United Natural Foods (NYSE:UNFI) Posts Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• United Natural Foods reported a quarterly earnings per share (EPS) of ($0.11), beating the consensus estimate of ($0.18) by $0.07.
• The company had a revenue of $7.70 billion, surpassing analyst expectations of $7.61 billion, despite a 5.6% decline compared to the same quarter last year.
• Following the earnings report, shares of United Natural Foods rose by $4.81 to reach $36.57, and several analysts provided upgrades to the stock's rating.

United Natural Foods (NYSE:UNFI - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.07, Briefing.com reports. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.61 billion. United Natural Foods had a negative net margin of 0.21% and a positive return on equity of 3.13%. The company's revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.01 EPS.

United Natural Foods Stock Performance

Shares of NYSE:UNFI traded up $4.81 during midday trading on Tuesday, reaching $36.57. The company had a trading volume of 1,254,246 shares, compared to its average volume of 897,550. The company's 50 day moving average price is $28.12 and its 200 day moving average price is $26.60. The company has a current ratio of 1.41, a quick ratio of 0.51 and a debt-to-equity ratio of 1.21. United Natural Foods has a 52-week low of $18.81 and a 52-week high of $36.60. The stock has a market cap of $2.21 billion, a P/E ratio of -31.92 and a beta of 0.90.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Northcoast Research upgraded United Natural Foods from a "neutral" rating to a "buy" rating and set a $36.00 target price for the company in a report on Tuesday, July 22nd. Wells Fargo & Company raised shares of United Natural Foods from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $25.00 to $26.00 in a research report on Wednesday, July 16th. The Goldman Sachs Group cut their target price on shares of United Natural Foods from $30.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, June 12th. Deutsche Bank Aktiengesellschaft set a $24.00 price objective on shares of United Natural Foods and gave the company a "hold" rating in a report on Thursday, June 12th. Finally, BMO Capital Markets raised United Natural Foods from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $25.00 to $36.00 in a research report on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, United Natural Foods currently has a consensus rating of "Moderate Buy" and an average price target of $29.50.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in United Natural Foods by 84.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,332 shares of the company's stock valued at $31,000 after acquiring an additional 609 shares during the period. Lazard Asset Management LLC increased its stake in shares of United Natural Foods by 21.7% in the second quarter. Lazard Asset Management LLC now owns 5,277 shares of the company's stock worth $123,000 after purchasing an additional 942 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in United Natural Foods by 366.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,715 shares of the company's stock worth $157,000 after buying an additional 5,276 shares during the period. Canada Pension Plan Investment Board boosted its holdings in United Natural Foods by 100.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,400 shares of the company's stock worth $172,000 after buying an additional 3,700 shares during the period. Finally, WINTON GROUP Ltd bought a new position in United Natural Foods in the 2nd quarter worth approximately $256,000. Hedge funds and other institutional investors own 87.63% of the company's stock.

United Natural Foods Company Profile

United Natural Foods, Inc, together with its subsidiaries, distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. It operates in two segments, Wholesale and Retail. The company offers grocery and general merchandise, produce, perishables and frozen foods, wellness and personal care items, and bulk and foodservice products.

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