Dollarama’s stock price target has been increased by National Bankshares from C$203.00 to C$214.00, according to a research report released on Thursday. This adjustment reflects a growing confidence in the company, prompting the brokerage to maintain an “outperform” rating on the stock.
In a wave of recent evaluations, other analysts have also reassessed their positions on Dollarama. Notably, CIBC reduced its price target from C$204.00 to C$199.00, assigning a “neutral” rating in a report published on August 28, 2023. Similarly, Canaccord Genuity Group lowered its target from C$200.00 to C$195.00, also designating a “hold” rating on the same date.
In contrast, Royal Bank of Canada raised its target price for Dollarama from C$212.00 to C$220.00, suggesting an optimistic outlook with an “outperform” rating in a research note issued on November 28, 2023. Furthermore, BMO Capital Markets increased its target from C$215.00 to C$222.00 in a report released on Wednesday, enhancing their own bullish stance on the stock. Sanford C. Bernstein also contributed to the upward momentum by raising their price target from C$220.00 to C$223.00 in a note on November 4, 2023.
Analyst recommendations reflect a range of sentiments towards Dollarama. Currently, two investment analysts have assigned the stock a “Strong Buy” rating, six have rated it as a “Buy,” and three have given it a “Hold.” According to data from MarketBeat, Dollarama has an average rating of “Moderate Buy,” with a consensus target price of C$208.50.
Dividend Announcement and Stock Performance
On November 7, 2023, Dollarama announced a quarterly dividend of $0.1058 per share. This payment was distributed to shareholders on record as of the same date, representing an annualized dividend of $0.42 and a yield of 0.2%. The ex-dividend date was set for October 10, 2023. Currently, the company’s dividend payout ratio (DPR) stands at 8.77%, indicating a prudent approach towards shareholder returns.
Dollarama Inc., headquartered in Canada, operates a chain of discount retail stores offering a wide array of everyday consumer products and general merchandise at fixed low prices. The company’s product offerings are primarily composed of general merchandise and consumer goods, catering to a diverse customer base.
As the retail landscape continues to evolve, Dollarama’s performance and strategic adjustments will be closely monitored by investors and analysts alike.
