Greggs (LON:GRG) Sets New 52-Week High – Here’s What Happened

Shares of Greggs plc (LON:GRG) hit a new 52-week high on Wednesday . The stock traded as high as GBX 1,879 and last traded at GBX 1,874, with a volume of 3320367 shares. The stock had previously closed at GBX 1,690.

More Greggs News

Here are the key news stories impacting Greggs this week:

• Positive Sentiment: Strong first-half performance: Greggs reported a 20% increase in first-half profit, with grocery sales growth and improved market share indicating continued customer demand. UK’s Greggs first-half profit up 20% as grocery business grows
• Positive Sentiment: Value strategy is delivering: Coverage highlighted higher profit and market share as Greggs’ emphasis on value continues to support sales momentum. Greggs Reports Higher Profit and Market Share as Value Strategy Continues to Deliver
• Positive Sentiment: Broker upgrades: JPMorgan raised its price target from GBX 2,050 to GBX 2,210 and assigned an “outperform” rating. Berenberg also lifted its target from GBX 2,090 to GBX 2,200 and upgraded the shares to “buy.” Broker views from Digital Look
• Positive Sentiment: Expansion potential: Greggs is finding demand for its products in the Canary Islands, providing evidence that the brand may have opportunities beyond its core UK estate. UK’s Greggs finds appetite for sausage rolls in the Canary Islands
• Neutral Sentiment: Earnings backdrop: Greggs reported quarterly earnings of GBX 55.10 per share, with a 5.68% net margin and 20.47% return on equity. Greggs quarterly earnings report
• Negative Sentiment: Analyst disagreement: Deutsche Bank reaffirmed its “sell” rating and set a GBX 1,330 target, well below the targets issued by JPMorgan and Berenberg. Jefferies maintained a “hold” rating with a GBX 1,610 target, signaling valuation concerns despite the strong results. Broker views from Digital Look

Analyst Ratings Changes

Several brokerages recently weighed in on GRG. Jefferies Financial Group reaffirmed a “hold” rating and issued a GBX 1,610 target price on shares of Greggs in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on Greggs from GBX 2,050 to GBX 2,210 and gave the company an “outperform” rating in a research report on Thursday. Shore Capital Group restated a “hold” rating on shares of Greggs in a research note on Tuesday, May 12th. Berenberg Bank upped their price target on Greggs from GBX 2,090 to GBX 2,200 and gave the stock a “buy” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft restated a “sell” rating and issued a GBX 1,330 price objective on shares of Greggs in a report on Thursday. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of GBX 1,862.86.

Greggs Price Performance

The company has a debt-to-equity ratio of 74.16, a current ratio of 0.52 and a quick ratio of 0.88. The business’s 50-day moving average price is GBX 1,647.50 and its two-hundred day moving average price is GBX 1,622.95. The firm has a market cap of £1.98 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 3.39 and a beta of 1.15.

Greggs (LON:GRG) last issued its earnings results on Wednesday, July 29th. The company reported GBX 55.10 earnings per share (EPS) for the quarter. Greggs had a net margin of 5.93% and a return on equity of 20.97%. On average, research analysts forecast that Greggs plc will post 142.3763386 EPS for the current fiscal year.

Insider Transactions at Greggs

In other Greggs news, insider Richard Smothers acquired 1,615 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was purchased at an average price of GBX 17 per share, with a total value of £274.55. 0.62% of the stock is owned by company insiders.

About Greggs

Greggs is a leading UK food-on-the-go retailer with more than 2,700 shops nationwide and approximately 33,000 employees across the business.

As a food-on-the-go retailer, Greggs specialises in daily fresh shop-made sandwiches, and savouries baked fresh in the shop ovens throughout the day. These are further complemented by popular products and ranges including freshly ground coffee, breakfast, confectionery and evening menu items. Greggs also offers a healthier options range which includes a selection of gluten-free, vegan-friendly and lower calorie products.