Campbell Soup (NYSE:CPB) Updates FY 2023 Earnings Guidance

Campbell Soup (NYSE:CPBGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $2.85-$2.95 for the period, compared to the consensus EPS estimate of $2.92. The company issued revenue guidance of $8.90 billion-$9.08 billion, compared to the consensus revenue estimate of $8.79 billion.

Campbell Soup Price Performance

Shares of CPB opened at $49.18 on Friday. The company has a market capitalization of $14.78 billion, a price-to-earnings ratio of 19.67, a P/E/G ratio of 5.65 and a beta of 0.35. The business’s 50-day moving average is $49.27 and its 200-day moving average is $47.43. Campbell Soup has a fifty-two week low of $39.76 and a fifty-two week high of $51.94. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.68 and a quick ratio of 0.30.

Campbell Soup (NYSE:CPBGet Rating) last posted its quarterly earnings data on Thursday, September 1st. The company reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. Campbell Soup had a return on equity of 25.81% and a net margin of 8.84%. The company had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the business earned $0.55 earnings per share. Campbell Soup’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts expect that Campbell Soup will post 2.9 EPS for the current fiscal year.

Campbell Soup Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Thursday, October 6th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.01%. Campbell Soup’s dividend payout ratio (DPR) is 59.20%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CPB. Credit Suisse Group boosted their price target on Campbell Soup from $46.00 to $52.00 and gave the stock a neutral rating in a report on Friday, August 26th. JPMorgan Chase & Co. increased their price target on Campbell Soup from $46.00 to $49.00 and gave the company a neutral rating in a research report on Thursday, August 25th. Piper Sandler decreased their target price on Campbell Soup from $47.00 to $46.00 and set a neutral rating for the company in a research report on Friday, September 2nd. Stifel Nicolaus raised their price target on Campbell Soup from $46.00 to $48.00 in a report on Thursday, June 9th. Finally, Citigroup raised their price target on Campbell Soup from $46.00 to $50.00 and gave the company a neutral rating in a research report on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $47.89.

Insider Transactions at Campbell Soup

In related news, EVP Adam G. Ciongoli sold 32,194 shares of the stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $49.75, for a total transaction of $1,601,651.50. Following the completion of the sale, the executive vice president now owns 129,919 shares in the company, valued at approximately $6,463,470.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Campbell Soup news, VP Stanley Polomski sold 10,335 shares of the business’s stock in a transaction on Monday, June 27th. The shares were sold at an average price of $48.20, for a total transaction of $498,147.00. Following the completion of the sale, the vice president now owns 28,176 shares in the company, valued at $1,358,083.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Adam G. Ciongoli sold 32,194 shares of the company’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $49.75, for a total transaction of $1,601,651.50. Following the completion of the sale, the executive vice president now directly owns 129,919 shares of the company’s stock, valued at $6,463,470.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,453 shares of company stock worth $2,996,178. 35.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Campbell Soup

A number of large investors have recently added to or reduced their stakes in CPB. Parkside Financial Bank & Trust increased its stake in shares of Campbell Soup by 149.8% in the first quarter. Parkside Financial Bank & Trust now owns 597 shares of the company’s stock valued at $27,000 after buying an additional 358 shares in the last quarter. Covestor Ltd raised its position in Campbell Soup by 79.0% in the 1st quarter. Covestor Ltd now owns 3,891 shares of the company’s stock valued at $173,000 after buying an additional 1,717 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Campbell Soup by 11.4% during the 1st quarter. Advisors Asset Management Inc. now owns 4,170 shares of the company’s stock worth $186,000 after purchasing an additional 427 shares during the last quarter. Cibc World Market Inc. bought a new position in shares of Campbell Soup during the 1st quarter worth approximately $203,000. Finally, Captrust Financial Advisors boosted its stake in shares of Campbell Soup by 44.5% during the 1st quarter. Captrust Financial Advisors now owns 4,981 shares of the company’s stock worth $222,000 after acquiring an additional 1,533 shares during the period. Institutional investors own 51.16% of the company’s stock.

About Campbell Soup

(Get Rating)

Campbell Soup Company, together with its subsidiaries, manufactures and markets food and beverage products 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.

Further Reading

Earnings History and Estimates for Campbell Soup (NYSE:CPB)

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