United Natural Foods (NYSE:UNFI) Sets New 1-Year High Following Better-Than-Expected Earnings

United Natural Foods, Inc. (NYSE:UNFI) shares hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $31.63 and last traded at $31.26, with a volume of 327564 shares trading hands. The stock had previously closed at $24.68.

The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.18. United Natural Foods had a positive return on equity of 0.54% and a negative net margin of 0.36%. The business had revenue of $7.90 billion during the quarter, compared to analysts’ expectations of $7.61 billion. During the same period in the previous year, the company posted ($0.04) earnings per share. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on UNFI. BMO Capital Markets boosted their target price on shares of United Natural Foods from $14.00 to $23.00 and gave the company a “market perform” rating in a research report on Wednesday, October 2nd. UBS Group boosted their target price on United Natural Foods from $16.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. The Goldman Sachs Group boosted their price objective on United Natural Foods from $15.00 to $22.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Northcoast Research raised shares of United Natural Foods from a “neutral” rating to a “buy” rating in a research note on Friday, October 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.40.

Insider Buying and Selling

In other United Natural Foods news, insider Danielle Benedict sold 15,152 shares of United Natural Foods stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $19.78, for a total transaction of $299,706.56. Following the transaction, the insider now owns 100,423 shares of the company’s stock, valued at $1,986,366.94. This trade represents a 13.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On United Natural Foods

Several institutional investors have recently added to or reduced their stakes in UNFI. State Street Corp increased its stake in shares of United Natural Foods by 1.5% during the 3rd quarter. State Street Corp now owns 2,383,733 shares of the company’s stock worth $40,094,000 after purchasing an additional 34,522 shares during the last quarter. Private Management Group Inc. boosted its position in United Natural Foods by 49.5% during the second quarter. Private Management Group Inc. now owns 1,773,670 shares of the company’s stock worth $23,235,000 after purchasing an additional 587,163 shares during the period. Geode Capital Management LLC increased its stake in shares of United Natural Foods by 1.1% in the third quarter. Geode Capital Management LLC now owns 1,358,340 shares of the company’s stock worth $22,852,000 after purchasing an additional 14,928 shares in the last quarter. American Century Companies Inc. raised its position in shares of United Natural Foods by 23.1% in the second quarter. American Century Companies Inc. now owns 1,267,280 shares of the company’s stock valued at $16,601,000 after purchasing an additional 237,496 shares during the period. Finally, Hauser Brothers GmbH lifted its stake in shares of United Natural Foods by 0.6% during the 3rd quarter. Hauser Brothers GmbH now owns 912,034 shares of the company’s stock valued at $15,340,000 after buying an additional 5,000 shares in the last quarter. Institutional investors own 87.63% of the company’s stock.

United Natural Foods Trading Up 20.1 %

The firm has a 50-day simple moving average of $21.93 and a 200-day simple moving average of $16.84. The company has a quick ratio of 0.52, a current ratio of 1.44 and a debt-to-equity ratio of 1.28. The stock has a market cap of $1.78 billion, a PE ratio of -15.68 and a beta of 0.64.

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.