J. M. Smucker (NYSE:SJM) Updates FY 2023 Earnings Guidance

J. M. Smucker (NYSE:SJMGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $7.85-$8.25 for the period, compared to the consensus EPS estimate of $8.91. The company issued revenue guidance of $8.28 billion-$8.36 billion, compared to the consensus revenue estimate of $8.01 billion.J. M. Smucker also updated its FY23 guidance to $7.85-8.25 EPS.

Shares of SJM traded up $5.05 during midday trading on Tuesday, hitting $128.31. 23,772 shares of the company’s stock traded hands, compared to its average volume of 1,112,396. J. M. Smucker has a 1 year low of $118.55 and a 1 year high of $146.74. The firm’s fifty day moving average is $135.70 and its 200-day moving average is $135.30. The company has a current ratio of 1.19, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $13.92 billion, a price-to-earnings ratio of 23.21 and a beta of 0.28.

J. M. Smucker (NYSE:SJMGet Rating) last released its earnings results on Tuesday, June 7th. The company reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.35. J. M. Smucker had a return on equity of 11.30% and a net margin of 7.31%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same period in the prior year, the firm earned $1.89 EPS. The firm’s revenue was up 5.9% on a year-over-year basis. On average, equities research analysts anticipate that J. M. Smucker will post 8.54 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Friday, May 13th were given a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Thursday, May 12th. J. M. Smucker’s dividend payout ratio is currently 74.58%.

A number of equities research analysts have recently commented on the company. UBS Group assumed coverage on J. M. Smucker in a research report on Wednesday, March 30th. They set a sell rating and a $123.00 target price on the stock. William Blair restated a market perform rating on shares of J. M. Smucker in a research report on Tuesday, March 1st. StockNews.com assumed coverage on J. M. Smucker in a research report on Thursday, March 31st. They set a hold rating on the stock. JPMorgan Chase & Co. dropped their target price on J. M. Smucker from $144.00 to $143.00 and set a neutral rating on the stock in a research report on Wednesday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of J. M. Smucker from $134.00 to $133.00 in a research note on Wednesday, June 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $132.25.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in J. M. Smucker by 3.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 87,633 shares of the company’s stock worth $11,866,000 after purchasing an additional 3,134 shares in the last quarter. Toroso Investments LLC purchased a new stake in shares of J. M. Smucker during the 1st quarter valued at approximately $220,000. BNP Paribas Arbitrage SA raised its position in shares of J. M. Smucker by 21.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 113,460 shares of the company’s stock valued at $15,364,000 after buying an additional 19,760 shares during the period. Wealthfront Advisers LLC raised its position in shares of J. M. Smucker by 32.1% during the 1st quarter. Wealthfront Advisers LLC now owns 25,789 shares of the company’s stock valued at $3,492,000 after buying an additional 6,270 shares during the period. Finally, Advisors Asset Management Inc. raised its position in shares of J. M. Smucker by 20.9% during the 1st quarter. Advisors Asset Management Inc. now owns 27,704 shares of the company’s stock valued at $3,751,000 after buying an additional 4,786 shares during the period. 83.02% of the stock is currently owned by institutional investors and hedge funds.

J. M. Smucker Company Profile (Get Rating)

The J. M. Smucker Company manufactures and markets branded food and beverage products worldwide. It operates in four segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International and Away From Home. The company offers mainstream roast, ground, single serve, and premium coffee; peanut butter and specialty spreads; fruit spreads, shortening and oils, and frozen sandwiches; pet food and pet snacks; and foodservice hot beverage, foodservice portion control, and flour products, as well as dog and cat food, frozen handheld products, juices and beverages, and baking ingredient.

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