Empire (TSE:EMP.A) Given New C$59.00 Price Target at CIBC

Empire (TSE:EMP.A - Get Free Report) had its price objective boosted by CIBC from C$55.00 to C$59.00 in a note issued to investors on Friday,BayStreet.CA reports. CIBC's price objective would suggest a potential upside of 6.17% from the stock's previous close.

Several other analysts have also weighed in on EMP.A. Royal Bank Of Canada lifted their price objective on Empire from C$56.00 to C$61.00 and gave the stock a "sector perform" rating in a report on Friday. Scotiabank increased their price target on Empire from C$49.00 to C$62.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Desjardins increased their price objective on Empire from C$50.00 to C$55.00 and gave the company a "buy" rating in a research report on Tuesday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Empire currently has a consensus rating of "Hold" and an average price target of C$57.43.

Empire Stock Performance

Shares of EMP.A traded up C$0.92 during mid-day trading on Friday, hitting C$55.57. The company's stock had a trading volume of 344,432 shares, compared to its average volume of 487,888. The company has a debt-to-equity ratio of 135.51, a quick ratio of 0.29 and a current ratio of 0.79. Empire has a one year low of C$33.77 and a one year high of C$56.41. The stock's 50-day moving average is C$50.90 and its two-hundred day moving average is C$46.49. The firm has a market capitalization of C$7.80 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 16.20 and a beta of 0.48.

Insiders Place Their Bets

In related news, Senior Officer Simon Gagne sold 12,269 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of C$48.22, for a total transaction of C$591,611.18. Also, Senior Officer Matthew Reindel sold 1,852 shares of Empire stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of C$46.16, for a total transaction of C$85,488.32. Company insiders own 2.18% of the company's stock.

About Empire

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.

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