Shares of Associated British Foods plc (LON:ABF) shot up 2% on Monday . The stock traded as high as GBX 2,953 ($39.74) and last traded at GBX 2,926 ($39.38). 1,044,764 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 884,259 shares. The stock had previously closed at GBX 2,870 ($38.63).

Several brokerages have weighed in on ABF. Deutsche Bank reiterated a “buy” rating and issued a GBX 3,500 ($47.11) price objective on shares of Associated British Foods in a research note on Tuesday, October 24th. Jefferies Group reissued a “buy” rating and issued a GBX 3,600 ($48.45) target price on shares of Associated British Foods in a report on Thursday, October 19th. Macquarie began coverage on shares of Associated British Foods in a report on Friday, October 27th. They issued an “underperform” rating and a GBX 2,900 ($39.03) target price on the stock. Liberum Capital reissued a “buy” rating and issued a GBX 3,150 ($42.40) target price on shares of Associated British Foods in a report on Tuesday, November 7th. Finally, reissued a “buy” rating and issued a GBX 3,700 ($49.80) target price on shares of Associated British Foods in a report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Associated British Foods presently has a consensus rating of “Buy” and an average target price of GBX 3,415.90 ($45.97).

Associated British Foods (LON:ABF) last issued its quarterly earnings results on Tuesday, November 7th. The company reported GBX 127.10 ($1.71) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of GBX 125.90 ($1.69) by GBX 1.20 ($0.02). The firm had revenue of GBX 1,535.70 billion for the quarter. Associated British Foods had a net margin of 7.01% and a return on equity of 12.97%.

The company also recently declared a dividend, which will be paid on Friday, January 12th. Stockholders of record on Thursday, December 14th will be given a GBX 29.65 ($0.40) dividend. The ex-dividend date is Thursday, December 14th. This represents a dividend yield of 0.97%. This is an increase from Associated British Foods’s previous dividend of $11.35.

In other news, insider John Bason sold 21,716 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of GBX 3,043 ($40.96), for a total value of £660,817.88 ($889,391.49).

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About Associated British Foods

Associated British Foods plc is an international food, ingredients and retail company. The Company’s segments include grocery, sugar, agriculture, ingredients and retail. Its geographical segments include the United Kingdom, Europe and Africa, the Americas and Asia Pacific. The grocery segment manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, herbs and spices, and meat products, which are sold to retail, wholesale and foodservice businesses.

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