Empire (TSE:EMP.A) Hits New 52-Week High - Here's Why

Key Points

• Empire Company Limited shares reached a new 52-week high of C$57.11 during trading, closing at C$56.98 with a trading volume of 48,081 shares.
• Several analysts have raised their price targets for Empire, with CIBC setting a new target of C$59.00 and Scotiabank at C$62.00, reflecting positive projections for the company's performance.
• Empire recently increased its quarterly dividend from $0.20 to $0.22, resulting in an annualized dividend of $0.88 and a dividend yield of 1.6%.

Empire Company Limited (TSE:EMP.A - Get Free Report) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$57.11 and last traded at C$56.98, with a volume of 48081 shares. The stock had previously closed at C$56.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. CIBC increased their price target on Empire from C$55.00 to C$59.00 in a research report on Friday, June 20th. Scotiabank increased their price target on Empire from C$49.00 to C$62.00 and gave the company an "outperform" rating in a research report on Friday, June 20th. National Bankshares raised their target price on Empire from C$53.00 to C$59.00 and gave the stock a "sector perform" rating in a research report on Friday, June 20th. TD Securities raised their target price on Empire from C$48.00 to C$58.00 and gave the stock a "hold" rating in a research report on Friday, June 20th. Finally, Royal Bank Of Canada raised their target price on Empire from C$56.00 to C$61.00 and gave the stock a "sector perform" rating in a research report on Friday, June 20th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Empire presently has an average rating of "Hold" and a consensus price target of C$57.43.

Empire Stock Performance

The firm has a market cap of C$7.96 billion, a PE ratio of 20.70, a P/E/G ratio of 16.20 and a beta of 0.48. The company has a debt-to-equity ratio of 135.51, a current ratio of 0.79 and a quick ratio of 0.29. The stock has a 50-day moving average price of C$55.02 and a 200 day moving average price of C$49.86.

Empire Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 31st were given a $0.22 dividend. 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 annualized dividend and a dividend yield of 1.6%. Empire's dividend payout ratio (DPR) is currently 29.20%.

Insider Buying and Selling

In other Empire news, Director Michael Bennett Medline sold 45,015 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of C$56.51, for a total transaction of C$2,543,797.65. Also, Senior Officer Sandra Sanderson sold 2,380 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of C$56.00, for a total value of C$133,280.00. Over the last three months, insiders have sold 206,858 shares of company stock valued at $11,591,674. 2.18% of the stock is owned by insiders.

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.

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