Associated British Foods (LON:ABF) Stock Passes Above Two Hundred Day Moving Average of $2,412.60

Shares of Associated British Foods plc (LON:ABF) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2,412.60 and traded as high as $2,218.00. Associated British Foods shares last traded at $2,165.00, with a volume of 742,160 shares.

Several research analysts have weighed in on the company. Liberum Capital restated a “buy” rating and issued a GBX 3,070 ($40.11) price target on shares of Associated British Foods in a research note on Monday, September 9th. Barclays reiterated an “overweight” rating on shares of Associated British Foods in a research note on Wednesday, September 25th. Shore Capital reiterated a “buy” rating on shares of Associated British Foods in a research note on Monday, September 9th. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 2,950 ($38.55) target price on shares of Associated British Foods in a research note on Wednesday, August 21st. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of Associated British Foods in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of GBX 2,886.83 ($37.72).

The company has a debt-to-equity ratio of 8.60, a current ratio of 1.73 and a quick ratio of 0.89. The stock has a 50 day moving average price of GBX 2,292.14 and a 200-day moving average price of GBX 2,412.60. The stock has a market capitalization of $17.08 billion and a price-to-earnings ratio of 18.70.

In other news, insider Ruth Cairnie purchased 1,110 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost of GBX 2,231 ($29.15) per share, with a total value of £24,764.10 ($32,358.68).

About Associated British Foods (LON:ABF)

Associated British Foods plc operates as a diversified food, ingredients, and retail company worldwide. It operates through five segments: Grocery, Sugar, Agriculture, Ingredients, and Retail. The Grocery segment manufactures and sells grocery products, including hot beverages, sugar and sweeteners, vegetable oils, balsamic vinegars, bread and baked goods, cereals, ethnic foods, and meat products to retail, wholesale, and foodservice businesses.

Further Reading: What is the Moving Average Convergence Divergence (MACD) oscillator?

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