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CPB

Campbell Soup

$36.92

-0.23 (-0.62%)

09:49
10/12/18
10/12
09:49
10/12/18
09:49

Campbell takes aim at Third Point in new investor presentation

Campbell Soup announced that it has filed an investor presentation with the SEC in connection with its 2018 Annual Meeting of Shareholders, scheduled for Nov. 29. In the presentation, Campbell "provides additional perspective around its performance over the last 18 months; highlights the strength of its recently announced plan to revitalize the company and maximize value; outlines why Third Point's actions and nominees are not aligned with shareholders' interest; and reiterates the Campbell Board's complete alignment and commitment to deliver value for all shareholders." It added in the presentation, "The Campbell Board will continue to seriously consider other strategic options if they can demonstrably enhance shareholder value beyond what we confidently believe can be achieved from executing our August 30th plan." On its CEO search, Campbell said, "The Board, with the support of leading candidate assessment and executive search firms, has been examining qualified candidates for months who possess a track record of proven results and achievement; A number of highly qualified candidates have expressed interest in the opportunity; Campbell expects to select the Company's next CEO upon finding the best candidate, which we expect to do by the end of the calendar year." A slide in the presentation is titled, "All Approaches Presented by Third Point Appear to be Aimed Exclusively at a Sale of the Company." Campbell said it "evaluated a sale and will continue to do so if it can be shown to increase value relative to the plans outlined in our strategy and portfolio review." Other slides in the presentation are titled "Campbell's Long-Term Performance Is Misconstrued by Third Point's Selective Reference Points", "Third Point Has Failed to Put Forward Any Ideas Not Already Considered or Included in the Board's Plan","Third Point's Nominees Lack the Experience of our Current Board" and ""Third Point Poses an Unacceptable Risk". Reference Link

  • 28

    Oct

CPB Campbell Soup
$36.92

-0.23 (-0.62%)

08/31/18
DBAB
08/31/18
NO CHANGE
Target $36
DBAB
Hold
Campbell Soup price target lowered to $36 from $40 at Deutsche Bank
Deutsche Bank analyst Rob Dickerson lowered his price target for Campbell Soup to $36 saying that while the company topped earnings expectations in Q4, its top line remained pressured, leaving investment needs high. Along with the lack of growth in the Global Biscuits and Snacks division, Americas Simple Meals and Beverages posted a 6% organic sales decline, with soup down 14% and issues at Walmart ongoing, Dickerson tells investors in a post-earnings research note titled "The Eight-Year Giveback." He keeps a Hold rating on Campbell Soup.
08/31/18
FBCO
08/31/18
NO CHANGE
Target $36
FBCO
Underperform
Campbell Soup portfolio simplified, but not enough, says Credit Suisse
After Campbell Soup announced it will divest 20% of its portfolio to de-leverage and refocus on its core businesses in North America, Credit Suisse analyst Robert Moskow said the portfolio simplification plans are not enough. He finds it difficult to embrace the company's new long-term guidance for 7-9% EPS growth and sees "considerable downside risk" to its debt reduction target, Moskow tells investors. He raised his price target on Campbell shares to $36 from $32 to account for a more logical path forward and higher sector multiples, but he keeps an Underperform rating on the stock.
08/31/18
JPMS
08/31/18
NO CHANGE
Target $36
JPMS
Underweight
Campbell's remaining operations face significant challenges, says JPMorgan
JPMorgan analyst Ken Goldman generally agrees with Campbell Soup management that a more focused portfolio will enable better execution and that many cost savings opportunities have yet to be realized. However, But Campbell's remaining operations still face significant challenges, some of which are likely to intensify in the coming year, Goldman tells investors in a research note. He reiterates an Underweight rating on the shares with a year-end 2019 price target of $36.
09/05/18
WOLF
09/05/18
DOWNGRADE
WOLF
Underperform
Campbell Soup downgraded to Underperform from Peer Perform at Wolfe Research

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