Campbell Soup (NASDAQ:CPB) Upgraded by Piper Sandler to “Overweight” Rating

Piper Sandler upgraded shares of Campbell Soup (NASDAQ:CPB) from a neutral rating to an overweight rating in a research report released on Thursday, MarketBeat reports. The brokerage currently has $56.00 price target on the stock, up from their previous price target of $47.00.

A number of other equities research analysts have also recently weighed in on the stock. TD Cowen lifted their price target on shares of Campbell Soup from $47.00 to $51.00 and gave the company a “hold” rating in a research report on Thursday, September 12th. Royal Bank of Canada raised their price target on Campbell Soup from $47.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Friday, September 13th. Barclays raised their target price on Campbell Soup from $45.00 to $49.00 and gave the company an “underweight” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. boosted their price target on shares of Campbell Soup from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Finally, Argus raised shares of Campbell Soup from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Campbell Soup currently has an average rating of “Hold” and a consensus target price of $51.58.

Campbell Soup Price Performance

Shares of NASDAQ:CPB traded down $1.33 during midday trading on Thursday, hitting $43.12. The company had a trading volume of 2,619,903 shares, compared to its average volume of 2,519,742. The business’s 50-day simple moving average is $48.26 and its 200-day simple moving average is $47.08. The stock has a market cap of $12.83 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 2.64 and a beta of 0.19. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.61 and a quick ratio of 0.22. Campbell Soup has a twelve month low of $39.65 and a twelve month high of $52.81.

Campbell Soup (NASDAQ:CPB) last issued its earnings results on Thursday, August 29th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. Campbell Soup had a net margin of 5.88% and a return on equity of 24.08%. Campbell Soup’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 earnings per share. On average, research analysts predict that Campbell Soup will post 3.2 earnings per share for the current year.

Campbell Soup Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Thursday, October 3rd were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend was Thursday, October 3rd. Campbell Soup’s payout ratio is currently 78.31%.

Hedge Funds Weigh In On Campbell Soup

Several large investors have recently added to or reduced their stakes in CPB. Two Sigma Advisers LP grew its holdings in shares of Campbell Soup by 23.8% during the 3rd quarter. Two Sigma Advisers LP now owns 601,900 shares of the company’s stock worth $29,445,000 after purchasing an additional 115,800 shares during the period. Tabor Asset Management LP acquired a new stake in Campbell Soup in the 3rd quarter valued at $1,850,000. State Street Corp lifted its stake in shares of Campbell Soup by 3.1% during the third quarter. State Street Corp now owns 10,048,679 shares of the company’s stock worth $491,581,000 after purchasing an additional 298,203 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Campbell Soup in the third quarter valued at about $204,000. Finally, Quantinno Capital Management LP grew its position in Campbell Soup by 2.0% in the third quarter. Quantinno Capital Management LP now owns 54,471 shares of the company’s stock valued at $2,665,000 after acquiring an additional 1,076 shares in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

About Campbell Soup

Campbell Soup Company, together with its subsidiaries, manufactures and markets food and beverage products in the United States and internationally. The company operates through Meals & Beverages and Snacks segments. The Meals & Beverages segment engages in the retail and foodservice businesses in the United States and Canada.