Loblaw Companies Limited (OTCMKTS:LBLCF) Sees Large Decrease in Short Interest

Loblaw Companies Limited (OTCMKTS:LBLCF) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 785,100 shares, a drop of 29.9% from the August 15th total of 1,119,900 shares. Based on an average daily trading volume, of 1,900 shares, the short-interest ratio is presently 413.2 days.

LBLCF stock traded down $0.52 during mid-day trading on Tuesday, reaching $66.66. 855 shares of the company traded hands, compared to its average volume of 3,894. The company has a fifty day moving average price of $68.10 and a 200-day moving average price of $61.73. Loblaw Companies has a 52-week low of $44.58 and a 52-week high of $72.55.

A number of analysts recently commented on the company. CIBC increased their price target on Loblaw Companies from C$87.00 to C$96.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Royal Bank of Canada reissued an “outperform” rating and issued a C$63.74 target price (down from C$96.00) on shares of Loblaw Companies in a research report on Monday, July 26th. National Bank Financial upped their price target on Loblaw Companies from C$84.00 to C$91.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Scotiabank boosted their price objective on Loblaw Companies from C$73.00 to C$86.00 and gave the company a “sector perform” rating in a research note on Thursday, July 29th. Finally, BMO Capital Markets increased their target price on shares of Loblaw Companies from C$71.00 to C$85.00 and gave the stock a “market perform” rating in a research report on Thursday, July 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $85.96.

About Loblaw Companies

Loblaw Cos. Ltd. engages in the provision of grocery, pharmacy, general merchandise, and financial products and services. It operates through the following segment: Retail and Financial Services. The Retail segment consists of retail food and associate-owned drug stores, in-store pharmacies, health and beauty products, apparel and general merchandise, and supports the PC Optimum program.

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