The S&P/ASX 200 Index (ASX: XJO) isn’t having the best day today. At the time of writing, the ASX 200 is down by 0.59% at just under 7,500 points.
That has naturally resulted in many ASX 200 shares also posting losses so far today. But no one seems to have told the Endeavour Group Ltd (ASX: EDV) share price.
Endeavour shares are currently up a healthy 1.33% at $7.59 each. What’s more, this company hit a new all-time high of $7.61 share soon after lunchtime.
Now an all-time high, in this case, isn’t as impressive as it might be for some other ASX shares. That’s because Endeavour has only been on the ASX since June of last year, following its spin-off out of Woolworths Group Ltd (ASX: WOW). But still, it’s a happy day for shareholders, to be sure.
Today’s gains put the Endeavour share price up 11.8% in 2022 and by 26% over the past 12 months. Since its first day of ASX trading, the company has given investors a return of just over 24%.
Why have Endeavour shares just hit a new record high?
So why are Endeavour shares powering ahead today? Well, it’s not entirely clear. There hasn’t been any recent news or announcements that easily explain this new record high.
However, investors may be flocking to this drinks company following some recent love from ASX brokers.
As my Fool colleague James covered last week, broker Goldman Sachs named Endeavour as a winner out of the recent federal budget. It even included the company on its conviction buy list, with a 12-month share price target of $8. That implies a further upside of almost 6% over the next 12 months.
Goldman is bullish on Endeavour over the company’s “consumer assets and depth of [customer] loyalty, as well as more advanced digital transformation”. It also reckons that Endeavour is a good defensive play due to its inflation-resistant business model and reliance on local supply chains.
So perhaps investors are taking Goldman at its word today.
At the current Endeavour share price, this ASX 200 consumer staples share has a market capitalisation of $13.59 billion, with a dividend yield of 3.3%.
The post A toast! The Endeavour share price just hit an all-time high appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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