Scotiabank Upgrades Empire (TSE:EMP.A) to Outperform

Empire (TSE:EMP.A) was upgraded by equities researchers at Scotiabank from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a C$49.00 price objective on the stock, up from their prior price objective of C$47.00. Scotiabank’s target price indicates a potential upside of 12.70% from the stock’s previous close.

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

Empire Stock Performance

TSE EMP.A opened at C$43.48 on Friday. The company has a 50-day simple moving average of C$43.40 and a two-hundred day simple moving average of C$41.80. The company has a quick ratio of 0.29, a current ratio of 0.79 and a debt-to-equity ratio of 135.51. Empire has a 12-month low of C$31.45 and a 12-month high of C$46.77. The firm has a market cap of C$6.11 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 16.20 and a beta of 0.48.

Insider Buying and Selling

In other Empire news, 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. Also, 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 transaction of C$200,956.47. 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.