Kroger (KR) Receives Buy Rating from Bank of America
Bank of America restated their buy rating on shares of Kroger (NYSE:KR) in a research report report published on Friday morning, MarketBeat.com reports. Bank of America currently has a $37.00 target price on the stock, up from their previous target price of $35.00.
Several other brokerages have also issued reports on KR. Wells Fargo & Co raised their price target on shares of Kroger from $33.00 to $36.00 and gave the stock an outperform rating in a research note on Monday, September 10th. Credit Suisse Group set a $33.00 price target on shares of Kroger and gave the stock a hold rating in a research note on Friday, September 7th. Stephens set a $29.00 price target on shares of Kroger and gave the stock a hold rating in a research note on Friday, September 7th. Zacks Investment Research upgraded shares of Kroger from a hold rating to a buy rating and set a $35.00 price target for the company in a research note on Tuesday, August 21st. Finally, Telsey Advisory Group raised their price target on shares of Kroger from $29.00 to $31.00 and gave the stock a market perform rating in a research note on Wednesday, October 31st. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $31.67.
Shares of Kroger stock traded down $0.39 during mid-day trading on Friday, hitting $29.17. 10,774,401 shares of the stock were exchanged, compared to its average volume of 6,474,013. Kroger has a 12 month low of $22.85 and a 12 month high of $32.74. The company has a quick ratio of 0.26, a current ratio of 0.73 and a debt-to-equity ratio of 1.53. The stock has a market cap of $23.57 billion, a P/E ratio of 14.30, a P/E/G ratio of 2.08 and a beta of 0.79.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Investors of record on Thursday, November 15th were paid a $0.14 dividend. The ex-dividend date was Wednesday, November 14th. This represents a $0.56 dividend on an annualized basis and a yield of 1.92%. Kroger’s dividend payout ratio is 27.45%.
In related news, SVP Calvin J. Kaufman sold 10,500 shares of Kroger stock in a transaction that occurred on Thursday, October 11th. The shares were sold at an average price of $27.47, for a total value of $288,435.00. Following the completion of the transaction, the senior vice president now directly owns 124,688 shares in the company, valued at approximately $3,425,179.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erin S. Sharp sold 25,314 shares of Kroger stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $29.00, for a total transaction of $734,106.00. The disclosure for this sale can be found here. Insiders sold a total of 51,425 shares of company stock valued at $1,480,298 over the last quarter. 1.07% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Landaas & Co. WI ADV purchased a new position in shares of Kroger during the 2nd quarter valued at $100,000. Lee Financial Co purchased a new position in shares of Kroger during the 3rd quarter valued at $101,000. CSat Investment Advisory L.P. purchased a new position in shares of Kroger during the 2nd quarter valued at $109,000. Bridgeworth LLC purchased a new position in shares of Kroger during the 2nd quarter valued at $109,000. Finally, Central Bank & Trust Co. grew its position in shares of Kroger by 290.6% during the 3rd quarter. Central Bank & Trust Co. now owns 4,234 shares of the company’s stock valued at $123,000 after purchasing an additional 3,150 shares in the last quarter. Institutional investors and hedge funds own 79.94% of the company’s stock.
Kroger Company Profile
The Kroger Co, together with its subsidiaries, operates as a retailer in the United States. It also manufactures and processes food products for sale in its supermarkets. The company operates supermarkets, multi-department stores, jewelry stores, and convenience stores. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, pet centers, fresh seafood, and organic produce; multi-department stores provide general merchandise items, such as apparel, home fashion and furnishings, outdoor living, electronics, automotive products, toys, and fine jewelry; and price impact warehouse stores offer grocery, and health and beauty care items, as well as meat, dairy, baked goods, and fresh produce items.
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