Empire (TSE:EMP) Upgraded by Cibc World Mkts to Strong-Buy

Cibc World Mkts upgraded shares of Empire (TSE:EMP) to a strong-buy rating in a report published on Friday, Zacks.com reports.

Empire Price Performance

Empire has a 12-month low of C$23.00 and a 12-month high of C$25.49.

Empire (TSE:EMP) last posted its quarterly earnings results on Thursday, September 12th. The company reported C$0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.88 by C$0.02. The firm had revenue of C$8.14 billion during the quarter, compared to the consensus estimate of C$8.07 billion.

Empire Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of ∞. The ex-dividend date is Tuesday, October 15th.

About Empire

Empire Company Limited is engaged in the business of food retailing and related real estate. The Company’s segments include Food Retailing, and Investments and Other Operations. The Food Retailing segment consists of its subsidiary, Sobeys Inc, which owns, affiliates or franchises over 1,500 stores in approximately 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton’s Drug Stores, as well as more than 350 retail fuel locations.