Empire (TSE:EMP.A) Price Target Raised to C$40.00 at BMO Capital Markets

Empire (TSE:EMP.A) had its price objective upped by BMO Capital Markets from C$35.00 to C$40.00 in a research report sent to investors on Tuesday morning, BayStreet.CA reports.

Several other brokerages have also commented on EMP.A. National Bankshares raised their price target on Empire from C$41.00 to C$42.00 in a research note on Thursday, August 29th. Desjardins boosted their target price on shares of Empire from C$38.00 to C$40.00 and gave the stock a buy rating in a report on Monday, June 24th. TD Securities boosted their target price on shares of Empire from C$36.00 to C$38.00 and gave the stock a hold rating in a report on Monday, June 24th. Finally, Royal Bank of Canada reduced their target price on shares of Empire from C$42.00 to C$41.00 and set a sector perform rating for the company in a report on Friday, June 21st. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Empire presently has an average rating of Hold and an average target price of C$39.57.

Empire Stock Performance

Shares of Empire stock opened at C$38.49 on Tuesday. The firm has a market cap of C$5.52 billion, a P/E ratio of 13.18, a P/E/G ratio of 16.20 and a beta of 0.47. The company has a current ratio of 0.80, a quick ratio of 0.29 and a debt-to-equity ratio of 134.59. Empire has a 12 month low of C$31.45 and a 12 month high of C$40.69. The stock’s fifty day moving average price is C$36.64 and its 200-day moving average price is C$34.32.

Empire Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Wednesday, July 31st were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.80 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Empire’s previous quarterly dividend of $0.18. Empire’s dividend payout ratio is currently 27.40%.

Insider Activity at Empire

In related news, Director William Linton sold 7,058 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of C$34.39, for a total value of C$242,690.74. Following the sale, the director now owns 875 shares in the company, valued at C$30,087.05. In other Empire news, Senior Officer Pierre St-Laurent sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of C$36.32, for a total value of C$108,960.00. Also, Director William Linton sold 7,058 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of C$34.39, for a total value of C$242,690.74. Following the completion of the sale, the director now owns 875 shares in the company, valued at approximately C$30,087.05. Insiders have sold a total of 14,294 shares of company stock worth $504,880 over the last quarter. Insiders own 2.15% of the company’s stock.

About Empire

Empire Company Limited, together with its subsidiaries, engages in the food retail and related real estate businesses in Canada. It operates through two segments, Food Retailing, and Investments and Other Operations. The company owns, affiliates, and franchises approximately 1,500 retail stores under various retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawtons Drugs; and approximately 350 retail fuel locations.