Wells Fargo & Company Issues Positive Forecast for Kroger (NYSE:KR) Stock Price

Kroger (NYSE:KR) had its price target boosted by equities researchers at Wells Fargo & Company from $70.00 to $73.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 17.59% from the stock’s previous close.

Several other brokerages have also recently weighed in on KR. Evercore ISI lifted their price target on shares of Kroger from $62.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Guggenheim boosted their price target on Kroger from $61.00 to $63.00 and gave the company a “buy” rating in a report on Monday, November 25th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Kroger in a research note on Wednesday. Melius Research assumed coverage on Kroger in a research note on Monday, September 23rd. They set a “hold” rating and a $55.00 price objective for the company. Finally, StockNews.com cut shares of Kroger from a “strong-buy” rating to a “buy” rating in a research note on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.31.

Kroger Stock Performance

Shares of KR opened at $62.08 on Thursday. Kroger has a one year low of $43.51 and a one year high of $63.59. The business has a fifty day moving average of $58.28 and a 200 day moving average of $54.87. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.54 and a quick ratio of 1.07. The firm has a market capitalization of $44.91 billion, a P/E ratio of 16.42, a PEG ratio of 0.96 and a beta of 0.48.

Kroger (NYSE:KR) last released its quarterly earnings results on Thursday, December 5th. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. The firm had revenue of $33.63 billion during the quarter, compared to analyst estimates of $34.19 billion. Kroger had a net margin of 1.85% and a return on equity of 27.73%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 EPS. As a group, sell-side analysts anticipate that Kroger will post 4.44 EPS for the current year.

Kroger declared that its Board of Directors has authorized a share buyback plan on Wednesday, December 11th that permits the company to buyback $7.50 billion in shares. This buyback authorization permits the company to reacquire up to 16.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Kroger

In related news, VP Carin L. Fike sold 3,010 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $55.57, for a total transaction of $167,265.70. Following the sale, the vice president now owns 47,593 shares of the company’s stock, valued at $2,644,743.01. This represents a 5.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Brian W. Nichols sold 6,922 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $55.80, for a total transaction of $386,247.60. Following the transaction, the vice president now owns 14,063 shares of the company’s stock, valued at $784,715.40. This trade represents a 32.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,821 shares of company stock valued at $3,445,490. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kroger

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd purchased a new position in shares of Kroger in the 2nd quarter worth approximately $28,000. Northwest Investment Counselors LLC purchased a new position in Kroger during the third quarter worth $34,000. Newbridge Financial Services Group Inc. raised its stake in shares of Kroger by 218.8% in the second quarter. Newbridge Financial Services Group Inc. now owns 714 shares of the company’s stock valued at $36,000 after acquiring an additional 490 shares during the period. Harbor Capital Advisors Inc. bought a new stake in shares of Kroger in the 3rd quarter worth about $40,000. Finally, ORG Partners LLC purchased a new position in shares of Kroger during the 2nd quarter worth about $42,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Kroger Company Profile

The Kroger Co operates as a food and drug retailer in the United States. The company operates combination food and drug stores, multi-department stores, marketplace stores, and price impact warehouses. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, pet centers, fresh seafood, and organic produce; and multi-department stores provide apparel, home fashion and furnishings, outdoor living, electronics, automotive products, and toys.