Central Garden & Pet (NASDAQ:CENT) Price Target Cut to $40.00

Central Garden & Pet (NASDAQ:CENT) had its price target cut by Truist Financial from $50.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 13.70% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $48.00 price objective on shares of Central Garden & Pet in a research report on Monday, September 30th. Canaccord Genuity Group upgraded shares of Central Garden & Pet to a “strong-buy” rating in a research report on Monday, July 1st. Three investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $47.50.

Central Garden & Pet Stock Performance

Shares of Central Garden & Pet stock traded up $0.34 on Wednesday, reaching $35.18. 4,194 shares of the stock were exchanged, compared to its average volume of 115,646. The firm has a market capitalization of $2.37 billion, a PE ratio of 15.78 and a beta of 0.75. Central Garden & Pet has a 1-year low of $30.75 and a 1-year high of $47.48. The business has a fifty day moving average price of $37.48 and a two-hundred day moving average price of $39.69. The company has a current ratio of 3.66, a quick ratio of 2.16 and a debt-to-equity ratio of 0.75.

Central Garden & Pet (NASDAQ:CENT) last released its earnings results on Wednesday, August 7th. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.11. The company had revenue of $996.35 million for the quarter, compared to analysts’ expectations of $1 billion. Central Garden & Pet had a return on equity of 10.66% and a net margin of 4.42%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.40 EPS. As a group, research analysts anticipate that Central Garden & Pet will post 2.11 earnings per share for the current fiscal year.

Insider Activity at Central Garden & Pet

In related news, Chairman William E. Brown sold 60,000 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $33.54, for a total value of $2,012,400.00. Following the completion of the transaction, the chairman now owns 1,125,773 shares of the company’s stock, valued at approximately $37,758,426.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman William E. Brown sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $33.54, for a total transaction of $2,012,400.00. Following the sale, the chairman now owns 1,125,773 shares in the company, valued at approximately $37,758,426.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Ranelli sold 2,500 shares of Central Garden & Pet stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $34.28, for a total transaction of $85,700.00. Following the completion of the sale, the director now directly owns 822 shares of the company’s stock, valued at $28,178.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,986 shares of company stock valued at $2,146,841 over the last quarter. Insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On Central Garden & Pet

Hedge funds have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale purchased a new position in shares of Central Garden & Pet in the 2nd quarter worth $51,000. SG Americas Securities LLC acquired a new stake in Central Garden & Pet during the third quarter worth about $111,000. Point72 Asset Management L.P. purchased a new position in shares of Central Garden & Pet in the 2nd quarter worth about $113,000. EntryPoint Capital LLC lifted its stake in shares of Central Garden & Pet by 909.2% in the 1st quarter. EntryPoint Capital LLC now owns 4,269 shares of the company’s stock valued at $183,000 after purchasing an additional 3,846 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Central Garden & Pet in the 2nd quarter valued at about $187,000. Institutional investors and hedge funds own 16.13% of the company’s stock.

About Central Garden & Pet

Central Garden & Pet Company produces and distributes various products for the lawn and garden, and pet supplies markets in the United States. It operates through two segments: Pet and Garden. The Pet segment provides dog and cat supplies, such as dog treats and chews, toys, pet beds and containment, grooming products, waste management, and training pads; supplies for aquatics, small animals, reptiles, and pet birds, including toys, cages and habitats, bedding, and food and supplements; products for equine and livestock; animal and household health and insect control products; aquariums and terrariums, including fixtures and stands, water conditioners and supplements, water pumps and filters, and lighting systems and accessories; and live fish and small animals, as well as outdoor cushions.