Brown Forman (BF.B) Shares Up 6.2% on Strong Earnings
Brown Forman Corporation (NYSE:BF.B) shot up 6.2% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $67.98 and last traded at $65.85. 1,495,550 shares were traded during trading, an increase of 63% from the average session volume of 920,260 shares. The stock had previously closed at $62.01.
The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.09. Brown Forman had a return on equity of 53.63% and a net margin of 17.84%. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $870.60 million. During the same quarter last year, the company earned $0.50 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 7th will be given a dividend of $0.198 per share. This is a positive change from Brown Forman’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $0.79 annualized dividend and a yield of 1.20%. Brown Forman’s payout ratio is 41.15%.
Several research firms have commented on BF.B. Royal Bank Of Canada reaffirmed a “hold” rating and set a $51.00 price target on shares of Brown Forman in a research report on Tuesday, October 3rd. Credit Suisse Group reaffirmed a “neutral” rating and set a $61.00 price target (up previously from $55.00) on shares of Brown Forman in a research report on Thursday. Zacks Investment Research raised Brown Forman from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, August 31st. Goldman Sachs Group raised Brown Forman from a “sell” rating to a “neutral” rating and set a $56.00 price target on the stock in a research report on Thursday, September 28th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $50.00 price target on shares of Brown Forman in a research report on Friday, October 6th. Eleven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $55.90.
The company has a market capitalization of $25,300.00, a price-to-earnings ratio of 34.26 and a beta of 0.95. The company has a current ratio of 2.30, a quick ratio of 1.07 and a debt-to-equity ratio of 1.21.
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Brown Forman Company Profile
Brown-Forman Corporation is a spirit and wine company. The Company manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. The Company has a portfolio of approximately 40 spirit, wine and ready-to-drink cocktail (RTD) brands. Its principal brands include Jack Daniel’s Tennessee Whiskey, Jack Daniel’s RTDs, Jack Daniel’s Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Single Barrel Collection, Jack Daniel’s Sinatra Select, Jack Daniel’s Winter Jack, Jack Daniel’s No.
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