Campbell Soup (NYSE:CPB) updated its FY 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.750-$2.850 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.870. The company issued revenue guidance of $8.31 billion-$8.48 billion, compared to the consensus revenue estimate of $8.35 billion.
A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Campbell Soup from a strong sell rating to a hold rating and set a $45.00 target price on the stock in a research report on Tuesday, August 10th. Royal Bank of Canada reduced their target price on shares of Campbell Soup from $59.00 to $54.00 and set an outperform rating on the stock in a research report on Thursday, September 2nd. Morgan Stanley reduced their target price on shares of Campbell Soup from $48.00 to $46.00 and set an equal weight rating on the stock in a research report on Thursday, September 2nd. Credit Suisse Group cut their price objective on shares of Campbell Soup from $46.00 to $41.00 and set a neutral rating on the stock in a research report on Friday, August 27th. Finally, Jefferies Financial Group started coverage on shares of Campbell Soup in a research report on Wednesday, September 1st. They set a hold rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Campbell Soup presently has an average rating of Hold and a consensus price target of $46.80.
Shares of NYSE CPB opened at $42.22 on Wednesday. The firm's 50-day moving average price is $43.21 and its 200-day moving average price is $46.41. The company has a quick ratio of 0.51, a current ratio of 0.93 and a debt-to-equity ratio of 1.59. The company has a market cap of $12.79 billion, a PE ratio of 12.83 and a beta of 0.58. Campbell Soup has a 52-week low of $40.05 and a 52-week high of $53.77.
Campbell Soup (NYSE:CPB) last announced its quarterly earnings results on Tuesday, August 31st. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.08. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.81 billion. Campbell Soup had a net margin of 11.82% and a return on equity of 30.73%. The business's quarterly revenue was down 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.63 EPS. As a group, equities research analysts anticipate that Campbell Soup will post 2.77 EPS for the current fiscal year.
Campbell Soup announced that its Board of Directors has initiated a share repurchase plan on Wednesday, September 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.
An institutional investor recently raised its position in Campbell Soup stock. Morgan Stanley lifted its holdings in Campbell Soup (NYSE:CPB) by 22.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,005,642 shares of the company's stock after purchasing an additional 373,208 shares during the period. Morgan Stanley owned about 0.66% of Campbell Soup worth $91,437,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 52.09% of the company's stock.
About Campbell Soup
Campbell Soup Co engages in manufacture and marketing of convenience food products such as soup, simple meals, snacks, and healthy beverages. It operates through the following segments: Meals and Beverages, and Snacks. The Meals and Beverages segment includes the retail and food service businesses in the U.S., Canada and Latin America.
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