Zacks Research Brokers Cut Earnings Estimates for Flowers Foods, Inc. (NYSE:FLO)

Posted by Defense World Staff on Aug 28th, 2023

Flowers Foods, Inc. (NYSE:FLO – Free Report) – Stock analysts at Zacks Research reduced their Q3 2023 earnings estimates for Flowers Foods in a research note issued on Thursday, August 24th. Zacks Research analyst V. Bagree now expects that the company will post earnings per share of $0.28 for the quarter, down from their previous estimate of $0.31. The consensus estimate for Flowers Foods’ current full-year earnings is $1.21 per share. Zacks Research also issued estimates for Flowers Foods’ Q4 2023 earnings at $0.22 EPS, FY2023 earnings at $1.21 EPS, Q1 2024 earnings at $0.39 EPS, Q2 2024 earnings at $0.32 EPS, Q3 2024 earnings at $0.30 EPS, Q1 2025 earnings at $0.42 EPS, Q2 2025 earnings at $0.32 EPS and FY2025 earnings at $1.34 EPS.

Flowers Foods (NYSE:FLO – Get Free Report) last released its quarterly earnings results on Thursday, August 10th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Flowers Foods had a net margin of 4.47% and a return on equity of 18.28%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 earnings per share.

Several other research firms have also recently weighed in on FLO. StockNews.com started coverage on shares of Flowers Foods in a report on Thursday, August 17th. They issued a “buy” rating on the stock. Stephens reiterated an “equal weight” rating and issued a $25.00 price target on shares of Flowers Foods in a report on Friday, August 11th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Flowers Foods from $26.00 to $24.00 in a report on Monday, May 22nd.

Read Our Latest Stock Analysis on FLO

Flowers Foods Stock Performance

NYSE:FLO opened at $23.76 on Monday. The stock has a market cap of $5.02 billion, a P/E ratio of 22.63, a price-to-earnings-growth ratio of 8.57 and a beta of 0.41. The firm’s fifty day simple moving average is $24.56 and its 200 day simple moving average is $26.22. Flowers Foods has a twelve month low of $23.26 and a twelve month high of $30.16. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 0.73.

Flowers Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Thursday, August 31st. Flowers Foods’s dividend payout ratio (DPR) is presently 87.62%.

Insider Activity

In other news, insider H Mark Courtney sold 14,272 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $24.39, for a total transaction of $348,094.08. Following the sale, the insider now owns 41,488 shares in the company, valued at approximately $1,011,892.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 11.49% of the company’s stock.

Hedge Funds Weigh In On Flowers Foods

Several large investors have recently modified their holdings of FLO. Advisor Group Holdings Inc. raised its position in shares of Flowers Foods by 28.1% in the 1st quarter. Advisor Group Holdings Inc. now owns 12,607 shares of the company’s stock worth $323,000 after purchasing an additional 2,765 shares during the last quarter. Raymond James & Associates raised its position in shares of Flowers Foods by 22.0% in the 1st quarter. Raymond James & Associates now owns 59,123 shares of the company’s stock worth $1,520,000 after purchasing an additional 10,676 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Flowers Foods in the 1st quarter worth about $539,000. Cetera Advisor Networks LLC raised its position in Flowers Foods by 60.4% in the 1st quarter. Cetera Advisor Networks LLC now owns 12,920 shares of the company’s stock worth $332,000 after buying an additional 4,865 shares during the last quarter. Finally, Bank of Montreal Can raised its position in Flowers Foods by 5.6% in the 1st quarter. Bank of Montreal Can now owns 27,286 shares of the company’s stock worth $704,000 after buying an additional 1,452 shares during the last quarter. Hedge funds and other institutional investors own 81.27% of the company’s stock.

Flowers Foods Company Profile

(Get Free Report)

Flowers Foods, Inc produces and markets packaged bakery food products in the United States. Its principal products include fresh breads, buns, rolls, snack cakes, and tortillas, as well as frozen breads and rolls under the Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Mrs. Freshley's, and Tastykake brand names.