Empire (TSE:EMP.A) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Shares of Empire Company Limited (TSE:EMP.A - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$47.26 and traded as high as C$56.52. Empire shares last traded at C$55.24, with a volume of 396,755 shares.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EMP.A. Scotiabank lifted their price objective on Empire from C$49.00 to C$62.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. TD Securities raised their target price on shares of Empire from C$48.00 to C$58.00 and gave the stock a "hold" rating in a research note on Friday, June 20th. Desjardins raised their target price on shares of Empire from C$50.00 to C$55.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. National Bankshares raised their target price on shares of Empire from C$53.00 to C$59.00 and gave the stock a "sector perform" rating in a research note on Friday, June 20th. Finally, Royal Bank Of Canada raised their target price on shares of Empire from C$56.00 to C$61.00 and gave the stock a "sector perform" rating in a research note on Friday, June 20th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of C$57.43.

Empire Price Performance

The company's fifty day moving average price is C$52.41 and its 200 day moving average price is C$47.44. The company has a debt-to-equity ratio of 135.51, a quick ratio of 0.29 and a current ratio of 0.79. The firm has a market capitalization of C$7.83 billion, a price-to-earnings ratio of 20.36, a price-to-earnings-growth ratio of 16.20 and a beta of 0.48.

Empire Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 31st will be issued a $0.22 dividend. The ex-dividend date is Tuesday, July 15th. This is a boost from Empire's previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 1.58%. Empire's dividend payout ratio (DPR) is 29.20%.

Insider Activity at Empire

In other Empire news, Senior Officer Pierre St-Laurent sold 8,772 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of C$55.80, for a total value of C$489,477.60. Also, Senior Officer Sandra Sanderson sold 4,526 shares of the company's 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 transaction of C$253,456.00. Over the last three months, insiders have sold 104,280 shares of company stock valued at $5,795,794. 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.