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Prices & Quotes - UK Markets - Greencore Group (CDI) (GNC)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 158.50p
Change Today:
-2.50p
Market Cap:
834.56m
Sector:
Food Producers

HSBC upgrades Greencore to 'buy', shares rally

By Michele Maatouk

Date: Wednesday 24 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Greencore rallied on Wednesday as HSBC upped its stance on shares of the Irish convenience food maker to 'buy' from 'hold' and lifted the price target to 170p from 120p as it argued the roadmap out of lockdown underpins a recovery in the food to go business.
"While individuals will not be able to enjoy a meal indoors until 17 May, we see the upcoming spring months as a turning point for demand for food to go (FTG) as a convenient option for people to consume food as they start socialising outdoors," HSBC said.

The bank said that while the government has not ruled out reintroducing restrictions at a local level if needed, the initial stage can be compared to the market conditions seen in October 2020.

"At that time, Greencore's FTG sales were still down 22% year-on-year but at a much better level versus Q4 20 (-29% year-on-year) and versus January 2021 (-35% year-on-year).

"We therefore see the announced roadmap as a set timetable and an opportunity for Greencore to start building back its FTG business and leveraging its improved supply chain as well as existing and new business opportunities."

As a result of improved visibility on a return to normality, downside risk to Greencore's earnings "reduces markedly", HSBC said.

At 0940 GMT, the shares were up 6.3% at 157.25p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

GNC Market Data

Currency UK Pounds
Price 158.50p
Change Today -2.50p
52 Week High 188.90p
52 Week Low 89.20p
Volume 558,055
Shares Issued 526.54m
Market Cap 834.56m
Beta 0.03

Performance Indicators

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 8
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

GNC Dividends

  Latest Previous
  Final Interim
Ex-Div 02-Jan-20 30-May-19
Paid 28-Feb-20 03-Jul-19
Amount 3.75p 2.45p

Trades for 09-Apr-2021

Time Volume / Share Price
16:35 191,399 @ 158.50p
16:28 211 @ 158.50p
16:28 322 @ 158.70p
16:28 3,227 @ 158.70p
16:28 600 @ 158.70p

GNC Key Personnel

CEO Patrick F Coveney
Chair Patrick Gary Kennedy
CFO Emma Hynes