BellRing Brands Inc. $BRBR Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly reduced its holdings in BellRing Brands Inc. by 95% in the second quarter, selling 1,672,492 shares and now owning only 0.07% of the company.
• BellRing Brands recently reported strong earnings with $0.55 EPS, surpassing estimates, and also announced a stock buyback plan to repurchase $400 million in shares, indicating management's belief that the stock is undervalued.
• Several analysts downgraded their price targets for BellRing Brands, with UBS cutting its target from $63 to $40, while maintaining a "neutral" rating, amidst changing sentiments in the market.

Assenagon Asset Management S.A. lowered its holdings in BellRing Brands Inc. (NYSE:BRBR - Free Report) by 95.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 88,688 shares of the company's stock after selling 1,672,492 shares during the quarter. Assenagon Asset Management S.A. owned 0.07% of BellRing Brands worth $5,138,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Versant Capital Management Inc lifted its holdings in BellRing Brands by 1,742.9% in the first quarter. Versant Capital Management Inc now owns 387 shares of the company's stock valued at $29,000 after acquiring an additional 366 shares during the period. TCTC Holdings LLC lifted its holdings in BellRing Brands by 87.6% in the first quarter. TCTC Holdings LLC now owns 407 shares of the company's stock valued at $30,000 after acquiring an additional 190 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in BellRing Brands by 175.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 444 shares of the company's stock valued at $33,000 after acquiring an additional 283 shares during the period. First Horizon Advisors Inc. lifted its holdings in BellRing Brands by 283.3% in the first quarter. First Horizon Advisors Inc. now owns 460 shares of the company's stock valued at $34,000 after acquiring an additional 340 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in BellRing Brands by 149.8% in the first quarter. Smartleaf Asset Management LLC now owns 517 shares of the company's stock valued at $38,000 after acquiring an additional 310 shares during the period. Institutional investors and hedge funds own 94.97% of the company's stock.

Insider Activity

In other news, CEO Darcy Horn Davenport sold 1,600 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $54.18, for a total value of $86,688.00. Following the transaction, the chief executive officer owned 193,978 shares of the company's stock, valued at $10,509,728.04. This represents a 0.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Shawn Conway purchased 2,700 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average cost of $36.41 per share, for a total transaction of $98,307.00. Following the purchase, the director owned 6,685 shares in the company, valued at approximately $243,400.85. The trade was a 67.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 6,616 shares of company stock valued at $65,995,248 and have sold 9,600 shares valued at $543,136. Corporate insiders own 1.07% of the company's stock.

Analyst Ratings Changes

BRBR has been the subject of a number of recent analyst reports. UBS Group cut their price objective on BellRing Brands from $63.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Morgan Stanley cut their price objective on BellRing Brands from $78.00 to $58.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Mizuho cut their price objective on BellRing Brands from $75.00 to $45.00 and set an "outperform" rating for the company in a research report on Monday, August 18th. Evercore ISI cut their price objective on BellRing Brands from $82.00 to $64.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. Finally, Truist Financial cut their price objective on BellRing Brands from $60.00 to $40.00 and set a "hold" rating for the company in a research report on Wednesday, August 6th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $64.80.

BellRing Brands Stock Down 0.2%

Shares of NYSE:BRBR opened at $36.56 on Thursday. The business has a fifty day moving average of $43.03 and a two-hundred day moving average of $58.27. The stock has a market cap of $4.61 billion, a P/E ratio of 20.89, a PEG ratio of 1.82 and a beta of 0.74. BellRing Brands Inc. has a 52-week low of $34.02 and a 52-week high of $80.67.

BellRing Brands (NYSE:BRBR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.06. BellRing Brands had a negative return on equity of 123.43% and a net margin of 10.26%.The company had revenue of $547.50 million during the quarter, compared to analysts' expectations of $530.76 million. During the same period in the prior year, the business earned $0.54 EPS. The firm's quarterly revenue was up 6.2% on a year-over-year basis. BellRing Brands has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that BellRing Brands Inc. will post 2.23 earnings per share for the current year.

BellRing Brands declared that its Board of Directors has approved a stock buyback plan on Tuesday, September 2nd that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.

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