Wolfe Research Initiates Coverage on Campbell Soup (CPB)
Wolfe Research began coverage on shares of Campbell Soup (NYSE:CPB) in a report issued on Friday morning, The Fly reports. The brokerage issued a market perform rating on the stock.
Several other research firms have also issued reports on CPB. Zacks Investment Research raised Campbell Soup from a sell rating to a hold rating in a research note on Tuesday. Citigroup raised Campbell Soup from a neutral rating to a buy rating and lifted their price objective for the company from $45.51 to $57.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. reissued a hold rating and set a $50.00 price objective on shares of Campbell Soup in a research note on Friday, December 15th. Piper Jaffray Companies set a $49.00 price objective on Campbell Soup and gave the company a hold rating in a research note on Tuesday, November 28th. Finally, Credit Suisse Group set a $41.00 price objective on Campbell Soup and gave the company a sell rating in a research note on Friday, November 24th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. Campbell Soup has a consensus rating of Hold and a consensus target price of $50.08.
Campbell Soup (NYSE:CPB) opened at $47.34 on Friday. Campbell Soup has a twelve month low of $44.99 and a twelve month high of $64.23. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.39. The company has a market capitalization of $14,230.00, a price-to-earnings ratio of 16.55, a PEG ratio of 3.73 and a beta of 0.39.
Campbell Soup announced that its Board of Directors has initiated a stock buyback program on Monday, December 18th that permits the company to buyback shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 29th. Shareholders of record on Wednesday, January 10th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.96%. The ex-dividend date is Tuesday, January 9th. Campbell Soup’s dividend payout ratio (DPR) is currently 48.95%.
In other Campbell Soup news, SVP Carlos Barroso sold 4,300 shares of Campbell Soup stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $48.86, for a total transaction of $210,098.00. Following the completion of the sale, the senior vice president now owns 29,119 shares of the company’s stock, valued at $1,422,754.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Edward Carolan sold 6,500 shares of Campbell Soup stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $48.15, for a total value of $312,975.00. Following the sale, the insider now directly owns 41,506 shares of the company’s stock, valued at approximately $1,998,513.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,284 shares of company stock valued at $741,399. Corporate insiders own 37.20% of the company’s stock.
Hedge funds have recently modified their holdings of the business. First Personal Financial Services increased its holdings in shares of Campbell Soup by 180.9% in the third quarter. First Personal Financial Services now owns 2,677 shares of the company’s stock worth $125,000 after buying an additional 1,724 shares during the period. Cordasco Financial Network purchased a new position in shares of Campbell Soup in the fourth quarter worth about $144,000. Meeder Asset Management Inc. purchased a new position in shares of Campbell Soup in the third quarter worth about $175,000. First Allied Advisory Services Inc. increased its holdings in shares of Campbell Soup by 6.3% in the second quarter. First Allied Advisory Services Inc. now owns 3,847 shares of the company’s stock worth $201,000 after buying an additional 227 shares during the period. Finally, ETRADE Capital Management LLC purchased a new position in shares of Campbell Soup in the second quarter worth about $210,000. 46.23% of the stock is owned by hedge funds and other institutional investors.
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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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