Dollarama Inc. (TSE:DOL) has received a boost in its price target from National Bankshares, which raised the target from C$203.00 to C$214.00 in a recent report to investors. This update, delivered on Thursday, indicates the brokerage’s confidence in the stock, maintaining an “outperform” rating.
Other financial institutions have also weighed in on Dollarama’s stock. CIBC adjusted its price target downwards from C$204.00 to C$199.00, assigning a “neutral” rating in its report dated August 28, 2023. Similarly, Canaccord Genuity Group lowered its target from C$200.00 to C$195.00, also issuing a “hold” rating on the same date.
In contrast, Royal Bank of Canada increased its price target for Dollarama from C$212.00 to C$220.00, reaffirming an “outperform” rating in a research note published on November 28, 2023. BMO Capital Markets followed suit with an increase from C$215.00 to C$222.00 in a report released on Wednesday. Additionally, Sanford C. Bernstein raised its target from C$220.00 to C$223.00 in a note on November 4, 2023.
Currently, the consensus among analysts is generally optimistic. Two investment analysts have rated the stock with a “Strong Buy,” while six have given it a “Buy” rating, and three have issued a “Hold” rating. According to MarketBeat, Dollarama’s stock has an average rating of “Moderate Buy” and a consensus price target of C$208.50.
Dollarama’s Dividend Announcement
In addition to the positive analyst ratings, Dollarama recently announced a quarterly dividend of $0.1058 per share, which was paid on November 7, 2023. Shareholders of record as of that date were eligible for the payment. This dividend reflects an annualized rate of $0.42, yielding approximately 0.2%. The ex-dividend date was October 10, 2023, and Dollarama’s dividend payout ratio currently stands at 8.77%.
Dollarama Inc. operates as a discount retailer based in Canada, offering a wide array of everyday consumer products and seasonal items at low fixed price points. The company has established itself as a leader in the discount retail sector, focusing on providing value to its customers.
As investors continue to monitor Dollarama’s performance, the recent adjustments in price targets and positive analyst sentiments highlight the company’s ongoing potential in the retail market.
