Aramark (NYSE:ARMK) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Aramark (NYSE:ARMKGet Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05, MarketWatch Earnings reports. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.29 billion. Aramark had a return on equity of 13.13% and a net margin of 3.58%. The company’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. Aramark updated its FY 2024 guidance to 1.510-1.570 EPS.

Aramark Stock Down 1.4 %

Shares of NYSE ARMK opened at $28.89 on Thursday. Aramark has a 52 week low of $23.55 and a 52 week high of $31.94. The business has a 50-day simple moving average of $28.25 and a two-hundred day simple moving average of $31.17. The company has a quick ratio of 0.92, a current ratio of 1.04 and a debt-to-equity ratio of 1.80. The company has a market cap of $7.58 billion, a P/E ratio of 11.29, a P/E/G ratio of 1.24 and a beta of 1.47.

Aramark Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Wednesday, February 14th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Tuesday, February 13th. This represents a $0.38 annualized dividend and a yield of 1.32%. Aramark’s dividend payout ratio is currently 14.84%.

Insiders Place Their Bets

In other Aramark news, COO Marc A. Bruno sold 27,884 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $26.67, for a total value of $743,666.28. Following the completion of the transaction, the chief operating officer now owns 225,653 shares in the company, valued at approximately $6,018,165.51. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Aramark

A number of large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Aramark by 102.9% during the first quarter. BlackRock Inc. now owns 24,774,397 shares of the company’s stock valued at $886,923,000 after buying an additional 12,562,434 shares during the last quarter. Vanguard Group Inc. increased its position in Aramark by 1.3% during the third quarter. Vanguard Group Inc. now owns 23,758,699 shares of the company’s stock valued at $741,271,000 after acquiring an additional 302,698 shares during the last quarter. Morgan Stanley increased its position in Aramark by 1,042.8% during the fourth quarter. Morgan Stanley now owns 12,850,218 shares of the company’s stock valued at $531,228,000 after acquiring an additional 11,725,727 shares during the last quarter. State Street Corp increased its position in Aramark by 63.3% during the first quarter. State Street Corp now owns 7,929,211 shares of the company’s stock valued at $283,866,000 after acquiring an additional 3,074,389 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Aramark by 12.6% during the second quarter. Goldman Sachs Group Inc. now owns 3,831,281 shares of the company’s stock valued at $117,352,000 after acquiring an additional 428,855 shares during the last quarter.

Analyst Ratings Changes

ARMK has been the subject of a number of analyst reports. The Goldman Sachs Group started coverage on Aramark in a research note on Wednesday, January 17th. They issued a “buy” rating and a $33.00 price target for the company. Royal Bank of Canada restated a “sector perform” rating and set a $33.00 price target on shares of Aramark in a report on Wednesday. Morgan Stanley reduced their target price on Aramark from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 15th. Stifel Nicolaus dropped their price target on Aramark from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, November 7th. Finally, StockNews.com assumed coverage on Aramark in a research note on Thursday, December 7th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Aramark presently has an average rating of “Moderate Buy” and an average target price of $33.77.

Get Our Latest Analysis on Aramark

About Aramark

(Get Free Report)

Aramark provides food and facilities services to education, healthcare, business and industry, sports, leisure, and corrections clients in the United States and internationally. It operates through two segments, Food and Support Services United States, and Food and Support Services International. The company offers food-related managed services, including dining, catering, food service management, and convenience-oriented retail services; non-clinical food and food-related support services, such as patient food and nutrition, retail food, environmental services, and procurement services; and plant operations and maintenance, custodial/housekeeping, energy management, grounds keeping, and capital project management services.

Further Reading

Earnings History for Aramark (NYSE:ARMK)

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