Empire (TSE:EMP.A) Upgraded by Scotiabank to Outperform Rating

Scotiabank upgraded shares of Empire (TSE:EMP.A) from a sector perform rating to an outperform rating in a research report sent to investors on Friday,BayStreet.CA reports. Scotiabank currently has C$49.00 price objective on the stock, up from their previous price objective of C$47.00.

Several other research firms have also issued reports on EMP.A. BMO Capital Markets increased their price target on shares of Empire from C$44.00 to C$48.00 in a research report on Friday, December 13th. Desjardins raised their price objective on shares of Empire from C$47.00 to C$50.00 in a report on Sunday, December 15th. TD Securities raised their price objective on shares of Empire from C$44.00 to C$48.00 and gave the stock a “hold” rating in a report on Friday, December 13th. Finally, CIBC raised their price objective on shares of Empire from C$47.00 to C$55.00 in a report on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Empire has an average rating of “Hold” and a consensus price target of C$48.86.

Empire Stock Performance

TSE:EMP.A opened at C$43.48 on Friday. Empire has a 12-month low of C$31.45 and a 12-month high of C$46.77. The company has a quick ratio of 0.29, a current ratio of 0.79 and a debt-to-equity ratio of 135.51. The firm has a market capitalization of C$6.11 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 16.20 and a beta of 0.48. The firm has a 50-day moving average price of C$43.42 and a 200 day moving average price of C$41.72.

Empire Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 31st were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $0.80 annualized dividend and a dividend yield of 1.84%. Empire’s dividend payout ratio (DPR) is currently 29.20%.

Insider Activity

In other Empire news, Senior Officer Matthew Reindel sold 4,587 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of C$43.81, for a total value of C$200,956.47. Also, Senior Officer Simon Gagne sold 8,458 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of C$44.48, for a total transaction of C$376,211.84. 2.18% of the stock is owned by insiders.

Empire Company Profile

Empire Co Ltd key businesses are food retailing, investments, and other operations. The food retailing division operates through Empire’s subsidiary Sobeys and represents nearly all of the company’s income. This segment owns, affiliates, or franchises more than 1,500 stores in 10 provinces, under retail banners including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, Lawton’s Drug Stores, and multiple retail fuel locations.