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CPB

Campbell Soup

$38.39

0.38 (1.00%)

09:03
10/25/18
10/25
09:03
10/25/18
09:03

Campbell Soup chairman urges shareholders to vote in support of current board

Campbell Soup Company announced it has sent a letter from its Independent Chairman Les Vinney to its shareholders in connection with Campbell's 2018 Annual Meeting of Shareholders, scheduled for Nov. 29, 2018. The letter read, in part: "My name is Les C. Vinney and I am the independent Chairman of Campbell Soup Company. I am writing to you because our 2018 Annual Meeting of Shareholders is only a month away. At that meeting, you will be faced with a critical decision regarding the future of Campbell and your valued investment. Third Point, a New York-based hedge fund that bought Campbell stock less than five months ago, is attempting to seize control of Campbell's entire Board with a slate of hand-picked and underqualified candidates. Third Point has failed to articulate a cogent plan to run the Company. In fact, it has not provided any new ideas to enhance shareholder value. Third Point's talk of an "operational turnaround" and a "proper strategic review" is a charade. The truth is that Third Point is only interested in pursuing an immediate sale of Campbell. Unlike Third Point, the Campbell Board of Directors is unified and committed to maximizing value for all Campbell shareholders. We are confident in the new strategic direction we detailed on August 30th and strongly believe that our plan to improve the focus and financial performance of the Company is the best path forward at this time. Additionally, your Board will continue to seriously consider other strategic options, including a sale of the Company-an alternative that we thoroughly evaluated during the strategy and portfolio review-if such options can be shown to demonstrably enhance shareholder value relative to our current plan. To support Campbell, vote FOR the re-election of Campbell's highly qualified and engaged slate of directors on the enclosed GOLD proxy card today. Vote only the GOLD proxy card-please discard any white proxy cards you receive from Third Point...Your Board is and will continue to be active and engaged. It is working to implement the plan to make Campbell a stronger company. The Board has taken swift action-making significant management changes, launching a comprehensive strategy and portfolio review, and announcing a new comprehensive path forward. We remain open and willing to consider any alternative options for the Company if such options can demonstrably enhance shareholder value beyond what has already been announced."

  • 28

    Oct

CPB Campbell Soup
$38.39

0.38 (1.00%)

09/05/18
WOLF
09/05/18
DOWNGRADE
WOLF
Underperform
Campbell Soup downgraded to Underperform from Peer Perform at Wolfe Research
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.
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
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.

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