Synovus Financial Corp lowered its holdings in Dollar General Co. (NYSE:DG) by 7.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,803 shares of the company’s stock after selling 216 shares during the quarter. Synovus Financial Corp’s holdings in Dollar General were worth $568,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Dollar General during the 4th quarter worth approximately $563,208,000. Morgan Stanley grew its stake in Dollar General by 60.5% during the 4th quarter. Morgan Stanley now owns 2,427,495 shares of the company’s stock worth $510,501,000 after buying an additional 914,802 shares during the last quarter. Swedbank purchased a new position in Dollar General during the 4th quarter worth approximately $167,721,000. Alecta Pensionsforsakring Omsesidigt grew its stake in Dollar General by 24.8% during the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,353,400 shares of the company’s stock worth $476,658,000 after buying an additional 467,900 shares during the last quarter. Finally, Manning & Napier Group LLC grew its stake in Dollar General by 191.6% during the 1st quarter. Manning & Napier Group LLC now owns 481,894 shares of the company’s stock worth $97,640,000 after buying an additional 316,624 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.
A number of research analysts recently issued reports on the company. Telsey Advisory Group raised their price target on Dollar General from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 25th. Evercore ISI raised Dollar General from an “in-line” rating to an “outperform” rating in a research report on Monday, March 22nd. Jefferies Financial Group decreased their price objective on Dollar General from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, March 19th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on Dollar General from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, May 28th. Finally, Raymond James decreased their price objective on Dollar General from $250.00 to $220.00 and set a “strong-buy” rating for the company in a research report on Friday, March 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $232.42.
Dollar General (NYSE:DG) last released its quarterly earnings results on Wednesday, May 26th. The company reported $2.82 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.63. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.28 billion. Dollar General had a return on equity of 39.37% and a net margin of 7.96%. Dollar General’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.56 earnings per share. Research analysts anticipate that Dollar General Co. will post 10 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 20th. Shareholders of record on Tuesday, July 6th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 0.81%. The ex-dividend date is Friday, July 2nd. Dollar General’s payout ratio is 15.82%.
Dollar General announced that its Board of Directors has approved a share buyback plan on Thursday, March 18th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other Dollar General news, CFO John W. Garratt sold 26,127 shares of the firm’s stock in a transaction on Tuesday, March 23rd. The stock was sold at an average price of $199.35, for a total transaction of $5,208,417.45. Following the completion of the transaction, the chief financial officer now owns 37,088 shares of the company’s stock, valued at $7,393,492.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.73% of the company’s stock.
Dollar General Profile
Dollar General Corporation, a discount retailer, provides various merchandise products in the southern, southwestern, Midwestern, and eastern United States. The company offers consumable products, including paper and cleaning products, such as paper towels, bath tissues, paper dinnerware, trash and storage bags, and laundry products; packaged food comprising cereals, canned soups and vegetables, condiments, spices, sugar, and flour; and perishables that include milk, eggs, bread, refrigerated and frozen food, beer, and wine.
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