American Century Companies Inc., a renowned investment management firm, has recently increased its holdings in Grocery Outlet Holding Corp., a leading grocery retail chain. According to the company’s latest filing with the Securities and Exchange Commission, American Century Companies Inc. now owns 613,286 shares of Grocery Outlet, representing a 1.7% increase during the first quarter.
At the end of the reporting period, these shares were valued at approximately $17.3 million, accounting for 0.63% of Grocery Outlet’s overall worth. This move by American Century Companies Inc. demonstrates their confidence in the future prospects of Grocery Outlet and their belief in the company’s potential for growth.
Grocery Outlet has also released its quarterly earnings data for August 2023, showcasing positive results. The company reported earnings per share of $0.23 for the quarter, surpassing analysts’ estimates by $0.02. This strong performance reflects well on Grocery Outlet’s profitability, with a net margin of 1.87% and a return on equity of 7.28%.
Furthermore, Grocery Outlet generated revenue of $1.01 billion during this quarter, exceeding analyst expectations of $974.89 million. These favorable financial results indicate that Grocery Outlet is effectively managing its operations and meeting consumer demands.
In recent news related to Grocery Outlet, Director Thomas F. Herman sold 2,000 shares of the company’s stock on August 15th at an average price of $33.91 per share, totaling $67,820 in value. Following this transaction, Herman currently holds 21,400 shares in Grocery Outlet with an approximate value of $725,674.
Another director at Grocery Outlet, Eric J Jr Lindberg, sold 255,951 shares on August 11th at an average price of $34.35 per share for a total transaction value of $8,791,916.85. After this sale was completed, Lindberg now owns 37,616 shares of the company’s stock, amounting to approximately $1,292,109.60 in value.
These insider sales reflect the market perception of Grocery Outlet and its potential for future growth. Insiders have divested a total of 374,360 shares over the past three months, valued at $12,403,936. This indicates that insiders are capitalizing on the stock’s strong performance and realizing their gains.
Overall, American Century Companies Inc.’s increased holdings in Grocery Outlet alongside the positive quarterly earnings data suggests a promising outlook for the company. With notable insider activity showcasing confidence within the organization, investors and stakeholders may find Grocery Outlet to be an appealing prospect in the grocery retail industry.
Please note that this article is based on information available as of September 2, 2023.
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Changes in Holdings and Analyst Ratings for Grocery Outlet Holding Corp (GO)
As of September 2, 2023, Grocery Outlet Holding Corp. (GO) has seen some notable changes in its holdings by various hedge funds and financial institutions. Advisor Group Holdings Inc. increased its stake in GO by 51.3% during the first quarter, now owning 5,508 shares valued at $192,000 after acquiring an additional 1,868 shares. Similarly, Raymond James & Associates also boosted its holdings in Grocery Outlet by 38.3% in the first quarter, now possessing 55,554 shares worth $1,821,000 after purchasing an additional 15,389 shares.
In addition to these changes, Private Advisor Group LLC entered a new position during the first quarter with a value of approximately $242,000. Citigroup Inc. took a more significant leap by increasing its stake in Grocery Outlet by an astonishing 120.4%, owning 22,823 shares valued at $748,000 after acquiring an additional 134,572 shares.
Another noteworthy move came from Bank of Montreal Can which also initiated a new stake in GO during the first quarter valued at about $1,166,000.
Despite all these adjustments to ownership and positions within various funds and companies related to Grocery Outlet Holding Corp., stock prices opened at $30.85 on Friday. The firm’s fifty-day moving average price stood at $32.42 while the two-hundred day moving average price was recorded as $29.99.
Furthermore, Grocery Outlet’s financial indicators indicate a relatively stable position within the market when considering its debt-to-equity ratio of 0.25 alongside current and quick ratios of 1.37 and 0.37 respectively.
It is crucial to highlight that over the past year from September 2022 to September 2023 grocery outlet stock traded within a range of $25.71 as its one-year low to as high as $40.46 for one year.
Currently, Grocery Outlet Holding Corp. maintains a market capitalization of $3.05 billion with a price-to-earnings ratio of 43.45 and a PEG ratio of 3.10. Additionally, the stock exhibits a beta of 0.03.
As for analyst opinions on Grocery Outlet, several brokerages have recently assessed the company’s performance. Roth Mkm increased their target price from $29 to $31 and assigned a “neutral” rating to the stock in a research note on August 14th. Jefferies Financial Group also adjusted their price objective for GO from $30 to $35 and maintained a “hold” rating in another research report on August 2nd.
Morgan Stanley provided an “underweight” rating while increasing their target price for Grocery Outlet from $25 to $27 in their own research note on August 22nd. Deutsche Bank Aktiengesellschaft opted for a more positive outlook, raising their price objective from $38 to $39 and assigning a “buy” rating to the company in another research report on August 9th.
Lastly, UBS Group increased its target price for Grocery Outlet stock from $29 to $38 while maintaining a “neutral” rating in their research note released on August 9th.
Taking into consideration all these evaluations by different analysts, Bloomberg data suggests that GO has garnered an average rating of “Hold” among analysts, with the consensus price target currently standing at approximately $35.11.
In conclusion, several hedge funds and financial institutions have made adjustments to their holdings of Grocery Outlet Holding Corp (GO) throughout the first quarter of this year, which has prompted changes in ownership and positions within these entities. Despite these shifts, GO’s current stock prices opened at $30.85 as of September 2nd, while its financial indicators reveal relatively stable market performance based on ratios such as debt-to-equity, current, and quick ratios. Analyst evaluations also provide a mixed outlook, with ratings ranging from “sell” to “buy,” with an average consensus price target of $35.11.
