Wells Fargo Believes Whole Foods (NASDAQ: WFM) Won’t Stop Here

By Jason Carr

Wells Fargo analyst Zachary Fadem reiterated a Buy rating on Whole Foods (NASDAQ: WFM) on June 26 and set a price target of $45. The company’s shares opened today at $42.11, close to its 52-week high of $43.84.

According to TipRanks.com, Fadem is a 1-star analyst with an average return of -4.2% and a 31.0% success rate. Fadem covers the Services sector, focusing on stocks such as Floor & Decor Holdings Inc, Performance Food Group, and US Food Holdings Corp.

Currently, the analyst consensus on Whole Foods is Hold and the average price target is $39.50, representing a -6.2% downside.

In a report issued on June 14, RBC Capital also reiterated a Buy rating on the stock with a $42 price target.

Based on Whole Foods’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $3.74 billion and quarterly net profit of $99 million. In comparison, last year the company earned revenue of $3.7 billion and had a net profit of $142 million.

Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. Last month, Laura Derba, the Reg. President of WFM sold 2,200 shares for a total of $80,256.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Whole Foods Market, Inc. engages in the retailing business of natural and organic foods. It operates a chain of natural and organic foods supermarkets in the United States, Canada, and the United Kingdom. The company’s products include beverages, body care, snacks, frozen, pantry staples, supplements and gift baskets and also eco-scaling cleaning products.