Aramark (NYSE:ARMK) Releases Earnings Results

Aramark (NYSE:ARMKGet Free Report) announced 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. Aramark had a return on equity of 13.13% and a net margin of 3.58%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. Aramark updated its FY 2024 guidance to 1.510-1.570 EPS.

Aramark Stock Down 1.4 %

Aramark stock opened at $28.89 on Thursday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.92 and a current ratio of 1.04. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. Aramark has a fifty-two week low of $23.55 and a fifty-two week high of $31.94. The stock’s fifty day moving average is $28.25 and its two-hundred day moving average is $31.17.

Aramark Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Wednesday, February 14th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend is Tuesday, February 13th. Aramark’s dividend payout ratio is presently 14.84%.

Insider Buying and Selling at Aramark

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

Hedge Funds Weigh In On Aramark

Several large investors have recently added to or reduced their stakes in ARMK. American Century Companies Inc. raised its holdings in shares of Aramark by 16.7% in the 3rd quarter. American Century Companies Inc. now owns 12,709 shares of the company’s stock worth $441,000 after purchasing an additional 1,819 shares during the period. Comerica Bank purchased a new stake in shares of Aramark during the 3rd quarter valued at about $3,830,000. Toroso Investments LLC raised its holdings in shares of Aramark by 7.0% during the 3rd quarter. Toroso Investments LLC now owns 9,785 shares of the company’s stock valued at $340,000 after buying an additional 644 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Aramark by 12.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 220,328 shares of the company’s stock valued at $7,645,000 after buying an additional 25,078 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of Aramark during the 3rd quarter valued at about $112,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Aramark from $47.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, October 16th. StockNews.com initiated coverage on Aramark in a report on Thursday, December 7th. They issued a “hold” rating for the company. Truist Financial upped their price target on Aramark from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley lowered their price target on Aramark from $27.00 to $26.00 and set an “equal weight” rating for the company in a report on Wednesday, November 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $33.00 price objective on shares of Aramark in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Aramark currently has an average rating of “Moderate Buy” and an average price target of $33.77.

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About Aramark

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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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