Central Garden & Pet (NASDAQ:CENTA) Price Target Raised to $50.00

Key Points

• Canaccord Genuity Group has raised the price target for Central Garden & Pet from $45.00 to $50.00, indicating a potential upside of 57.53% based on the current stock price.
• Different ratings have emerged from analysts, with Truist Financial lowering its target to $35.00, while Wall Street Zen upgraded it to a "buy," reflecting varied market sentiment.
• Central Garden & Pet reported a quarterly EPS of $1.56, exceeding analysts' expectations and revealing a net margin of 3.90% despite revenue falling short of projections.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) had its price objective increased by investment analysts at Canaccord Genuity Group from $45.00 to $50.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 57.53% from the stock's current price.

Several other analysts have also recently issued reports on the stock. Truist Financial reiterated a "hold" rating and issued a $35.00 target price (down from $40.00) on shares of Central Garden & Pet in a research note on Wednesday, April 30th. Wall Street Zen upgraded shares of Central Garden & Pet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Central Garden & Pet from $34.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $38.67.

Central Garden & Pet Stock Performance

Shares of NASDAQ CENTA traded down $4.00 during midday trading on Thursday, reaching $31.74. The company's stock had a trading volume of 777,120 shares, compared to its average volume of 362,475. Central Garden & Pet has a 12-month low of $27.70 and a 12-month high of $37.35. The firm has a 50 day moving average price of $33.18 and a 200-day moving average price of $32.15. The stock has a market capitalization of $2.08 billion, a P/E ratio of 16.97 and a beta of 0.67. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.31 and a quick ratio of 1.93.

Central Garden & Pet (NASDAQ:CENTA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.22. The company had revenue of $960.91 million for the quarter, compared to analysts' expectations of $993.66 million. Central Garden & Pet had a net margin of 3.90% and a return on equity of 10.14%. As a group, equities analysts predict that Central Garden & Pet will post 2.38 earnings per share for the current year.

Insider Transactions at Central Garden & Pet

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $32.39, for a total transaction of $1,943,400.00. Following the completion of the transaction, the chairman owned 1,070,365 shares of the company's stock, valued at approximately $34,669,122.35. This trade represents a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 107,800 shares of company stock valued at $3,490,112 over the last ninety days. 20.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fox Run Management L.L.C. bought a new stake in shares of Central Garden & Pet in the second quarter worth $696,000. Bank of New York Mellon Corp grew its holdings in shares of Central Garden & Pet by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 405,275 shares of the company's stock worth $12,681,000 after acquiring an additional 3,998 shares during the period. GHP Investment Advisors Inc. grew its holdings in shares of Central Garden & Pet by 3.9% in the second quarter. GHP Investment Advisors Inc. now owns 95,946 shares of the company's stock worth $3,002,000 after acquiring an additional 3,599 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of Central Garden & Pet by 3.9% in the second quarter. Teacher Retirement System of Texas now owns 8,088 shares of the company's stock worth $253,000 after acquiring an additional 304 shares during the period. Finally, Brighton Jones LLC grew its holdings in shares of Central Garden & Pet by 14.6% in the second quarter. Brighton Jones LLC now owns 7,895 shares of the company's stock worth $247,000 after acquiring an additional 1,008 shares during the period. 50.82% of the stock is owned by institutional investors.

Central Garden & Pet Company Profile

Central Garden & Pet Co engages in the production and distribution of branded and private label products for the lawn, garden, and pet supplies markets. It operates through the Pet and Garden segments. The Pet segment focuses on dog and cat supplies such as dog treats and chews, toys, pet beds and containment, grooming products, waste management and training pads, supplies for aquatics, small animals, reptiles and pet birds including toys, cages and habitats, bedding, food and supplements, products for equine and livestock, animal and household health and insect control products, live fish, and small animals, as well as outdoor cushions.

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