Campbell Soup Company (CPB) Shares Gap Down on Disappointing Earnings
Campbell Soup Company (NYSE:CPB) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $45.41, but opened at $46.20. Campbell Soup shares last traded at $46.12, with a volume of 2,407,958 shares trading hands.
The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by $0.03. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Campbell Soup had a return on equity of 59.83% and a net margin of 6.17%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 EPS.
Several brokerages have commented on CPB. Morgan Stanley reiterated an “underweight” rating and issued a $47.00 price target (down previously from $52.00) on shares of Campbell Soup in a research note on Friday. Deutsche Bank AG decreased their price target on shares of Campbell Soup from $58.00 to $51.00 and set a “hold” rating on the stock in a research note on Friday. Credit Suisse Group decreased their price target on shares of Campbell Soup from $47.00 to $43.00 and set an “underperform” rating on the stock in a research note on Friday. Royal Bank Of Canada decreased their price target on shares of Campbell Soup from $60.00 to $56.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, Zacks Investment Research upgraded shares of Campbell Soup from a “sell” rating to a “hold” rating in a research note on Tuesday. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $55.31.
Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Campbell Soup by 2,522.6% in the first quarter. BlackRock Inc. now owns 14,676,936 shares of the company’s stock valued at $840,105,000 after buying an additional 14,117,312 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Campbell Soup by 585.4% in the second quarter. Renaissance Technologies LLC now owns 2,494,700 shares of the company’s stock valued at $130,099,000 after buying an additional 2,130,700 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Campbell Soup by 97.2% in the first quarter. Schroder Investment Management Group now owns 2,917,189 shares of the company’s stock valued at $166,601,000 after buying an additional 1,438,025 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Campbell Soup by 33.3% in the first quarter. Alliancebernstein L.P. now owns 3,333,547 shares of the company’s stock valued at $190,812,000 after buying an additional 833,687 shares in the last quarter. Finally, LSV Asset Management acquired a new stake in shares of Campbell Soup during the second quarter valued at about $35,597,000. Hedge funds and other institutional investors own 43.91% of the company’s stock.
The stock’s 50 day moving average is $52.48 and its 200 day moving average is $55.91. The firm has a market cap of $14.00 billion, a PE ratio of 29.16 and a beta of 0.34.
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About Campbell Soup
Campbell Soup Company is a food company, which manufactures and markets food products. The Company’s segments include Americas Simple Meals and Beverages; Global Biscuits and Snacks, and Campbell Fresh. The Americas Simple Meals and Beverages segment includes the retail and food service channel businesses.
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