Empire (TSE:EMP.A) Price Target Raised to C$42.00 at Royal Bank of Canada

Empire (TSE:EMP.A) had its price objective upped by Royal Bank of Canada from C$41.00 to C$42.00 in a research report sent to investors on Friday, BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

Several other brokerages have also issued reports on EMP.A. Desjardins lifted their price target on shares of Empire from C$38.00 to C$40.00 and gave the company a buy rating in a research note on Monday, June 24th. National Bankshares boosted their target price on Empire from C$41.00 to C$42.00 in a report on Thursday, August 29th. BMO Capital Markets increased their price target on shares of Empire from C$40.00 to C$43.00 and gave the company a market perform rating in a report on Friday. Finally, TD Securities boosted their price target on Empire from C$36.00 to C$38.00 and gave the company a hold rating in a research note on Monday, June 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Empire has an average rating of Hold and a consensus price target of C$43.14.

Empire Stock Performance

Shares of Empire stock opened at C$39.76 on Friday. The stock’s 50-day moving average is C$37.12 and its 200-day moving average is C$34.51. Empire has a one year low of C$31.45 and a one year high of C$41.38. The firm has a market cap of C$5.70 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 16.20 and a beta of 0.47. The company has a debt-to-equity ratio of 134.59, a current ratio of 0.80 and a quick ratio of 0.29.

Empire Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.20 per share. The ex-dividend date was Monday, July 15th. This is a boost from Empire’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 2.01%. Empire’s dividend payout ratio is presently 27.40%.

Insider Activity at Empire

In related news, Director William Linton sold 7,058 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of C$34.39, for a total transaction of C$242,690.74. Following the sale, the director now owns 875 shares of the company’s stock, valued at approximately C$30,087.05. In related news, Director William Linton sold 7,058 shares of the stock in a transaction 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 directly owns 875 shares in the company, valued at C$30,087.05. Also, Senior Officer Pierre St-Laurent sold 3,000 shares of Empire 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. Insiders have sold 14,294 shares of company stock valued at $504,880 over the last ninety days. 2.15% of the stock is owned by corporate insiders.

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.