Flowers Foods, Inc. (NYSE:FLO – Get Rating) – Investment analysts at Jefferies Financial Group reduced their Q4 2022 earnings estimates for shares of Flowers Foods in a research report issued to clients and investors on Thursday, September 15th. Jefferies Financial Group analyst R. Dickerson now expects that the company will post earnings of $0.24 per share for the quarter, down from their prior estimate of $0.25. The consensus estimate for Flowers Foods’ current full-year earnings is $1.28 per share. Jefferies Financial Group also issued estimates for Flowers Foods’ FY2024 earnings at $1.43 EPS.
Several other brokerages also recently weighed in on FLO. Deutsche Bank Aktiengesellschaft cut their target price on shares of Flowers Foods from $27.00 to $26.00 in a research note on Monday, May 23rd. StockNews.com upgraded shares of Flowers Foods from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 20th.
Flowers Foods Price Performance
Flowers Foods (NYSE:FLO – Get Rating) last announced its earnings results on Thursday, August 11th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.04. Flowers Foods had a net margin of 4.75% and a return on equity of 18.62%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the firm earned $0.32 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis.
Hedge Funds Weigh In On Flowers Foods
Several hedge funds have recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its stake in shares of Flowers Foods by 20.5% during the fourth quarter. Teacher Retirement System of Texas now owns 39,048 shares of the company’s stock worth $1,073,000 after buying an additional 6,631 shares during the period. JPMorgan Chase & Co. lifted its position in Flowers Foods by 15.0% in the fourth quarter. JPMorgan Chase & Co. now owns 897,064 shares of the company’s stock valued at $24,642,000 after purchasing an additional 117,111 shares during the period. Rhumbline Advisers lifted its position in Flowers Foods by 3.3% in the fourth quarter. Rhumbline Advisers now owns 559,564 shares of the company’s stock valued at $15,371,000 after purchasing an additional 18,107 shares during the period. Ensign Peak Advisors Inc lifted its position in Flowers Foods by 9.7% in the fourth quarter. Ensign Peak Advisors Inc now owns 311,863 shares of the company’s stock valued at $8,567,000 after purchasing an additional 27,490 shares during the period. Finally, Geode Capital Management LLC lifted its position in Flowers Foods by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,534,571 shares of the company’s stock valued at $69,624,000 after purchasing an additional 112,855 shares during the period. Hedge funds and other institutional investors own 77.15% of the company’s stock.
Insiders Place Their Bets
In other news, Director Thomas Caldecot Chubb III purchased 3,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was bought at an average price of $27.50 per share, for a total transaction of $82,500.00. Following the acquisition, the director now directly owns 23,051 shares of the company’s stock, valued at approximately $633,902.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Thomas Caldecot Chubb III acquired 3,000 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was bought at an average price of $27.50 per share, for a total transaction of $82,500.00. Following the completion of the purchase, the director now directly owns 23,051 shares of the company’s stock, valued at approximately $633,902.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryals Mcmullian sold 143,020 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $27.97, for a total value of $4,000,269.40. Following the transaction, the chief executive officer now directly owns 1,781,580 shares in the company, valued at approximately $49,830,792.60. The disclosure for this sale can be found here. 11.79% of the stock is currently owned by company insiders.
Flowers Foods Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, September 1st. Flowers Foods’s dividend payout ratio (DPR) is presently 87.13%.
Flowers Foods Company Profile
Flowers Foods, Inc produces and markets packaged bakery products in the United States. It offers fresh breads, buns, rolls, snack cakes, and tortillas, as well as frozen breads and rolls under the Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Mrs. Freshley's, and Tastykake brand names.
- Get a free copy of the StockNews.com research report on Flowers Foods (FLO)
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