Economy

Greene King Year-Start Sales Lag Behind Expectations

Peel Hunt's price objective points to a potential upside of 13.81% from the stock's previous close.

Karl Burns at Investec downgraded his Greene King earnings per share estimates by circa 3-7% for the current and next two financial years. Investors of record on Thursday, August 10th will be given a dividend of GBX 24.40 ($0.32) per share. Finally, Beaufort Securities reiterated a "buy" rating on shares of Greene King plc in a research note on Friday, June 30th. N+1 Singer reissued a "hold" rating on shares of Greene King plc in a research report on Thursday, June 29th.

Only yesterday Greene King PLC (LON:GNK) traded -11.53% lower at 561.50GBX.

At 0855 GMT, Greene King shares were down 12.4 percent at 578 pence after touching a five-year low of 559 pence. The stock's 50 day moving average is GBX 672.23 and its 200 day moving average is GBX 698.19.

'But Safestyle remains convinced that it is still taking market share so this one is harder to explain away and it may be more than a coincidence that two firms which rely heavily on consumer spending have both released weak updates today.

COPYRIGHT VIOLATION WARNING: This article was first posted by Week Herald and is owned by of Week Herald. If you are reading this report on another site, it was stolen and reposted in violation of United States & worldwide copyright law. The original version of this piece can be read at https://www.truebluetribune.com/2017/09/08/greene-king-plc-gnk-rating-reiterated-by-shore-capital.html. Also, insider Rooney Anand sold 6,293 shares of Greene King plc stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of GBX 693 ($8.95), for a total transaction of £43,610.49 ($56,322.47).

In the FTSE 250 (INDEXFTSE:MCX), pub group and brewer Greene King (LON:GNK) plummeted 11.99% on the back of falling sales and a cautious outlook for consumer spending. The Company operates approximately 3,040 managed, tenanted, leased and franchised pubs, restaurants and hotels, including brands, such as Hungry Horse, Chef & Brewer, Flaming Grill, Farmhouse Inns and its Greene King locals estate. "In the longer term, utilising the benefits of the Spirit acquisition, our brand conversion and cost saving programmes, our robust balance sheet and our strong cash generation will be important levers to help deliver competitive advantage, growth and attractive and sustainable dividends for our shareholders", the company said in a statement.



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