Empire (TSE:EMP.A) Stock Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Empire shares crossed above their 200-day moving average, reaching C$51.67 before closing at C$51.06, compared with the moving average of C$48.61.
• Analyst sentiment remains mixed but leans toward a “Hold” consensus; three analysts rate the stock Buy and six rate it Hold, with an average price target of C$53.67.
• Empire reported quarterly EPS of C$1.04 on revenue of C$8.47 billion and announced a quarterly dividend of $0.2425 per share, representing a 1.9% yield and a 91.16% payout ratio.

Empire Company Limited (TSE:EMP.A - Get Free Report) passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$48.61 and traded as high as C$51.67. Empire shares last traded at C$51.06, with a volume of 465,454 shares trading hands.

Analyst Ratings Changes

EMP.A has been the topic of several research analyst reports. Scotia decreased their price target on shares of Empire from C$50.00 to C$48.00 and set a "sector perform" rating on the stock in a research note on Friday, September 11th. BMO Capital Markets raised shares of Empire from a "market perform" rating to an "outperform" rating and set a C$58.00 price objective for the company in a report on Monday, July 20th. TD cut their price objective on Empire from C$53.00 to C$52.00 and set a "hold" rating for the company in a research report on Friday, September 11th. National Bank Financial cut their price objective on Empire from C$56.00 to C$54.00 and set a "sector perform" rating for the company in a research report on Friday, September 11th. Finally, Desjardins reduced their target price on Empire from C$57.00 to C$53.00 and set a "buy" rating on the stock in a report on Friday, September 11th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Empire currently has a consensus rating of "Hold" and an average target price of C$53.67.

Empire Stock Performance

The company has a debt-to-equity ratio of 135.51, a current ratio of 0.79 and a quick ratio of 0.29. The business has a 50-day moving average of C$48.19 and a 200-day moving average of C$48.61. The company has a market capitalization of C$11.42 billion, a P/E ratio of 51.58, a P/E/G ratio of 16.20 and a beta of -0.21.

Empire (TSE:EMP.A - Get Free Report) last issued its quarterly earnings results on Thursday, September 10th. The company reported C$1.04 EPS for the quarter. Empire had a net margin of 2.18% and a return on equity of 12.94%. The company had revenue of C$8.47 billion for the quarter. On average, sell-side analysts anticipate that Empire Company Limited will post 2.96 EPS for the current year.

Empire Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 30th will be paid a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 15th. Empire's payout ratio is currently 91.16%.

About Empire

Empire Company Limited TSX: EMP.A is a Canadian company headquartered in Stellarton, Nova Scotia. Empire's key businesses are food retailing, through wholly-owned subsidiary Sobeys Inc, and related real estate. With approximately $32 billion in annual sales and $17 billion in assets, Empire and its subsidiaries, franchisees and affiliates employ approximately 130,000 people. Additional financial information relating to Empire, including the Company's Annual Information Form, can be found on the Company's website at www.empireco.ca or on SEDAR+ at www.sedarplus.ca.

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