Connor Clark & Lunn Investment Management Ltd. Sells 234,191 Shares of The Kroger Co. (NYSE:KR)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of The Kroger Co. (NYSE:KR) by 60.7% in the fourth quarter, HoldingsChannel reports. The firm owned 151,729 shares of the company’s stock after selling 234,191 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Kroger were worth $9,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Whipplewood Advisors LLC acquired a new position in Kroger in the fourth quarter valued at about $26,000. Centricity Wealth Management LLC acquired a new position in Kroger in the fourth quarter valued at about $32,000. Adirondack Trust Co. raised its stake in Kroger by 1,628.1% in the fourth quarter. Adirondack Trust Co. now owns 553 shares of the company’s stock valued at $34,000 after purchasing an additional 521 shares in the last quarter. Crews Bank & Trust acquired a new position in Kroger in the fourth quarter valued at about $39,000. Finally, McClarren Financial Advisors Inc. acquired a new position in Kroger in the fourth quarter valued at about $39,000. Institutional investors own 80.93% of the company’s stock.

Insider Transactions at Kroger

In related news, SVP Yael Cosset sold 115,149 shares of Kroger stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $68.08, for a total transaction of $7,839,343.92. Following the sale, the senior vice president now directly owns 139,338 shares in the company, valued at $9,486,131.04. The trade was a 45.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Todd A. Foley sold 16,932 shares of the business’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $61.44, for a total value of $1,040,302.08. Following the completion of the sale, the chief financial officer now directly owns 53,782 shares in the company, valued at $3,304,366.08. This trade represents a 23.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,186 shares of company stock worth $10,752,001. 1.40% of the stock is currently owned by insiders.

Kroger Stock Performance

Shares of NYSE KR opened at $65.12 on Friday. The stock has a market cap of $47.12 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 2.85 and a beta of 0.51. The company has a current ratio of 1.54, a quick ratio of 1.07 and a debt-to-equity ratio of 1.74. The Kroger Co. has a 1-year low of $49.04 and a 1-year high of $68.51. The stock’s 50-day moving average is $62.74 and its 200 day moving average is $59.43.

Kroger (NYSE:KR) last announced its quarterly earnings results on Thursday, March 6th. The company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.05. The business had revenue of $34.31 billion for the quarter, compared to analysts’ expectations of $34.96 billion. Kroger had a return on equity of 27.73% and a net margin of 1.85%. On average, sell-side analysts anticipate that The Kroger Co. will post 4.44 EPS for the current fiscal year.

Kroger announced that its board has initiated a stock buyback plan on Wednesday, December 11th that authorizes the company to buyback $7.50 billion in shares. This buyback authorization authorizes the company to buy up to 16.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Kroger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th will be given a $0.32 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.97%. Kroger’s dividend payout ratio is currently 34.88%.

Analyst Upgrades and Downgrades

Several research analysts have commented on KR shares. BMO Capital Markets boosted their target price on Kroger from $60.00 to $63.00 and gave the stock a “market perform” rating in a research note on Thursday, December 12th. Morgan Stanley boosted their target price on Kroger from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Bank of America boosted their target price on Kroger from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Jefferies Financial Group raised Kroger from a “hold” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $73.00 in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $70.00 target price on shares of Kroger in a research note on Tuesday, February 4th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.88.

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.