United Natural Foods (NASDAQ:UNFI) announced that its Board of Directors has authorized a stock repurchase program, which allows the company to repurchase $200.00 million in shares on Friday, October 6th, EventVestor reports. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
United Natural Foods (NASDAQ:UNFI) opened at 40.08 on Thursday. United Natural Foods has a 12 month low of $29.53 and a 12 month high of $49.74. The company’s 50-day moving average price is $38.60 and its 200 day moving average price is $38.94. The stock has a market capitalization of $2.03 billion, a PE ratio of 15.66 and a beta of 1.43.
United Natural Foods (NASDAQ:UNFI) last posted its quarterly earnings data on Wednesday, September 13th. The company reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.02. The firm had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.36 billion. United Natural Foods had a return on equity of 8.10% and a net margin of 1.40%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 EPS. On average, analysts forecast that United Natural Foods will post $2.72 earnings per share for the current fiscal year.
Several equities research analysts have weighed in on the company. Zacks Investment Research raised United Natural Foods from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday. TheStreet raised United Natural Foods from a “c” rating to a “b-” rating in a report on Thursday, October 5th. Barclays PLC reissued a “sell” rating and issued a $32.00 price target on shares of United Natural Foods in a report on Thursday, September 28th. Argus raised United Natural Foods from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Monday, September 25th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $36.00 price objective (up from $34.00) on shares of United Natural Foods in a research note on Wednesday, September 20th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $42.41.
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In other United Natural Foods news, CFO Michael Paul Zechmeister sold 11,500 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $44.06, for a total transaction of $506,690.00. Following the completion of the sale, the chief financial officer now directly owns 1,997 shares of the company’s stock, valued at approximately $87,987.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bates Ann Torre sold 7,190 shares of the company’s stock in a transaction that occurred on Friday, October 6th. The shares were sold at an average price of $40.16, for a total value of $288,750.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,431 shares of company stock valued at $2,494,702. 1.30% of the stock is owned by company insiders.
About United Natural Foods
United Natural Foods, Inc is a distributor and retailer of natural, organic and specialty products. The Company’s segments include Wholesale and Other. The Wholesale segment is engaged in the national distribution of natural, organic and specialty foods, produce and related products in the United States and Canada.
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