TD Asset Management Inc Buys Shares of 78,974 Grocery Outlet Holding Corp. (NASDAQ:GO)

Key Points

• TD Asset Management Inc invested approximately $1.10 million in Grocery Outlet Holding Corp. by acquiring 78,974 shares, representing 0.08% ownership in the company.
• Analysts have increased their ratings for Grocery Outlet, with Jefferies upgrading it to a "buy" and raising the target price to $18.00, while UBS and Wells Fargo also raised their price objectives.
• Grocery Outlet reported earnings of $0.13 per share for the last quarter, exceeding expectations and showing an 8.6% increase in revenue compared to the same period last year.

TD Asset Management Inc acquired a new stake in Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 78,974 shares of the company's stock, valued at approximately $1,104,000. TD Asset Management Inc owned 0.08% of Grocery Outlet at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new position in Grocery Outlet in the fourth quarter worth $41,000. Quadrant Capital Group LLC lifted its position in Grocery Outlet by 276.3% in the fourth quarter. Quadrant Capital Group LLC now owns 2,773 shares of the company's stock worth $43,000 after purchasing an additional 2,036 shares during the period. GAMMA Investing LLC lifted its position in Grocery Outlet by 236.0% in the first quarter. GAMMA Investing LLC now owns 5,188 shares of the company's stock worth $73,000 after purchasing an additional 3,644 shares during the period. Sterling Capital Management LLC lifted its position in Grocery Outlet by 53.9% in the fourth quarter. Sterling Capital Management LLC now owns 5,808 shares of the company's stock worth $91,000 after purchasing an additional 2,034 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in Grocery Outlet by 81.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 6,700 shares of the company's stock worth $105,000 after purchasing an additional 3,000 shares during the period. 99.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GO. Wells Fargo & Company raised their target price on Grocery Outlet from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. UBS Group lifted 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. Jefferies Financial Group upgraded Grocery Outlet from a "hold" rating to a "buy" rating and raised their target price for the stock from $13.00 to $18.00 in a report on Wednesday, April 16th. Finally, Telsey Advisory Group restated a "market perform" rating and set a $16.00 target price on shares of Grocery Outlet in a report on Tuesday, July 29th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Grocery Outlet has a consensus rating of "Hold" and an average target price of $15.62.

Insider Buying and Selling

In other news, Director Erik D. Ragatz acquired 19,000 shares of the firm's stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $14.46 per share, with a total value of $274,740.00. Following the acquisition, the director directly owned 19,000 shares in the company, valued at $274,740. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 4.50% of the stock is currently owned by corporate insiders.

Grocery Outlet Stock Down 3.0%

Shares of NASDAQ:GO traded down $0.40 during trading on Tuesday, hitting $13.02. 3,861,902 shares of the company were exchanged, compared to its average volume of 2,489,206. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 81.38, a P/E/G ratio of 4.31 and a beta of 0.27. Grocery Outlet Holding Corp. has a fifty-two week low of $10.26 and a fifty-two week high of $21.67. The firm has a fifty day moving average price of $13.40 and a two-hundred day moving average price of $14.18. The company has a current ratio of 1.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.39.

Grocery Outlet (NASDAQ:GO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.06. Grocery Outlet had a return on equity of 6.21% and a net margin of 0.39%. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the prior year, the business earned $0.09 EPS. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts anticipate that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Grocery Outlet Profile

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.