Public Employees Retirement System of Ohio Invests $2.64 Million in Sovos Brands, Inc. (NASDAQ:SOVO)

Public Employees Retirement System of Ohio purchased a new position in shares of Sovos Brands, Inc. (NASDAQ:SOVOFree Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 117,000 shares of the company’s stock, valued at approximately $2,638,000. Public Employees Retirement System of Ohio owned about 0.12% of Sovos Brands as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of SOVO. C M Bidwell & Associates Ltd. purchased a new stake in Sovos Brands in the second quarter valued at approximately $29,000. Tower Research Capital LLC TRC boosted its position in Sovos Brands by 165.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,453 shares of the company’s stock valued at $48,000 after buying an additional 1,529 shares during the last quarter. Strs Ohio purchased a new stake in Sovos Brands in the 3rd quarter worth approximately $128,000. Cubist Systematic Strategies LLC purchased a new stake in Sovos Brands in the 3rd quarter worth approximately $149,000. Finally, Amalgamated Bank boosted its position in Sovos Brands by 21.3% in the 3rd quarter. Amalgamated Bank now owns 7,352 shares of the company’s stock worth $166,000 after purchasing an additional 1,293 shares in the last quarter.

Insider Transactions at Sovos Brands

In other news, COO Kirk A. Jensen sold 12,802 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $22.09, for a total transaction of $282,796.18. Following the completion of the transaction, the chief operating officer now directly owns 326,099 shares of the company’s stock, valued at approximately $7,203,526.91. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, COO Kirk A. Jensen sold 12,802 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $22.09, for a total value of $282,796.18. Following the completion of the transaction, the chief operating officer now directly owns 326,099 shares of the company’s stock, valued at approximately $7,203,526.91. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lisa Y. O’driscoll sold 1,276 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $22.09, for a total value of $28,186.84. Following the completion of the transaction, the insider now directly owns 187,208 shares of the company’s stock, valued at $4,135,424.72. The disclosure for this sale can be found here. Insiders sold a total of 49,418 shares of company stock valued at $1,095,387 in the last three months. 8.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Telsey Advisory Group restated a “market perform” rating and issued a $23.00 price objective on shares of Sovos Brands in a research report on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $23.06.

Get Our Latest Analysis on SOVO

Sovos Brands Trading Up 0.1 %

Shares of SOVO stock opened at $22.98 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.90 and a quick ratio of 2.26. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 79.24, a PEG ratio of 1.44 and a beta of 0.02. The stock has a 50 day simple moving average of $22.49 and a 200-day simple moving average of $22.24. Sovos Brands, Inc. has a 1-year low of $13.48 and a 1-year high of $23.00.

Sovos Brands (NASDAQ:SOVOGet Free Report) last announced its earnings results on Wednesday, February 28th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $292.05 million during the quarter, compared to the consensus estimate of $271.10 million. Sovos Brands had a return on equity of 16.33% and a net margin of 2.96%. On average, equities research analysts expect that Sovos Brands, Inc. will post 0.93 EPS for the current fiscal year.

About Sovos Brands

(Free Report)

Sovos Brands, Inc, through its subsidiaries, operates as a consumer-packaged food company that manufactures, distributes, and sells consumer food products in the United States. It operates in two segments, Dinner and Sauces, and Breakfast and Snacks. The company's principal products comprise pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, and noosa brands.

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Institutional Ownership by Quarter for Sovos Brands (NASDAQ:SOVO)

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