Updating our Income stocks: Great-West Lifeco, Andrew Peller & CIBC

Article Excerpt

GREAT-WEST LIFECO INC. $32 (www.greatwestlifeco.com) is a hold. The insurer recently completed its $4.45 billion acquisition of the full-service retirement services unit of Prudential Financial (New York symbol PRU). Despite that purchase, revenue in the second quarter of 2022 fell 48.8%, to $9.19 billion from $18.00 billion a year earlier. That’s due to lower returns on its investment portfolio. Earnings before one-time items, were unchanged at $0.89 a share. Great-West Lifeco is a hold. ANDREW PELLER LTD. (A shares) $6.13 (www.andrewpeller.com) is still a buy. The company is Canada’s second-largest wine producer after Arterra Wines. Thanks to re-opening of restaurants and higher selling prices, sales in the quarter ended June 30, 2022, rose 5.7%, to $97.7 million from $92.4 million a year earlier. However, higher prices for packaging cut earnings per share by 12.5%, to $0.07 from $0.08. A new plan to consolidate warehouses and improve its inventory systems should improve profitability. Andrew Peller (class A) is a buy. CANADIAN IMPERIAL BANK OF COMMERCE $66 (www.cibc.com) is a buy. The bank raised your…

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