Empire (TSE:EMP.A) Shares Cross Above 200-Day Moving Average on Insider Selling

Key Points

• Empire Company Limited's stock price recently surpassed its 200-day moving average following insider selling, reaching a high of C$56.07 before closing at C$55.69.
• Several analysts have raised their price targets for Empire, with Scotiabank setting the highest target at C$62.00, while the consensus rating remains a "Hold."
• The company announced an increase in its quarterly dividend to $0.22 from $0.20, reflecting a modest annualized dividend yield of 1.58%.

Empire Company Limited (TSE:EMP.A - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday following insider buying activity. The stock has a two hundred day moving average of C$48.85 and traded as high as C$56.07. Empire shares last traded at C$55.69, with a volume of 147,482 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Desjardins boosted their target price on Empire from C$50.00 to C$55.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada upped their target price on Empire from C$56.00 to C$61.00 and gave the company a "sector perform" rating in a research report on Friday, June 20th. National Bankshares upped their target price on Empire from C$53.00 to C$59.00 and gave the company a "sector perform" rating in a research report on Friday, June 20th. TD Securities upped their target price on Empire from C$48.00 to C$58.00 and gave the company a "hold" rating in a research report on Friday, June 20th. Finally, CIBC upped their target price on Empire from C$55.00 to C$59.00 in a research report on Friday, June 20th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Empire has an average rating of "Hold" and an average target price of C$57.43.

Empire Stock Performance

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 company has a market capitalization of C$7.65 billion, a PE ratio of 19.89, a price-to-earnings-growth ratio of 16.20 and a beta of 0.48. The firm's fifty day simple moving average is C$54.47 and its 200 day simple moving average is C$49.06.

Empire Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 31st were issued 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 yield of 1.6%. Empire's dividend payout ratio is currently 29.20%.

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.