Associated British Foods (LON:ABF) Share Price Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Associated British Foods plc (LON:ABF)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of GBX 1,923.51 and traded as high as GBX 1,935. Associated British Foods shares last traded at GBX 1,923.50, with a volume of 558,035 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ABF shares. Shore Capital Group reiterated a “hold” rating and set a GBX 1,910 target price on shares of Associated British Foods in a research report on Tuesday, October 6th. Jefferies Financial Group reaffirmed an “underperform” rating and set a GBX 1,650 price objective on shares of Associated British Foods in a report on Wednesday, July 1st. UBS Group reiterated a “neutral” rating and set a GBX 2,050 target price on shares of Associated British Foods in a research report on Friday, June 26th. Citigroup dropped their price objective on shares of Associated British Foods from GBX 1,550 to GBX 1,520 and set a “sector perform” rating for the company in a research note on Wednesday, September 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Associated British Foods from GBX 1,700 to GBX 1,645 and set a “neutral” rating on the stock in a research note on Friday, September 11th. Five research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of GBX 1,782.14.

Associated British Foods Trading Up 1.2%

The company has a debt-to-equity ratio of 32.63, a current ratio of 1.51 and a quick ratio of 0.93. The business’s fifty day simple moving average is GBX 1,929.79 and its 200 day simple moving average is GBX 1,923.83. The stock has a market cap of £13.65 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.51 and a beta of 0.81.

About Associated British Foods

Associated British Foods is a diversified international food, ingredients and retail group with sales of £13.9bn, 128,000 employees and operations in 53 countries across Europe, Africa, the Americas, Asia and Australia.

Our purpose is to provide safe, nutritious, affordable food, and clothing that is great value for money. With the breadth of our business, our brands and global reach, ABF aims to consistently deliver value to its stakeholders.

Our business is split into five segments: Grocery; Sugar; Agriculture; Ingredients; and Retail.