Insider Buying: Empire Company Limited (TSE:EMP.A) Director Purchases C$348,191.20 in Stock

Empire Company Limited (TSE:EMP.AGet Rating) Director Michael Bennett Medline acquired 9,700 shares of the stock in a transaction dated Monday, September 19th. The shares were bought at an average price of C$35.90 per share, with a total value of C$348,191.20. Following the completion of the purchase, the director now directly owns 86,344 shares of the company’s stock, valued at approximately C$3,099,404.22.

Empire Stock Down 1.5 %

EMP.A stock opened at C$35.84 on Friday. The firm has a market cap of C$5.82 billion and a PE ratio of 12.75. The company has a debt-to-equity ratio of 137.80, a quick ratio of 0.29 and a current ratio of 0.75. The firm’s fifty day moving average is C$38.47 and its 200 day moving average is C$40.76. Empire Company Limited has a one year low of C$34.71 and a one year high of C$46.04.

Empire Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 29th. Stockholders of record on Friday, July 29th were given a $0.165 dividend. This is a positive change from Empire’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, July 14th. This represents a $0.66 annualized dividend and a dividend yield of 1.84%. Empire’s dividend payout ratio (DPR) is 23.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on EMP.A shares. TD Securities lowered their price objective on shares of Empire from C$45.00 to C$43.00 and set a “buy” rating for the company in a research note on Friday, September 16th. National Bankshares cut their price objective on shares of Empire from C$42.00 to C$40.00 in a research note on Friday, September 16th. BMO Capital Markets cut their price objective on shares of Empire from C$42.00 to C$37.00 in a research note on Friday, September 16th. Desjardins cut their price objective on shares of Empire from C$48.00 to C$44.00 in a research note on Friday, September 16th. Finally, Scotiabank cut their price objective on shares of Empire from C$52.00 to C$51.00 in a research note on Friday, September 16th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Empire currently has an average rating of “Moderate Buy” and an average target price of C$44.44.

Empire Company Profile

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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.

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