Kornitzer Capital Management Inc. KS cut its holdings in shares of Campbell Soup (NYSE:CPB) by 3.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,115 shares of the company’s stock after selling 2,375 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Campbell Soup were worth $3,571,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CPB. Tibra Equities Europe Ltd acquired a new position in shares of Campbell Soup in the 3rd quarter valued at $2,782,000. IFM Investors Pty Ltd increased its position in shares of Campbell Soup by 81.9% in the 3rd quarter. IFM Investors Pty Ltd now owns 20,542 shares of the company’s stock valued at $964,000 after acquiring an additional 9,251 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Campbell Soup by 7.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 80,227 shares of the company’s stock valued at $3,763,000 after acquiring an additional 5,501 shares during the period. California Public Employees Retirement System increased its position in shares of Campbell Soup by 2.0% in the 3rd quarter. California Public Employees Retirement System now owns 1,403,270 shares of the company’s stock valued at $65,841,000 after acquiring an additional 27,443 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Campbell Soup by 1.6% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 71,030 shares of the company’s stock valued at $3,333,000 after acquiring an additional 1,100 shares during the period. 52.43% of the stock is currently owned by institutional investors and hedge funds.
NYSE:CPB traded down $0.17 during mid-day trading on Friday, hitting $46.25. The company’s stock had a trading volume of 1,220,838 shares, compared to its average volume of 2,335,252. Campbell Soup has a 1 year low of $32.03 and a 1 year high of $48.38. The company has a debt-to-equity ratio of 6.39, a current ratio of 0.58 and a quick ratio of 0.33. The stock has a market cap of $14.00 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 3.11 and a beta of 0.43. The business’s fifty day moving average is $46.87 and its two-hundred day moving average is $42.59.
Campbell Soup (NYSE:CPB) last posted its quarterly earnings results on Friday, August 30th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.41 by $0.08. Campbell Soup had a net margin of 2.25% and a return on equity of 62.59%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The firm’s revenue was up 1.6% on a year-over-year basis. Analysts anticipate that Campbell Soup will post 2.52 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Thursday, October 10th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Wednesday, October 9th. Campbell Soup’s payout ratio is currently 60.87%.
In other news, SVP Adam G. Ciongoli sold 16,096 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $47.16, for a total transaction of $759,087.36. Following the sale, the senior vice president now directly owns 70,984 shares of the company’s stock, valued at approximately $3,347,605.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 36.48% of the company’s stock.
CPB has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Campbell Soup from $41.00 to $48.00 in a research report on Tuesday, September 3rd. Bank of America upped their price target on shares of Campbell Soup from $36.00 to $40.00 and gave the company an “underperform” rating in a report on Tuesday, September 3rd. Piper Jaffray Companies raised shares of Campbell Soup from an “underweight” rating to a “neutral” rating and upped their price target for the company from $40.00 to $45.00 in a report on Tuesday, September 3rd. Royal Bank of Canada assumed coverage on shares of Campbell Soup in a report on Thursday, October 17th. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, ValuEngine lowered shares of Campbell Soup from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Five analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $43.50.
About Campbell Soup
Campbell Soup Company, together with its subsidiaries, manufactures and markets branded food and beverage products. It operates through three segments: Americas Simple Meals and Beverages, Global Biscuits and Snacks, and Campbell Fresh. The Americas Simple Meals and Beverages segment engages in the retail and food service of Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell's gravies, pastas, beans, and dinner sauces; Swanson canned poultry products; Plum food and snack products; V8 juices and beverages; Campbell's tomato juices; and Pacific broth, soups, non-dairy beverages, and other simple meals.
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