Campbell Soup (CPB) Rating Lowered to Underweight at Piper Jaffray Companies
Piper Jaffray Companies downgraded shares of Campbell Soup (NYSE:CPB) from a neutral rating to an underweight rating in a research note published on Wednesday morning, MarketBeat reports. Piper Jaffray Companies currently has $59.00 price objective on the stock.
CPB has been the topic of a number of other research reports. Morgan Stanley dropped their price objective on shares of Campbell Soup from $49.00 to $46.00 and set an underweight rating on the stock in a research note on Tuesday, February 20th. Zacks Investment Research raised shares of Campbell Soup from a sell rating to a hold rating in a research note on Tuesday, January 23rd. Royal Bank of Canada reaffirmed a hold rating and set a $53.00 price objective (down previously from $55.00) on shares of Campbell Soup in a research note on Wednesday, November 22nd. Wolfe Research assumed coverage on shares of Campbell Soup in a research note on Friday, January 26th. They set a market perform rating on the stock. Finally, JPMorgan Chase & Co. reaffirmed a hold rating and set a $50.00 price objective on shares of Campbell Soup in a research note on Friday, December 15th. Seven investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $50.27.
Shares of Campbell Soup (NYSE CPB) opened at $42.02 on Wednesday. The company has a market cap of $12,630.00, a P/E ratio of 13.69, a PEG ratio of 2.85 and a beta of 0.38. Campbell Soup has a one year low of $41.90 and a one year high of $59.94. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.39 and a current ratio of 0.64.
Campbell Soup announced that its board has initiated a share repurchase plan on Monday, December 18th that authorizes the company to repurchase outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other news, insider Luca Mignini acquired 4,400 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were bought at an average price of $45.53 per share, for a total transaction of $200,332.00. Following the acquisition, the insider now owns 87,814 shares of the company’s stock, valued at approximately $3,998,171.42. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Randall W. Larrimore sold 2,242 shares of the firm’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $48.69, for a total value of $109,162.98. The disclosure for this sale can be found here. Insiders sold a total of 15,284 shares of company stock worth $741,399 in the last three months. 37.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in CPB. Strs Ohio lifted its holdings in Campbell Soup by 7.4% in the 3rd quarter. Strs Ohio now owns 25,233 shares of the company’s stock valued at $1,181,000 after purchasing an additional 1,747 shares in the last quarter. Nationwide Fund Advisors lifted its holdings in Campbell Soup by 191.7% in the 3rd quarter. Nationwide Fund Advisors now owns 157,856 shares of the company’s stock valued at $7,391,000 after purchasing an additional 103,734 shares in the last quarter. First Trust Advisors LP lifted its holdings in Campbell Soup by 15.7% in the 3rd quarter. First Trust Advisors LP now owns 431,245 shares of the company’s stock valued at $20,191,000 after purchasing an additional 58,407 shares in the last quarter. Pictet Asset Management Ltd. lifted its holdings in Campbell Soup by 48.2% in the 3rd quarter. Pictet Asset Management Ltd. now owns 175,251 shares of the company’s stock valued at $8,205,000 after purchasing an additional 57,000 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in Campbell Soup in the 3rd quarter valued at $1,050,000. Institutional investors own 49.17% of the company’s stock.
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Campbell Soup Company Profile
Campbell Soup Company is a food company, which manufactures and markets food products. The Company’s segments include Americas Simple Meals and Beverages; Global Biscuits and Snacks, and Campbell Fresh. The Americas Simple Meals and Beverages segment includes the retail and food service channel businesses.
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