United Natural Foods (NYSE:UNFI) Shares Gap Up After Analyst Upgrade

Key Points

• United Natural Foods shares opened significantly higher at $30.31 after an upgrade from BMO Capital Markets, which raised its price target to $36.00 from $25.00.
• Several analysts have recently upgraded their ratings on the stock, with a consensus rating of "Moderate Buy" and a price target averaging $29.50.
• Institutional investors own approximately 87.63% of United Natural Foods, indicating strong confidence from large asset managers in this stock.

United Natural Foods, Inc. (NYSE:UNFI - Get Free Report)'s share price gapped up before the market opened on Thursday after BMO Capital Markets upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $29.16, but opened at $30.31. BMO Capital Markets now has a $36.00 price target on the stock, up from their previous price target of $25.00. United Natural Foods shares last traded at $30.32, with a volume of 179,631 shares changing hands.

A number of other equities research analysts have also recently issued reports on UNFI. Wells Fargo & Company raised United Natural Foods from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $25.00 to $26.00 in a research report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft set a $24.00 price target on United Natural Foods and gave the company a "hold" rating in a report on Thursday, June 12th. Zacks Research upgraded United Natural Foods from a "hold" rating to a "strong-buy" rating in a report on Monday, September 15th. The Goldman Sachs Group decreased their target price on shares of United Natural Foods from $30.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, June 12th. Finally, Northcoast Research raised shares of United Natural Foods from a "neutral" rating to a "buy" rating and set a $36.00 target price for the company in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.50.

Institutional Trading of United Natural Foods

Several hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its holdings in United Natural Foods by 88.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,077 shares of the company's stock worth $25,000 after buying an additional 505 shares during the period. Caitong International Asset Management Co. Ltd grew its position in United Natural Foods by 1,672.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 975 shares of the company's stock valued at $27,000 after acquiring an additional 920 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in United Natural Foods by 84.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,332 shares of the company's stock worth $31,000 after purchasing an additional 609 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in United Natural Foods during the 2nd quarter valued at $66,000. Finally, Picton Mahoney Asset Management bought a new position in shares of United Natural Foods during the first quarter valued at approximately $69,000. Institutional investors own 87.63% of the company's stock.

United Natural Foods Price Performance

The firm has a 50-day moving average price of $27.86 and a 200-day moving average price of $26.49. The stock has a market cap of $1.81 billion, a P/E ratio of -25.98 and a beta of 0.90. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.51 and a current ratio of 1.41.

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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