Rhumbline Advisers has expanded its stake in The Campbell’s Company (NASDAQ: CPB) by 12.4% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds 521,485 shares, following the acquisition of an additional 57,700 shares during this period. As of the end of June, Rhumbline Advisers’ total ownership in Campbell’s is valued at approximately $15.98 million, representing 0.17% of the company.
Several other institutional investors have also adjusted their holdings in Campbell’s recently. Notably, Nuveen LLC established a new position worth about $65.59 million in the first quarter. Vanguard Group Inc. increased its holdings by 2.1% during the same period, bringing its total to 24,120,172 shares, valued at $962.88 million after purchasing an additional 494,567 shares. Invesco Ltd. lifted its position by 6.9%, resulting in ownership of 4,965,668 shares worth $198.23 million.
Ensign Peak Advisors Inc. also increased its stake by 10.9% in the second quarter, now owning 2,429,607 shares valued at $74.47 million. Meanwhile, Adage Capital Partners GP L.L.C. acquired a new stake valued at $7.17 million. Overall, institutional investors now account for 52.35% of Campbell’s shares.
Analysts Weigh In on Campbell’s Future
Wall Street analysts have varied opinions regarding Campbell’s stock. Recently, UBS Group reduced its target price from $33.00 to $30.00, assigning a “sell” rating. In contrast, TD Cowen raised its price objective from $29.00 to $31.00 and maintained a “hold” rating. Sanford C. Bernstein increased its target price from $38.00 to $39.00, providing an “outperform” rating.
JPMorgan Chase & Co. began coverage of Campbell’s with a “neutral” rating and a target price of $33.00. Overall, three analysts have issued a Buy rating, fifteen analysts have assigned a Hold rating, and five have given a Sell rating. Currently, the consensus rating for Campbell’s stock is “Reduce,” with an average price target of $34.59, according to data from MarketBeat.com.
Current Performance Metrics
On Friday, shares of Campbell’s opened at $30.57. The company boasts a market capitalization of $9.10 billion, a price-to-earnings (PE) ratio of 15.28, a price-to-earnings-growth (PEG) ratio of 10.41, and a beta of 0.01. Over the past year, Campbell’s stock has fluctuated between a low of $29.39 and a high of $46.38. Its current 50-day moving average stands at $31.00, while the 200-day moving average is at $32.11.
The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.28, and a current ratio of 0.77. In its latest earnings report on September 3, 2023, Campbell’s announced earnings per share (EPS) of $0.62, exceeding analysts’ expectations of $0.57 by $0.05. The company’s quarterly revenue reached $2.32 billion, slightly below the anticipated $2.33 billion. Compared to the same quarter last year, Campbell’s revenue increased by 1.2%, with last year’s EPS reported at $3.08.
Looking ahead, Campbell’s has set its fiscal year 2026 guidance at an EPS range of $2.40 to $2.55. Analysts project an overall EPS of $3.15 for the current fiscal year.
Dividend Announcement
In addition to its financial results, Campbell’s recently declared a quarterly dividend of $0.39, scheduled for payment on February 2, 2024. Shareholders on record as of January 8, 2024, will receive this dividend, translating to an annualized payout of $1.56 and a yield of 5.1%. The ex-dividend date is also set for January 8, 2024. The company’s dividend payout ratio currently stands at 78.00%.
The Campbell’s Company, formerly known as Campbell Soup Company, continues to manufacture and market food and beverage products both in the United States and internationally. The company operates through its Meals & Beverages and Snacks segments, catering to retail and foodservice businesses across the United States and Canada.
