Empire (TSE:EMP.A) Shares Cross Above 200-Day Moving Average - Time to Sell?

Key Points

• Empire Company Limited's shares have risen above the 200-day moving average, reaching a current trading price of C$53.31, significantly increasing from the average of C$50.81.
• Analyst price targets for Empire have been raised, with recommendations ranging from a "buy" rating at C$55.00 to a "hold" rating with a target of C$57.57.
• The company recently increased its quarterly dividend from $0.20 to $0.22 per share, reflecting a yield of 1.7% and a dividend payout ratio of 27.30%.

Empire Company Limited (TSE:EMP.A - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$50.81 and traded as high as C$53.87. Empire shares last traded at C$53.31, with a volume of 308,974 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on EMP.A. National Bankshares set a C$59.00 price target on shares of Empire and gave the company a "sector perform" rating in a research note on Friday, August 22nd. Royal Bank Of Canada lifted their price target on shares of Empire from C$56.00 to C$61.00 and gave the company a "sector perform" rating in a research note on Friday, June 20th. CIBC lifted their price target on shares of Empire from C$55.00 to C$59.00 in a research note on Friday, June 20th. TD Securities lifted their price target on shares of Empire from C$48.00 to C$58.00 and gave the company a "hold" rating in a research note on Friday, June 20th. Finally, Scotiabank lifted their price target on shares of Empire from C$62.00 to C$63.00 and gave the company an "outperform" rating in a research note on Thursday, August 21st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of C$57.57.

Empire Trading Down 1.1%

The company has a quick ratio of 0.29, a current ratio of 0.79 and a debt-to-equity ratio of 135.51. The firm's 50-day moving average price is C$55.45 and its 200 day moving average price is C$51.10. The company has a market capitalization of C$12.22 billion, a P/E ratio of 18.00, a P/E/G ratio of 16.20 and a beta of 0.33.

Empire Increases Dividend

The firm 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 boost from Empire's previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 1.7%. Empire's payout ratio is presently 27.30%.

Insider Activity at Empire

In other news, Senior Officer Simon Gagne sold 4,475 shares of the business's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of C$55.79, for a total transaction of C$249,660.25. Also, Senior Officer Pierre St-Laurent sold 4,200 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of C$55.70, for a total transaction of C$233,940.00. Insiders sold a total of 206,858 shares of company stock valued at $11,591,674 over the last quarter. 2.18% of the stock is currently owned by company insiders.

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.