PNC Financial Services Group Inc. Sells 8,010 Shares of The Campbell's Company (NASDAQ:CPB)

Key Points

• PNC Financial Services Group Inc. reduced its holdings in The Campbell's Company by 6.3%, selling 8,010 shares and ending with 119,927 shares valued at approximately $4.79 million.
• In the first quarter, several hedge funds significantly increased their stakes in Campbell's, with US Bancorp DE growing its position by 52.1% and Harbour Investments Inc. boosting its holdings by 476.5%.
• Campbell's reported earnings of $0.73 per share for the latest quarter, which was above analysts' expectations, and also announced a quarterly dividend of $0.39, yielding 4.8% annually.

PNC Financial Services Group Inc. trimmed its holdings in shares of The Campbell's Company (NASDAQ:CPB - Free Report) by 6.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 119,927 shares of the company's stock after selling 8,010 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Campbell's were worth $4,787,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. US Bancorp DE grew its stake in Campbell's by 52.1% in the 1st quarter. US Bancorp DE now owns 42,680 shares of the company's stock valued at $1,704,000 after purchasing an additional 14,612 shares during the period. Harbour Investments Inc. boosted its holdings in shares of Campbell's by 476.5% in the 1st quarter. Harbour Investments Inc. now owns 6,981 shares of the company's stock worth $279,000 after buying an additional 5,770 shares during the last quarter. Bayforest Capital Ltd bought a new position in Campbell's during the first quarter valued at about $354,000. Banque Cantonale Vaudoise purchased a new stake in Campbell's during the first quarter worth about $47,000. Finally, Federated Hermes Inc. raised its position in Campbell's by 955.4% in the first quarter. Federated Hermes Inc. now owns 3,641 shares of the company's stock worth $145,000 after acquiring an additional 3,296 shares during the period. 52.35% of the stock is currently owned by institutional investors.

Campbell's Price Performance

Campbell's stock opened at $32.70 on Thursday. The business has a 50-day simple moving average of $32.21 and a 200 day simple moving average of $35.92. The Campbell's Company has a 52 week low of $29.39 and a 52 week high of $52.81. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 10.15 and a beta of 0.08. The company has a quick ratio of 0.33, a current ratio of 0.78 and a debt-to-equity ratio of 1.57.

Campbell's (NASDAQ:CPB - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. Campbell's had a net margin of 4.44% and a return on equity of 23.22%. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period last year, the firm posted $0.75 earnings per share. Campbell's's quarterly revenue was up 4.5% on a year-over-year basis. On average, research analysts forecast that The Campbell's Company will post 3.15 earnings per share for the current fiscal year.

Campbell's Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 4th. Investors of record on Thursday, July 3rd were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Thursday, July 3rd. Campbell's's dividend payout ratio is currently 103.31%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CPB. Citigroup dropped their target price on shares of Campbell's from $33.00 to $32.00 and set a "sell" rating on the stock in a research note on Tuesday, June 3rd. DA Davidson reduced their price objective on Campbell's from $39.00 to $34.00 and set a "neutral" rating for the company in a report on Monday, June 9th. Argus lowered Campbell's from a "buy" rating to a "hold" rating in a research note on Friday, June 20th. Piper Sandler cut their price target on Campbell's from $41.00 to $35.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Finally, Barclays lowered their price objective on Campbell's from $35.00 to $30.00 and set an "underweight" rating on the stock in a research note on Monday, July 14th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Campbell's presently has a consensus rating of "Hold" and an average price target of $39.11.

Campbell's Company Profile

The Campbell's Company, formerly known as 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.

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