Investors laid into Whole Foods ( WFMI) Thursday, sending the richly priced shares down more than 12% after the company adjusted its full-year earnings guidance.

The shares were recently off $7.47, or 12.3%, to $53.13. The selloff came despite a second quarter in which the company's per-share earnings rose 21% to 41 cents. Using that number and the First Call estimates for the next three quarters, the shares currently sport a P/E multiple of 30.

The stock was lowered to equal weight from overweight by Morgan Stanley Thursday.

In its quarter ended April 13, Austin, Texas-based Whole Foods earned $25.6 million, up from the year-ago $20.2 million, or 34 cents a share.

Over the same period, Whole Foods' sales jumped 16% to $725.1 million. On a same-store basis, Whole Foods' sales increased 7%. The company had projected same-store sales growth of 8% to 9% in the quarter.

The company's bottom-line results met Wall Street earnings expectations of 41 cents a share, according to Thomson First Call.

What spooked investors was the guidance. Whole Foods maintained its previous guidance of full-year earnings of $1.62 to $1.69 a share, but said it now expects results to come in toward the low end of that range. The company expects to post earnings of 41 cents to 42 cents a share in the third quarter.