Loblaw Companies (L) Trading Down 19.8% on Analyst Downgrade

Shares of Loblaw Companies Ltd (TSE:L) dropped 19.8% on Friday after TD Securities lowered their price target on the stock from C$82.00 to C$69.00. The company traded as low as C$52.46 and last traded at C$52.82. Approximately 115,092 shares traded hands during trading, a decline of 78% from the average daily volume of 518,173 shares. The stock had previously closed at C$65.84.

L has been the subject of a number of other research reports. CIBC boosted their target price on shares of Loblaw Companies from C$81.00 to C$82.00 in a research note on Wednesday, September 5th. Barclays boosted their target price on shares of Loblaw Companies from C$71.00 to C$75.00 and gave the stock a “c$69.40” rating in a research note on Monday, July 23rd. National Bank Financial boosted their target price on shares of Loblaw Companies from C$71.00 to C$72.00 and gave the stock a “reduce” rating in a research note on Thursday, July 26th. Royal Bank of Canada lowered their target price on shares of Loblaw Companies from C$84.00 to C$73.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Raymond James boosted their target price on shares of Loblaw Companies from C$82.00 to C$85.00 and gave the stock an “outperform” rating in a research note on Thursday, July 26th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of C$75.78.

In related news, Director Michael James Motz sold 5,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of C$69.26, for a total transaction of C$346,300.00. Also, insider Garry Senecal sold 765 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of C$67.60, for a total transaction of C$51,714.00. Insiders have sold 47,288 shares of company stock valued at $3,263,792 in the last quarter.

Loblaw Companies Company Profile (TSE:L)

Loblaw Companies Limited, a food and pharmacy company, provides grocery, pharmacy, health and beauty, apparel, general merchandise, credit card, insurance brokerage, gift card, and telecommunication services in Canada. It operates through three segments: Retail, Financial Services, and Choice Properties.

Read More: What are retained earnings?

Receive News & Ratings for Loblaw Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Loblaw Companies and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply