It’s been a bumpy ride for the S&P/ASX 200 Index (ASX: XJO) over the past couple of weeks or so. After a stellar March, April has seen the ASX 200 bounce around a little more. But no one seems to have told the Endeavour Group Ltd (ASX: EDV) share price.
Put simply, it’s never been better for Endeavour shares. For one, this drinks and pubs share has hit not one, not two, but four all-time highs in the past week alone. Its latest and highest record high came last Friday, when Endeavour shares touched $7.72. As it stands today, Endeavour shares have now reached a five-day gain of 3.2%, and a 12.02% rise over the past month.
Since Endeavour was spun out of Woolworths Group Ltd (ASX: WOW), housing Woolies’ pub and bottle shop portfolio, last year, its shares have now returned just shy of 27%. Not bad for roughly 10 months of ASX life.
So what’s gone so right for Endeavour to clock four all-time highs in the past week?
Why are Endeavour shares hitting all-time record highs?
Well, the company did put out a notice today that one of its non-executive directors, Catherine West, has resigned from the company. West is departing to “focus on her other responsibilities in ASX and philanthropic organisations”. The company is working through regulatory approvals to name Anne Brennan as her replacement. But since we only found out this news today, it’s unlikely to have had much of an impact on the company’s shares.
So let’s look at what else has been happening with the Endeavour share price.
As we covered last week, Endeavour has been receiving a lot of love from some ASX brokers. Goldman Sachs in particular has singled out Endeavour as worthy of being a defensive ASX share. The broker cited Endeavour’s local supply chains and its inflation-resistant business model in justifying its buy rating and 12-month share price target of $8.
Investors have inflation concerns front of mind right now, so it’s possible that Goldman’s assessment of the company turned some heads. Or it’s possible that investors are just looking for a blue-chip share in the consumer staples sector. Whatever the reason, it’s certainly been a good week for Endeavour shareholders.