Traders Buy Campbell Soup Company (CPB) on Weakness After Earnings Miss
Investors purchased shares of Campbell Soup Company (NYSE:CPB) on weakness during trading on Friday following a dissappointing earnings announcement. $55.75 million flowed into the stock on the tick-up and $40.65 million flowed out of the stock on the tick-down, for a money net flow of $15.10 million into the stock. Of all companies tracked, Campbell Soup had the 25th highest net in-flow for the day. Campbell Soup traded down ($0.80) for the day and closed at $45.40The 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 for 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%. Campbell Soup’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share.
CPB has been the topic of several research analyst reports. J P Morgan Chase & Co restated a “neutral” rating and set a $55.00 target price (down from $60.00) on shares of Campbell Soup in a research report on Wednesday, June 28th. Credit Suisse Group set a $50.00 target price on shares of Campbell Soup and gave the stock a “sell” rating in a research report on Friday, July 7th. BidaskClub lowered shares of Campbell Soup from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 24th. Royal Bank Of Canada set a $60.00 target price on shares of Campbell Soup and gave the stock a “hold” rating in a research report on Tuesday, July 18th. Finally, Morgan Stanley decreased their target price on shares of Campbell Soup from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 18th. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $55.31.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Campbell Soup by 2,522.6% in the first quarter. BlackRock Inc. now owns 14,676,936 shares of the company’s stock worth $840,105,000 after buying an additional 14,117,312 shares during the period. Renaissance Technologies LLC raised its position in Campbell Soup by 585.4% in the second quarter. Renaissance Technologies LLC now owns 2,494,700 shares of the company’s stock worth $130,099,000 after buying an additional 2,130,700 shares during the period. Schroder Investment Management Group raised its position in Campbell Soup by 97.2% in the first quarter. Schroder Investment Management Group now owns 2,917,189 shares of the company’s stock worth $166,601,000 after buying an additional 1,438,025 shares during the period. Alliancebernstein L.P. raised its position in Campbell Soup by 33.3% in the first quarter. Alliancebernstein L.P. now owns 3,333,547 shares of the company’s stock worth $190,812,000 after buying an additional 833,687 shares during the period. Finally, LSV Asset Management purchased a new position in Campbell Soup during the second quarter worth about $35,597,000. Institutional investors own 43.91% of the company’s stock.
The stock has a market cap of $13.76 billion, a P/E ratio of 28.66 and a beta of 0.34. The stock’s 50-day moving average price is $52.48 and its 200-day moving average price is $55.91.
Campbell Soup Company Profile
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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