Market Update (NASDAQ:WFM): U.S. food regulators warn Whole Foods on Massachusetts plant

[Reuters] – Shares in Whole Foods, which has been working to bolster sales amid intense competition, were down 2.6 percent to $32.61 in afternoon trading on Tuesday. During five inspections between Feb. 10 and 26, inspectors found food products that were prepared, packed, or held under insanitary conditions, the U.S. Food and Drug Administration said in a warning letter dated June 8 and posted on its website. The agency said in the letter that it had received a response from Whole Foods outlining steps it would take to correct the issues. Read more on this. Whole Foods Market, Inc. (WFM) , valued at $10.44B, started trading this morning at $33.20. Looking at the equity, the company’s one day range is $32.43 to $33.58 with a trailing 52-week range being $28.07 to $41.97. WFM shares are currently priced at 21.89x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 24.96x forward p/e ratio. The company pays shareholders $0.54 per share annually in dividends, yielding 1.57%. According to a consensus of 25 analysts, the earnings estimate of $0.38 per share would be $0.05 worse than the year-ago quarter and a $0.03 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $1.53 is a $0.08 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.73 Billion. If reported, that would be a 2.75% increase over the year-ago quarter. Recently, Credit Suisse upgraded WFM from Neutral to Outperform (Jun 1, 2016). Previously, Wells Fargo Initiated WFM at to Market Perform. The average price target for WFM shares by the analysts covering it is $30.19, which is 9.07% below where the stock opened. See more in (NASDAQ:WFM) Similar Articles: Market Update: Whole Foods Market Inc (NASDAQ:WFM) – First 365 by Whole Foods Market™ to Open May 25 in Silver Lake, Calif. Stock Update: Whole Foods Market Inc (NASDAQ:WFM) – Whole Foods Market Expands Partnership with Coalition of Immokalee Workers Stock Update: Whole Foods Market Inc (NASDAQ:WFM) – Whole Foods Market® and Instacart Announce New Markets, Growth Plans