Bank of Nova Scotia Purchases New Holdings in Sprouts Farmers Market, Inc. $SFM

Key Points

• Bank of Nova Scotia initiated a position in Sprouts Farmers Market, buying 27,615 shares valued at approximately $2.13 million. Several other institutional investors also increased or initiated holdings during the first quarter.
• Sprouts exceeded quarterly expectations, reporting EPS of $1.71 versus the $1.67 consensus and revenue of $2.33 billion, up 4.1% year over year. Analysts expect full-year EPS of $5.55.
• Shares opened at $77.77, while analyst sentiment remained mixed with a consensus “Hold” rating and an average price target of $96.62; company insiders sold $3.87 million of stock over the prior three months.

Bank of Nova Scotia acquired a new position in Sprouts Farmers Market, Inc. (NASDAQ:SFM - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 27,615 shares of the company's stock, valued at approximately $2,130,000.

Several other large investors have also recently bought and sold shares of SFM. Sei Investments Co. lifted its stake in shares of Sprouts Farmers Market by 34.1% during the first quarter. Sei Investments Co. now owns 95,074 shares of the company's stock valued at $7,333,000 after acquiring an additional 24,155 shares during the period. Keynote Financial Services LLC raised its holdings in Sprouts Farmers Market by 25.7% during the 1st quarter. Keynote Financial Services LLC now owns 16,079 shares of the company's stock worth $1,240,000 after purchasing an additional 3,286 shares during the last quarter. Lido Advisors LLC acquired a new position in Sprouts Farmers Market during the 1st quarter valued at about $269,000. State of Wyoming lifted its position in Sprouts Farmers Market by 1,002.9% during the 1st quarter. State of Wyoming now owns 5,680 shares of the company's stock valued at $438,000 after purchasing an additional 5,165 shares during the period. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Sprouts Farmers Market by 2.6% in the 1st quarter. First Citizens Bank & Trust Co. now owns 10,953 shares of the company's stock valued at $845,000 after purchasing an additional 280 shares during the last quarter.

Insider Transactions at Sprouts Farmers Market

In other news, insider Brandon F. Lombardi sold 406 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $82.04, for a total value of $33,308.24. Following the completion of the transaction, the insider owned 6,801 shares of the company's stock, valued at $557,954.04. The trade was a 5.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Nicholas Konat sold 12,538 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $87.90, for a total transaction of $1,102,090.20. Following the completion of the sale, the chief operating officer owned 66,119 shares of the company's stock, valued at approximately $5,811,860.10. This represents a 15.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 45,310 shares of company stock valued at $3,873,881 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Sprouts Farmers Market Stock Performance

Shares of NASDAQ:SFM opened at $77.77 on Wednesday. The firm's 50 day simple moving average is $81.95 and its 200 day simple moving average is $77.94. Sprouts Farmers Market, Inc. has a fifty-two week low of $64.75 and a fifty-two week high of $160.49. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 2.03 and a beta of 0.67. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.92 and a quick ratio of 0.42.

Sprouts Farmers Market (NASDAQ:SFM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.04. The firm had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.32 billion. Sprouts Farmers Market had a net margin of 5.70% and a return on equity of 36.06%. The business's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.81 earnings per share. As a group, sell-side analysts forecast that Sprouts Farmers Market, Inc. will post 5.55 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on SFM. UBS Group lifted their price target on shares of Sprouts Farmers Market from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Evercore reaffirmed an "outperform" rating on shares of Sprouts Farmers Market in a research note on Monday. Melius Research lowered shares of Sprouts Farmers Market from a "hold" rating to a "sell" rating and set a $70.00 target price for the company. in a report on Monday, April 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Sprouts Farmers Market in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $114.00 price target on shares of Sprouts Farmers Market in a research note on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $96.62.

Sprouts Farmers Market Company Profile

Sprouts Farmers Market, Inc NASDAQ: SFM is a specialty grocery retailer focused on fresh, natural and organic foods. Headquartered in Phoenix, Arizona, the company operates stores designed to offer an open-market shopping experience, emphasizing quality produce sourced from regional farmers alongside organic pantry staples, dairy, meat and seafood. Sprouts' product assortment also includes bulk foods, vitamins and supplements, a deli and prepared foods, reflecting its commitment to wellness and affordable healthy living.

Founded in 2002 by members of the Boney family, Sprouts began as a single farmers market in Chandler, Arizona.

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