JPMorgan Chase & Co. Raises Kroger (NYSE:KR) Price Target to $71.00

Kroger (NYSE:KR) had its price target raised by analysts at JPMorgan Chase & Co. from $69.00 to $71.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 20.12% from the stock’s current price.

Other research analysts have also issued research reports about the company. Evercore ISI lifted their price target on Kroger from $62.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. StockNews.com raised shares of Kroger from a “buy” rating to a “strong-buy” rating in a research note on Monday, December 30th. Roth Mkm increased their price target on shares of Kroger from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Guggenheim initiated coverage on shares of Kroger in a research report on Thursday, December 19th. They set a “buy” rating and a $68.00 price target on the stock. Finally, BNP Paribas began coverage on Kroger in a research report on Friday, October 18th. They issued a “neutral” rating and a $56.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Kroger currently has an average rating of “Moderate Buy” and an average target price of $65.93.

Kroger Stock Performance

NYSE:KR opened at $59.11 on Monday. Kroger has a twelve month low of $44.48 and a twelve month high of $63.59. The company has a market cap of $42.77 billion, a P/E ratio of 15.64, a P/E/G ratio of 0.97 and a beta of 0.48. The company has a current ratio of 1.54, a quick ratio of 1.07 and a debt-to-equity ratio of 1.74. The company’s 50-day moving average price is $59.99 and its 200-day moving average price is $56.11.

Kroger (NYSE:KR) last issued its earnings results on Thursday, December 5th. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. Kroger had a return on equity of 27.73% and a net margin of 1.85%. The business had revenue of $33.63 billion for the quarter, compared to analysts’ expectations of $34.19 billion. During the same period in the previous year, the firm posted $0.95 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Kroger will post 4.43 earnings per share for the current fiscal year.

Kroger announced that its Board of Directors has authorized a stock repurchase program on Wednesday, December 11th that allows the company to buyback $7.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 16.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Kroger news, CFO Todd A. Foley sold 16,932 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $61.44, for a total value of $1,040,302.08. Following the sale, the chief financial officer now directly owns 53,782 shares of the company’s stock, valued at approximately $3,304,366.08. This represents a 23.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Timothy A. Massa sold 25,889 shares of Kroger stock in a transaction on Friday, December 6th. The stock was sold at an average price of $60.12, for a total transaction of $1,556,446.68. Following the sale, the senior vice president now directly owns 115,861 shares of the company’s stock, valued at approximately $6,965,563.32. This trade represents a 18.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,448 shares of company stock worth $12,143,923 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Kroger

Institutional investors have recently added to or reduced their stakes in the business. TD Asset Management Inc grew its holdings in shares of Kroger by 48.4% during the second quarter. TD Asset Management Inc now owns 406,072 shares of the company’s stock worth $20,275,000 after purchasing an additional 132,384 shares during the last quarter. Victory Capital Management Inc. increased its position in Kroger by 2.0% during the second quarter. Victory Capital Management Inc. now owns 1,183,617 shares of the company’s stock worth $59,098,000 after buying an additional 23,235 shares during the period. Private Advisor Group LLC lifted its stake in Kroger by 5.9% in the second quarter. Private Advisor Group LLC now owns 21,381 shares of the company’s stock valued at $1,068,000 after buying an additional 1,182 shares during the last quarter. Candriam S.C.A. boosted its holdings in shares of Kroger by 11.4% in the second quarter. Candriam S.C.A. now owns 71,199 shares of the company’s stock valued at $3,555,000 after acquiring an additional 7,279 shares during the period. Finally, Savant Capital LLC grew its position in shares of Kroger by 4.5% during the second quarter. Savant Capital LLC now owns 22,934 shares of the company’s stock worth $1,145,000 after acquiring an additional 981 shares during the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

About Kroger

The Kroger Co operates as a food and drug retailer in the United States. The company operates combination food and drug stores, multi-department stores, marketplace stores, and price impact warehouses. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, pet centers, fresh seafood, and organic produce; and multi-department stores provide apparel, home fashion and furnishings, outdoor living, electronics, automotive products, and toys.