12 Best Grocery Store Stocks to Buy Now

9. Ingles Markets, Incorporated (NASDAQ:IMKTA)

Number of Hedge Fund Holders: 20

Ingles Markets, Incorporated (NASDAQ:IMKTA) is a grocer in six southeastern states. It operates neighborhood shopping centers in conjunction with its supermarket operations and also owns a fluid dairy facility. Its product offerings include grocery products, produce, meat and dairy products, frozen foods, and other non-food products. The company operates around 198 supermarkets, 115 in-store pharmacies, and 108 fuel stations.

The company has solid debt management and capital discipline policies, bolstering its appeal as a long-term investment. Its debt-to-equity ratio dropped from over 200% to 67% in the past decade and with over $403 million in debt repayments, it is constructing a solid financial base. Its share buybacks have supported shareholder value, as seen in the 2021 buyback that slashed shares by 6.3% and drove the stock price from $37 to $100. Since Ingles Markets, Incorporated’s (NASDAQ:IMKTA) cash reserves are at an all-time high, it offers a high potential for further buybacks or dividend adjustments to reward shareholders.

The company ceased earnings calls in 2018 and is focused on long-term growth without considering Wall Street pressures. Ingles Markets, Incorporated (NASDAQ:IMKTA) takes the ninth spot on our list of the 12 best grocery store stocks to buy now.