Greggs (LON:GRG) Hits New 12-Month High - Time to Buy?

Key Points

• Greggs shares reached a new 52-week high, trading as high as GBX 2,348 and last at GBX 2,346, up from the previous close of GBX 2,290.
• Analyst sentiment is mixed: three analysts rate the stock Buy, three Hold and one Sell. The average price target is GBX 1,962.86, below the current share price, despite some recent target upgrades.
• Greggs reported quarterly EPS of GBX 55.10, with a 5.93% net margin and 20.97% return on equity; analysts expect full-year EPS of GBX 142.38. An insider also sold 3,069 shares for approximately £59,109.

Shares of Greggs plc (LON:GRG - Get Free Report) hit a new 52-week high on Tuesday. The stock traded as high as GBX 2,348 and last traded at GBX 2,346, with a volume of 592,437 shares traded. The stock had previously closed at GBX 2,290.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GRG shares. Shore Capital Group reiterated a "hold" rating and set a GBX 1,910 price target on shares of Greggs in a research report on Wednesday, September 30th. Berenberg Bank upped their price objective on shares of Greggs from GBX 2,200 to GBX 2,300 and gave the stock a "buy" rating in a report on Thursday, October 1st. JPMorgan Chase & Co. upped their price objective on shares of Greggs from GBX 2,050 to GBX 2,210 and gave the stock an "outperform" rating in a report on Thursday, July 30th. Jefferies Financial Group increased their price objective on shares of Greggs from GBX 1,610 to GBX 1,740 and gave the stock a "hold" rating in a research report on Friday, August 28th. Finally, Royal Bank Of Canada lifted their target price on shares of Greggs from GBX 1,830 to GBX 1,960 and gave the company a "sector perform" rating in a report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of GBX 1,962.86.

Greggs Stock Performance

The firm's 50 day moving average is GBX 1,906.77 and its two-hundred day moving average is GBX 1,741.69. The stock has a market capitalization of £2.37 billion, a PE ratio of 18.04, a P/E/G ratio of 3.39 and a beta of 1.16. The company has a debt-to-equity ratio of 74.16, a quick ratio of 0.88 and a current ratio of 0.52.

Greggs (LON:GRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported GBX 55.10 EPS for the quarter. Greggs had a net margin of 5.93% and a return on equity of 20.97%. As a group, research analysts predict that Greggs plc will post 142.38 earnings per share for the current year.

Insider Buying and Selling at Greggs

In other news, insider Richard Hutton sold 3,069 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of GBX 1,926, for a total transaction of £59,108.94. Corporate insiders own 0.63% of the company's stock.

About Greggs

Greggs is a leading UK food-on-the-go retailer with more than 2,700 shops nationwide and approximately 33,000 employees across the business. As a food-on-the-go retailer, Greggs specialises in daily fresh shop-made sandwiches, and savouries baked fresh in the shop ovens throughout the day. These are further complemented by popular products and ranges including freshly ground coffee, breakfast, confectionery and evening menu items. Greggs also offers a healthier options range which includes a selection of gluten-free, vegan-friendly and lower calorie products.

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