Safeway Coverage Initiated at BMO Capital Markets (SWY)
Investment analysts at BMO Capital Markets assumed coverage on shares of Safeway (NYSE:SWY) in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating on the stock.
Shares of Safeway (NYSE:SWY) traded up 1.25% on Wednesday, hitting $33.15. The stock had a trading volume of 970,783 shares. Safeway has a 52 week low of $15.94 and a 52 week high of $33.91. The stock has a 50-day moving average of $29. and a 200-day moving average of $26.01. The company has a market cap of $7.936 billion and a price-to-earnings ratio of 18.12.
Safeway (NYSE:SWY) last issued its quarterly earnings data on Thursday, October 10th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.08. The company had revenue of $8.62 billion for the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter in the previous year, the company posted $0.16 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts predict that Safeway will post $1.02 earnings per share for the current fiscal year.
In other Safeway news, SVP Robert Gordon sold 135,000 shares of the stock on the open market in a transaction dated Friday, October 11th. The shares were sold at an average price of $33.26, for a total transaction of $4,490,100.00. Following the transaction, the senior vice president now directly owns 89,367 shares of the company’s stock, valued at approximately $2,972,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank raised their price target on shares of Safeway to $40.00 in a research note to investors on Friday, October 11th. Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Safeway in a research note to investors on Friday, October 11th. They now have a $40.00 price target on the stock, up previously from $34.00. Finally, analysts at Telsey Advisory Group raised their price target on shares of Safeway from $30.00 to $35.00 in a research note to investors on Friday, October 11th. They now have a “not rated” rating on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.42.
Safeway Inc (NYSE:SWY) is a food and drug retailer in North America.
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