional 1,703 shares during the last quarter. Millennium Management LLC grew its position in United Natural Foods by 58.1% in the first quarter. Millennium Management LLC now owns 332,973 shares of the company's stock worth $9,120,000 after buying an additional 122,412 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of United Natural Foods by 10.4% in the first quarter. Goldman Sachs Group Inc. now owns 625,481 shares of the company's stock valued at $17,132,000 after buying an additional 58,705 shares in the last quarter. 87.63% of the stock is owned by institutional investors and hedge funds.

United Natural Foods Company Profile

United Natural Foods, Inc NYSE: UNFI is a leading distributor of natural, organic and specialty foods in North America. Founded in 1976 and headquartered in Providence, Rhode Island, the company has grown through strategic acquisitions and organic expansion to become one of the largest food distributors serving retail, foodservice and e-commerce customers.

UNFI's core business centers on the procurement, warehousing and distribution of a broad portfolio of products, including fresh produce, groceries, frozen foods, dairy, bakery items, beverages, supplements and household essentials.

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