Grocery Outlet (NYSE:GO) Updates FY19 Earnings Guidance

Grocery Outlet (NYSE:GO) updated its FY19 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.73-$0.74 for the period, compared to the Thomson Reuters consensus estimate of $0.72. The company issued revenue guidance of $2.55 billion, compared to the consensus revenue estimate of $2.55 billion.

A number of brokerages have recently issued reports on GO. Telsey Advisory Group began coverage on shares of Grocery Outlet in a research report on Monday, July 15th. They set an outperform rating and a $40.00 price objective for the company. Zacks Investment Research raised shares of Grocery Outlet from a hold rating to a buy rating and set a $38.00 target price for the company in a report on Wednesday, October 16th. Barclays reaffirmed a hold rating and issued a $37.00 target price on shares of Grocery Outlet in a report on Thursday, August 15th. Guggenheim assumed coverage on shares of Grocery Outlet in a research note on Monday, July 15th. They issued a neutral rating on the stock. Finally, Cowen reiterated an outperform rating and issued a $48.00 price target (up previously from $42.00) on shares of Grocery Outlet in a research note on Wednesday, August 14th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Grocery Outlet currently has an average rating of Buy and a consensus target price of $39.89.

NYSE:GO traded down $0.11 during mid-day trading on Monday, hitting $31.00. 1,446,223 shares of the stock traded hands, compared to its average volume of 759,700. Grocery Outlet has a 52 week low of $27.75 and a 52 week high of $47.57. The stock has a 50 day moving average price of $33.04.

Grocery Outlet (NYSE:GO) last issued its earnings results on Tuesday, August 13th. The company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.07. The company had revenue of $645.30 million during the quarter, compared to the consensus estimate of $626.60 million. The business’s quarterly revenue was up 12.2% on a year-over-year basis.

In related news, Vice Chairman S. Macgregor Jr. Read sold 350,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $32.72, for a total transaction of $11,452,000.00. Also, CAO Pamela B. Burke sold 26,470 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $32.72, for a total transaction of $866,098.40. Insiders have sold 12,119,742 shares of company stock valued at $396,557,958 in the last three months.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. owns and operates a chain of grocery stores in the United States. The company offers products in various categories, such as grocery, dairy and deli, produce, refrigerated and frozen, floral, beer and wine, general merchandise, and health and beauty care, as well as fresh meat and seafood; and natural, organic, specialty, and healthy products.

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