Kroger Co. (KR) Position Cut by M&T Bank Corp
M&T Bank Corp cut its stake in shares of Kroger Co. (NYSE:KR) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,923 shares of the company’s stock after selling 11,237 shares during the period. M&T Bank Corp’s holdings in Kroger were worth $3,559,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. First Republic Investment Management Inc. raised its stake in shares of Kroger by 26.4% in the first quarter. First Republic Investment Management Inc. now owns 52,753 shares of the company’s stock valued at $2,017,000 after buying an additional 11,014 shares during the period. Barnett & Company Inc. bought a new stake in shares of Kroger during the first quarter valued at about $145,000. Fulton Bank N.A. raised its stake in shares of Kroger by 3.8% in the second quarter. Fulton Bank N.A. now owns 28,800 shares of the company’s stock valued at $1,059,000 after buying an additional 1,043 shares during the period. First Financial Bank N.A. Trust Division raised its stake in shares of Kroger by 0.9% in the second quarter. First Financial Bank N.A. Trust Division now owns 39,594 shares of the company’s stock valued at $1,457,000 after buying an additional 340 shares during the period. Finally, Integrated Investment Consultants LLC raised its stake in shares of Kroger by 2.8% in the second quarter. Integrated Investment Consultants LLC now owns 3,722 shares of the company’s stock valued at $137,000 after buying an additional 100 shares during the period. 75.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Kroger Co. (NYSE:KR) traded down 2.42% during midday trading on Wednesday, hitting $32.30. 13,711,116 shares of the stock were exchanged. The firm’s 50 day moving average price is $32.04 and its 200-day moving average price is $33.32. Kroger Co. has a 52-week low of $28.71 and a 52-week high of $42.75. The stock has a market cap of $30.50 billion, a P/E ratio of 15.32 and a beta of 0.74.
Kroger (NYSE:KR) last posted its quarterly earnings results on Friday, September 9th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.02. The firm earned $26.60 billion during the quarter. Kroger had a return on equity of 32.52% and a net margin of 1.82%. Kroger’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. On average, equities research analysts expect that Kroger Co. will post $2.13 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $0.48 annualized dividend and a yield of 1.49%. Kroger’s payout ratio is 22.86%.
A number of research firms have weighed in on KR. Jefferies Group reduced their target price on shares of Kroger from $39.00 to $37.00 and set a “hold” rating on the stock in a report on Wednesday, August 31st. Morgan Stanley reissued an “overweight” rating and set a $40.00 target price on shares of Kroger in a report on Wednesday, October 12th. Vetr lowered shares of Kroger from a “hold” rating to a “sell” rating and set a $32.15 target price on the stock. in a report on Monday, November 14th. Wells Fargo & Co. reissued an “outperform” rating and set a $37.50 target price on shares of Kroger in a report on Wednesday. Finally, Deutsche Bank AG restated a “buy” rating and issued a $39.00 price target on shares of Kroger in a research report on Thursday, November 3rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $38.25.
In related news, insider Kevin M. Dougherty sold 31,000 shares of Kroger stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $31.05, for a total value of $962,550.00. Following the completion of the sale, the insider now directly owns 130,857 shares in the company, valued at approximately $4,063,109.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.85% of the stock is owned by corporate insiders.
Kroger Company Profile
The Kroger Co (Kroger) operates retail food and drug stores, multi-department stores, jewelry stores and convenience stores across the United States. The Company also manufactures and processes food for sale in its supermarkets. It operates through retail operations segment. The Company operates, either directly or through its subsidiaries, approximately 2,778 retail food stores under a range of local banner names, approximately 1,387 of which have fuel centers.
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