Since we've just welcomed in a new month, it's a good time to look back and see how some of the ASX's most prominent shares fared over the month just gone. So today, let's check out the Coles Group Ltd (ASX: COL) share price.
ASX shares, as a whole, had a very pleasing November. The S&P/ASX 200 Index (ASX: XJO) rose from 6,862.5 points to 7,284.2 points over the month, a gain worth a hefty 6.1%. But how did Coles shares do?
Well, the supermarket share opened the month at a price of $16.33 a share. By the end of November, the Coles share price had risen to $16.95. That's a gain worth 3.8% for November. Not quite as generous as the returns of the overall market, but still, a gain is a gain.
Today, Coles is going for $16.84 a share at the time of writing. So not a great start to the festive season for Coles. At this share price, Coles shares remain down by 5.95% year to date, and down 4.6% over the past 12 months.
So recent history hasn't been too kind to Coles shares.
Image source: Getty Images
Is the Coles share price a buy this December?
But one ASX broker reckons investors might want to shop for Coles shares this Christmas.
As my Fool colleague James covered this week, ASX broker Morgans is currently bullish on Coles.
The broker has just given Coles shares an add rating, with a 12-month share price target of $19.50. That implies a substantial 15.8% upside over the coming year. Morgans noted that Coles has just had a strong quarter, and reckons its shares are still cheap.
It commented that "we continue to see COL as offering good value with the company's solid balance sheet and defensive characteristics putting it in a good position to navigate through a weaker economic environment".
Morgans is also expecting Coles to keep raising its dividends. It has pencilled in 64 cents per share in dividends for FY 2023, and 66 cents per share for FY 2024.
At the current Coles share price, this ASX 200 supermarket share has a trailing and fully franked dividend yield of 3.74%.
