Brokerages Set Empire Company Limited (TSE:EMP.A) Target Price at C$57.57

Key Points

• Empire Company Limited (TSE:EMP.A) has received a consensus rating of "Hold" from seven research firms, with four ratings of hold and three of buy, along with an average price target of C$57.57.
• The company recently increased its quarterly dividend from $0.20 to $0.22, yielding 1.7%, with a dividend payout ratio of 27.30%.
• Insider activity saw notable sales, with Senior Officer Douglas Nathanson and Director Michael Medline selling a combined over 46,000 shares of the company stock valued at over C$2.6 million.

Shares of Empire Company Limited (TSE:EMP.A - Get Free Report) have been given an average rating of "Hold" by the seven ratings firms that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is C$57.57.

EMP.A has been the subject of several analyst reports. Scotiabank raised their price target on shares of Empire from C$62.00 to C$63.00 and gave the stock an "outperform" rating in a report on Thursday, August 21st. CIBC increased their price target on Empire from C$55.00 to C$59.00 in a report on Friday, June 20th. Desjardins increased their price target on Empire from C$50.00 to C$55.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Royal Bank Of Canada increased their price target on Empire from C$56.00 to C$61.00 and gave the stock a "sector perform" rating in a report on Friday, June 20th. Finally, National Bankshares set a C$59.00 price target on Empire and gave the stock a "sector perform" rating in a report on Friday, August 22nd.

Empire Trading Down 0.0%

Empire stock traded down C$0.02 during mid-day trading on Friday, hitting C$53.27. 7,721 shares of the stock were exchanged, compared to its average volume of 442,212. The company has a quick ratio of 0.29, a current ratio of 0.79 and a debt-to-equity ratio of 135.51. Empire has a 12 month low of C$38.15 and a 12 month high of C$58.32. The firm's fifty day simple moving average is C$55.51 and its two-hundred day simple moving average is C$51.03. The stock has a market capitalization of C$12.34 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 16.20 and a beta of 0.33.

Empire Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 31st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This is a positive change from Empire's previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.7%. Empire's payout ratio is currently 27.30%.

Insider Activity

In related news, Senior Officer Sandra Sanderson sold 4,526 shares of Empire stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of C$56.00, for a total value of C$253,456.00. Also, Senior Officer Pierre St-Laurent sold 8,772 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of C$55.80, for a total transaction of C$489,477.60. Over the last ninety days, insiders sold 206,858 shares of company stock worth $11,591,674. Company insiders own 2.18% of the company's stock.

Empire Company Profile

Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division operates through Empire's subsidiary Sobeys and represents nearly all of the company's income. This segment owns, affiliates, or franchises more than 1,500 stores in 10 provinces, under retail banners including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton's Drug Stores, and multiple retail fuel locations.