Canaccord Genuity Group Cuts Central Garden & Pet (NASDAQ:CENT) Price Target to $49.00

Central Garden & Pet (NASDAQ:CENT) had its target price trimmed by Canaccord Genuity Group from $52.00 to $49.00 in a research note published on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on CENT. Canaccord Genuity Group initiated coverage on Central Garden & Pet in a research report on Tuesday, March 12th. They set a buy rating and a $52.00 price target on the stock. Monness Crespi & Hardt upgraded Central Garden & Pet to a strong-buy rating in a research report on Thursday, May 9th. Finally, Argus raised Central Garden & Pet from a hold rating to a buy rating and set a $50.00 price objective for the company in a report on Tuesday, May 28th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $52.75.

Central Garden & Pet Stock Down 0.4 %

Shares of Central Garden & Pet stock opened at $38.43 on Monday. The company has a current ratio of 3.33, a quick ratio of 1.68 and a debt-to-equity ratio of 0.79. The business’s 50 day simple moving average is $42.00 and its 200-day simple moving average is $40.32. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 17.26 and a beta of 0.78. Central Garden & Pet has a twelve month low of $29.73 and a twelve month high of $47.48.

Central Garden & Pet (NASDAQ:CENT) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.16. The business had revenue of $900.10 million for the quarter, compared to analysts’ expectations of $888.74 million. Central Garden & Pet had a return on equity of 11.30% and a net margin of 4.49%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.72 EPS. Equities research analysts forecast that Central Garden & Pet will post 2.28 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Howard Machek sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $40.05, for a total value of $400,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 51,474 shares of the company’s stock, valued at approximately $2,061,533.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Howard Machek sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $40.05, for a total value of $400,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 51,474 shares of the company’s stock, valued at approximately $2,061,533.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman William E. Brown sold 700,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $36.25, for a total value of $25,375,000.00. Following the transaction, the chairman now directly owns 1,189,615 shares of the company’s stock, valued at $43,123,543.75. The disclosure for this sale can be found here. Insiders sold 744,218 shares of company stock valued at $27,144,928 in the last three months. 9.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Central Garden & Pet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC boosted its stake in Central Garden & Pet by 909.2% during 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. Louisiana State Employees Retirement System bought a new stake in shares of Central Garden & Pet during the 4th quarter worth $241,000. Nisa Investment Advisors LLC boosted its stake in shares of Central Garden & Pet by 28.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,850 shares of the company’s stock worth $243,000 after acquiring an additional 1,070 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Central Garden & Pet by 21.8% during the 4th quarter. New York State Teachers Retirement System now owns 5,137 shares of the company’s stock worth $257,000 after acquiring an additional 919 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Central Garden & Pet by 112.4% during the 1st quarter. BNP Paribas Financial Markets now owns 6,169 shares of the company’s stock worth $264,000 after acquiring an additional 3,265 shares in the last quarter. 16.13% of the stock is owned by institutional investors.

Central Garden & Pet Company Profile

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.