Investment analysts at the Royal Bank of Canada have raised their price target for Loblaw Companies from C$68.00 to C$72.00, indicating a potential upside of 13.85% from the stock’s current price. This adjustment was reported on October 20, 2023, and the brokerage maintains an “outperform” rating on the stock.
Several other financial institutions have also updated their outlook on Loblaw. On October 22, 2023, National Bankshares lifted its target price from C$60.00 to C$61.00, maintaining an “outperform” rating. Following that, on December 4, 2023, Desjardins upgraded its rating from “hold” to “buy” and increased the price target from C$62.00 to C$67.00.
On the same day, BMO Capital Markets raised its price objective from C$57.50 to C$63.00, while TD Securities adjusted their target from C$63.00 to C$65.00. Additionally, CIBC increased their target price from C$58.50 to C$67.00. Currently, six equity research analysts have rated Loblaw stock as a “Buy,” with one rating it as a “Hold.” According to data from MarketBeat, the average rating for the company is “Moderate Buy,” with an average price target of C$89.13.
Stock Performance and Insider Activity
Following these updates, Loblaw Companies’ stock has seen an increase of 1.4%. In related news, insider Kieran Barry Columb sold 40,800 shares of the company’s stock on November 14, 2023, at an average price of C$59.50. The total transaction amounted to C$2,427,600.00. After the sale, Columb’s remaining shares are valued at approximately C$9,739,912, reflecting a 19.95% decrease in his position. Over the past three months, insiders have sold a total of 102,044 shares, valued at C$6,092,002. Currently, insiders own 53.77% of the company’s stock.
About Loblaw Companies
Loblaw is among Canada’s largest grocery, pharmacy, and general merchandise retailers, featuring a significant presence in Ontario, as well as in provinces like Quebec and British Columbia. The company operates a variety of grocery banners, including Loblaw, No Frills, and Maxi. Additionally, its pharmaceutical operations stem from the acquisition of Shoppers Drug Mart in 2014.
Loblaw also boasts a robust private-label assortment with popular brands such as President’s Choice and No Name. Beyond retail, the company manages a financial services division offering credit card services and investment products, along with its PC Optimum loyalty program.
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