Congress Asset Management Co. Sells 4,786 Shares of Cal-Maine Foods, Inc. $CALM

Key Points

• Congress Asset Management Co. reduced its holdings in Cal-Maine Foods by 5.2%, selling 4,786 shares and retaining 87,020 shares, which are valued at approximately $8.67 million.
• The company recently announced a substantial quarterly dividend of $3.46 per share, increasing from the previous $1.49, resulting in a yield of 14.1%.
• Cal-Maine Foods has seen an increase in its average price target to $110.00, with several analysts rating the stock as a "hold" after a recent earnings report that beat estimates.

Congress Asset Management Co. decreased its holdings in Cal-Maine Foods, Inc. (NASDAQ:CALM - Free Report) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,020 shares of the basic materials company's stock after selling 4,786 shares during the period. Congress Asset Management Co. owned about 0.18% of Cal-Maine Foods worth $8,670,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Financial Management Professionals Inc. bought a new stake in shares of Cal-Maine Foods in the 1st quarter worth $30,000. Investment Management Corp VA ADV increased its holdings in shares of Cal-Maine Foods by 172.2% in the 1st quarter. Investment Management Corp VA ADV now owns 392 shares of the basic materials company's stock worth $36,000 after purchasing an additional 248 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Cal-Maine Foods in the 1st quarter worth $52,000. AdvisorNet Financial Inc bought a new stake in shares of Cal-Maine Foods in the 2nd quarter worth $54,000. Finally, Blue Trust Inc. increased its holdings in shares of Cal-Maine Foods by 388.2% in the 1st quarter. Blue Trust Inc. now owns 620 shares of the basic materials company's stock worth $56,000 after purchasing an additional 493 shares in the last quarter. Institutional investors own 84.67% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wall Street Zen lowered Cal-Maine Foods from a "buy" rating to a "hold" rating in a report on Saturday, August 23rd. Stephens lifted their price objective on Cal-Maine Foods from $108.00 to $115.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. The Goldman Sachs Group assumed coverage on Cal-Maine Foods in a report on Thursday, August 14th. They issued a "neutral" rating and a $110.00 price objective for the company. Finally, BMO Capital Markets lifted their price objective on Cal-Maine Foods from $100.00 to $105.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Cal-Maine Foods has an average rating of "Hold" and an average price target of $110.00.

Cal-Maine Foods Stock Performance

NASDAQ CALM opened at $98.43 on Friday. The company has a market capitalization of $4.83 billion, a PE ratio of 3.95 and a beta of 0.27. The business's fifty day moving average is $108.48 and its 200 day moving average is $100.08. Cal-Maine Foods, Inc. has a fifty-two week low of $73.36 and a fifty-two week high of $126.40.

Cal-Maine Foods (NASDAQ:CALM - Get Free Report) last released its earnings results on Tuesday, July 22nd. The basic materials company reported $7.04 earnings per share for the quarter, beating the consensus estimate of $5.29 by $1.75. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $877.03 million. Cal-Maine Foods had a return on equity of 54.81% and a net margin of 28.63%.Cal-Maine Foods's quarterly revenue was up 72.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.32 earnings per share. On average, sell-side analysts forecast that Cal-Maine Foods, Inc. will post 15.59 EPS for the current year.

Cal-Maine Foods Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Monday, August 4th were given a dividend of $3.46 per share. This represents a $13.84 annualized dividend and a yield of 14.1%. This is a boost from Cal-Maine Foods's previous quarterly dividend of $1.49. The ex-dividend date was Monday, August 4th. Cal-Maine Foods's dividend payout ratio (DPR) is presently 37.76%.

Cal-Maine Foods Company Profile

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names.

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