Kroger Co (NYSE:KR) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System raised its holdings in Kroger Co (NYSE:KR) by 9.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 200,757 shares of the company’s stock after acquiring an additional 16,881 shares during the period. State of Michigan Retirement System’s holdings in Kroger were worth $6,796,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Kroger by 2.9% in the 1st quarter. BlackRock Inc. now owns 59,699,457 shares of the company’s stock valued at $1,798,146,000 after purchasing an additional 1,701,261 shares during the last quarter. State Street Corp boosted its holdings in Kroger by 2.9% in the first quarter. State Street Corp now owns 41,592,136 shares of the company’s stock valued at $1,252,755,000 after acquiring an additional 1,154,794 shares during the last quarter. Capital Research Global Investors grew its position in Kroger by 36.6% during the first quarter. Capital Research Global Investors now owns 16,466,175 shares of the company’s stock valued at $495,961,000 after acquiring an additional 4,413,450 shares during the period. Geode Capital Management LLC increased its stake in Kroger by 1.6% during the first quarter. Geode Capital Management LLC now owns 14,358,076 shares of the company’s stock worth $431,734,000 after acquiring an additional 232,116 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Kroger by 42.9% in the 1st quarter. JPMorgan Chase & Co. now owns 7,623,096 shares of the company’s stock worth $229,609,000 after purchasing an additional 2,288,325 shares during the period. 77.77% of the stock is currently owned by institutional investors.

Shares of KR stock opened at $34.79 on Friday. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 2.23 and a beta of 0.38. Kroger Co has a one year low of $20.91 and a one year high of $36.84. The company’s 50-day simple moving average is $33.42 and its 200-day simple moving average is $31.42. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.40 and a current ratio of 0.83.

Kroger (NYSE:KR) last announced its quarterly earnings data on Thursday, June 18th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.10. Kroger had a return on equity of 24.62% and a net margin of 1.66%. The firm had revenue of $41.55 billion for the quarter, compared to analysts’ expectations of $40.92 billion. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Kroger’s revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, research analysts forecast that Kroger Co will post 2.84 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.72 per share. This is a positive change from Kroger’s previous quarterly dividend of $0.16. This represents a $2.88 annualized dividend and a dividend yield of 8.28%. The ex-dividend date is Thursday, August 13th. Kroger’s dividend payout ratio is currently 29.09%.

KR has been the topic of a number of recent research reports. BMO Capital Markets reiterated a “hold” rating and set a $34.00 price objective on shares of Kroger in a research note on Friday, July 24th. UBS Group upped their price target on shares of Kroger from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Wells Fargo & Co raised their price objective on Kroger from $37.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Goldman Sachs Group started coverage on Kroger in a research note on Tuesday, July 21st. They set a “neutral” rating and a $36.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their target price on Kroger from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, May 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Kroger has a consensus rating of “Hold” and an average target price of $34.13.

In related news, CEO W Rodney Mcmullen sold 85,381 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $31.97, for a total transaction of $2,729,630.57. Following the completion of the sale, the chief executive officer now owns 3,097,481 shares of the company’s stock, valued at approximately $99,026,467.57. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Carin L. Fike sold 968 shares of the business’s stock in a transaction dated Thursday, July 16th. The shares were sold at an average price of $33.97, for a total transaction of $32,882.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 224,059 shares of company stock worth $7,485,124. Corporate insiders own 1.34% of the company’s stock.

Kroger Profile

The Kroger Co operates as a retailer in the United States. The company operates supermarkets, multi-department stores, marketplace stores, and price impact warehouse stores. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, pet centers, fresh seafood, and organic produce; and multi-department stores provide apparel, home fashion and furnishings, outdoor living, electronics, automotive products, and toys.

Further Reading: Why is cost of goods sold important?

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Institutional Ownership by Quarter for Kroger (NYSE:KR)

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