Bank of New York Mellon Corp Trims Stake in Campbell Soup (NYSE:CPB)

Bank of New York Mellon Corp reduced its position in Campbell Soup (NYSE:CPB – Get Rating) by 5.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 4,160,315 shares of the company’s stock after selling 244,160 shares during the period. Bank of New York Mellon Corp’s holdings in Campbell Soup were worth $196,035,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CPB. Robeco Institutional Asset Management B.V. increased its position in Campbell Soup by 17.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 459,143 shares of the company’s stock valued at $21,633,000 after acquiring an additional 66,732 shares during the period. Bridgefront Capital LLC acquired a new position in Campbell Soup in the 3rd quarter valued at about $709,000. Teachers Retirement System of The State of Kentucky acquired a new position in Campbell Soup in the 3rd quarter valued at about $875,000. Captrust Financial Advisors increased its position in Campbell Soup by 93.5% in the 3rd quarter. Captrust Financial Advisors now owns 15,800 shares of the company’s stock valued at $745,000 after acquiring an additional 7,635 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund increased its position in Campbell Soup by 4.5% in the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 7,217 shares of the company’s stock valued at $340,000 after acquiring an additional 311 shares during the period. 50.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Campbell Soup

In related news, EVP Adam G. Ciongoli sold 37,354 shares of the company’s stock in a transaction that occurred on Wednesday, December 21st. The stock was sold at an average price of $56.86, for a total value of $2,123,948.44. Following the sale, the executive vice president now owns 99,385 shares of the company’s stock, valued at approximately $5,651,031.10. The transaction was disclosed in a filing with the SEC, which is available through this link. 21.05% of the stock is owned by corporate insiders.

Campbell Soup Price Performance

Shares of NYSE:CPB opened at $53.38 on Friday. The business’s 50 day simple moving average is $52.58 and its 200-day simple moving average is $51.98. The firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 4.53 and a beta of 0.34. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.77 and a quick ratio of 0.31. Campbell Soup has a 12 month low of $42.19 and a 12 month high of $57.78.

Campbell Soup (NYSE:CPB – Get Rating) last announced its quarterly earnings results on Wednesday, March 8th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.74 by $0.06. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.43 billion. Campbell Soup had a return on equity of 26.97% and a net margin of 8.86%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.69 EPS. As a group, equities analysts forecast that Campbell Soup will post 3.01 earnings per share for the current fiscal year.

Campbell Soup Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Thursday, April 6th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend is Wednesday, April 5th. Campbell Soup’s payout ratio is currently 54.82%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley boosted their price target on Campbell Soup from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price target on shares of Campbell Soup in a research report on Thursday, March 9th. Piper Sandler boosted their target price on Campbell Soup from $46.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, December 8th. Deutsche Bank Aktiengesellschaft boosted their target price on Campbell Soup from $50.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, December 8th. Finally, Bank of America boosted their target price on Campbell Soup from $50.00 to $51.00 in a research report on Thursday, March 9th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Campbell Soup currently has an average rating of “Hold” and an average price target of $51.33.

About Campbell Soup

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Campbell Soup Co engages in the business of manufacturing and marketing food and beverage products. It operates under the Meals and Beverages, and Snacks segments. The Meals and Beverages segment includes soup, meals, and beverage products in retail and foodservice. The Snacks segment offers cookies, crackers, bakery, and frozen products.