T. Rowe Price Investment Management Inc. Has $45.62 Million Holdings in Grocery Outlet Holding Corp. $GO

Key Points

• T. Rowe Price Investment Management Inc. increased its holdings in Grocery Outlet by 1,577.2%, owning approximately 3.33% of the company worth $45.62 million after acquiring over 3 million shares in the first quarter.
• Grocery Outlet reported earnings of $0.23 per share, exceeding analysts' expectations, and generated revenue of $1.18 billion during the last quarter, marking a 4.5% year-over-year increase.
• The stock currently has a market cap of $1.83 billion and various analysts have set price targets ranging from $16 to $19, with a consensus rating of "Hold".

T. Rowe Price Investment Management Inc. boosted its holdings in Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 1,577.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,262,956 shares of the company's stock after buying an additional 3,068,405 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.33% of Grocery Outlet worth $45,617,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Capital Fund Management S.A. acquired a new stake in Grocery Outlet in the first quarter valued at about $874,000. EntryPoint Capital LLC boosted its stake in Grocery Outlet by 49.5% in the first quarter. EntryPoint Capital LLC now owns 23,186 shares of the company's stock valued at $324,000 after buying an additional 7,673 shares in the last quarter. Hsbc Holdings PLC bought a new position in Grocery Outlet in the first quarter valued at about $558,000. Quantbot Technologies LP acquired a new stake in shares of Grocery Outlet during the first quarter valued at about $1,342,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Grocery Outlet during the first quarter valued at about $43,509,000. 99.87% of the stock is owned by institutional investors and hedge funds.

Grocery Outlet Trading Up 3.2%

Shares of GO stock opened at $18.63 on Friday. The company has a market cap of $1.83 billion, a P/E ratio of 266.18, a PEG ratio of 4.03 and a beta of 0.27. The stock has a 50 day simple moving average of $14.61 and a two-hundred day simple moving average of $14.37. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.25 and a current ratio of 1.21. Grocery Outlet Holding Corp. has a fifty-two week low of $10.26 and a fifty-two week high of $21.67.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. Grocery Outlet had a return on equity of 6.34% and a net margin of 0.18%.The firm's revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 earnings per share. Grocery Outlet has set its FY 2025 guidance at 0.750-0.800 EPS. Research analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other Grocery Outlet news, EVP Steven K. Wilson sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $18.24, for a total value of $91,200.00. Following the completion of the sale, the executive vice president owned 141,923 shares of the company's stock, valued at approximately $2,588,675.52. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on GO. Telsey Advisory Group reissued a "market perform" rating and set a $16.00 price target on shares of Grocery Outlet in a research note on Wednesday, August 6th. Craig Hallum raised Grocery Outlet from a "hold" rating to a "buy" rating and set a $17.00 price target on the stock in a research note on Wednesday, August 6th. Wells Fargo & Company raised their price objective on Grocery Outlet from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Morgan Stanley upgraded Grocery Outlet from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $13.00 to $16.00 in a research report on Wednesday, August 6th. Finally, UBS Group raised their price objective on Grocery Outlet from $14.50 to $17.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $16.08.

About Grocery Outlet

Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.