Royal Bank of Canada Acquires 21,630 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Royal Bank of Canada increased its stake in Cal-Maine Foods, Inc. by 16.1% in Q1, holding 156,322 shares valued at approximately $14.21 million as per its SEC filing.
• Cal-Maine Foods reported a substantial Q1 earnings performance, with an EPS of $7.04, exceeding estimates of $5.29, and a year-over-year revenue increase of 72.1%.
• The company recently raised its quarterly dividend to $3.46 per share, up from $1.49, representing an annualized amount of $13.84 and a yield of 12.6%.

Royal Bank of Canada lifted its position in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 16.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,322 shares of the basic materials company's stock after purchasing an additional 21,630 shares during the period. Royal Bank of Canada owned 0.32% of Cal-Maine Foods worth $14,210,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Man Group plc raised its holdings in shares of Cal-Maine Foods by 258.7% during the fourth quarter. Man Group plc now owns 582,711 shares of the basic materials company's stock valued at $59,973,000 after acquiring an additional 420,247 shares in the last quarter. Millennium Management LLC boosted its holdings in Cal-Maine Foods by 515.1% in the fourth quarter. Millennium Management LLC now owns 477,477 shares of the basic materials company's stock valued at $49,142,000 after acquiring an additional 399,848 shares in the last quarter. Nuveen LLC purchased a new position in Cal-Maine Foods during the 1st quarter valued at $35,322,000. Jupiter Asset Management Ltd. raised its holdings in Cal-Maine Foods by 336.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 487,214 shares of the basic materials company's stock worth $44,288,000 after purchasing an additional 375,604 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Cal-Maine Foods by 13.4% in the 1st quarter. American Century Companies Inc. now owns 1,436,943 shares of the basic materials company's stock worth $130,618,000 after purchasing an additional 170,322 shares in the last quarter. Hedge funds and other institutional investors own 84.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets lifted their target price on shares of Cal-Maine Foods from $100.00 to $105.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Wall Street Zen cut Cal-Maine Foods from a "buy" rating to a "hold" rating in a research report on Saturday, August 23rd. The Goldman Sachs Group began coverage on Cal-Maine Foods in a report on Thursday, August 14th. They set a "neutral" rating and a $110.00 target price on the stock. Finally, Stephens raised their target price on Cal-Maine Foods from $108.00 to $115.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, Cal-Maine Foods has a consensus rating of "Hold" and an average target price of $110.00.

Cal-Maine Foods Stock Down 0.3%

Shares of CALM stock traded down $0.37 during trading hours on Friday, hitting $110.64. 411,190 shares of the company's stock traded hands, compared to its average volume of 652,496. The stock's fifty day simple moving average is $108.87 and its two-hundred day simple moving average is $99.15. Cal-Maine Foods, Inc. has a 12-month low of $68.81 and a 12-month high of $126.40. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 4.43 and a beta of 0.27.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The basic materials company reported $7.04 earnings per share for the quarter, topping the consensus estimate of $5.29 by $1.75. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $877.03 million. Cal-Maine Foods had a return on equity of 54.81% and a net margin of 28.63%.The firm's quarterly revenue was up 72.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.32 EPS. On average, equities analysts forecast that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current fiscal year.

Cal-Maine Foods Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Monday, August 4th were issued a dividend of $3.46 per share. The ex-dividend date was Monday, August 4th. This is a boost from Cal-Maine Foods's previous quarterly dividend of $1.49. This represents a $13.84 annualized dividend and a dividend yield of 12.5%. Cal-Maine Foods's dividend payout ratio is 37.72%.

Cal-Maine Foods Profile

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names.