American Century Companies Inc. Sells 1,114,396 Shares of Sovos Brands, Inc. (NASDAQ:SOVO)

Posted by Defense World Staff on Sep 2nd, 2023

American Century Companies Inc. reduced its position in shares of Sovos Brands, Inc. (NASDAQ:SOVO – Free Report) by 57.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 835,778 shares of the company’s stock after selling 1,114,396 shares during the quarter. American Century Companies Inc. owned 0.83% of Sovos Brands worth $13,903,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Sovos Brands by 60.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,655,688 shares of the company’s stock worth $52,057,000 after acquiring an additional 1,374,382 shares during the last quarter. Capital World Investors raised its stake in shares of Sovos Brands by 15.8% in the first quarter. Capital World Investors now owns 4,604,913 shares of the company’s stock worth $65,298,000 after purchasing an additional 629,913 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Sovos Brands by 26.1% during the third quarter. BlackRock Inc. now owns 2,877,890 shares of the company’s stock valued at $40,983,000 after purchasing an additional 594,910 shares in the last quarter. Ranger Investment Management L.P. boosted its position in shares of Sovos Brands by 28.8% during the first quarter. Ranger Investment Management L.P. now owns 1,346,185 shares of the company’s stock valued at $22,454,000 after buying an additional 300,831 shares during the last quarter. Finally, Moody Aldrich Partners LLC bought a new stake in Sovos Brands in the 1st quarter worth about $5,004,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SOVO shares. Piper Sandler lowered shares of Sovos Brands from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $20.00 to $23.00 in a research note on Wednesday, August 9th. Barclays boosted their target price on shares of Sovos Brands from $22.00 to $23.00 in a research note on Tuesday, June 27th. William Blair downgraded Sovos Brands from an “outperform” rating to a “market perform” rating in a research note on Monday, August 7th. Telsey Advisory Group cut Sovos Brands from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 8th. Finally, Stifel Nicolaus cut Sovos Brands from a “buy” rating to a “hold” rating and raised their target price for the stock from $21.00 to $23.00 in a research report on Monday, August 7th. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $22.17.

Get Our Latest Analysis on SOVO

Insider Buying and Selling at Sovos Brands

In related news, CEO Todd R. Lachman sold 45,000 shares of the stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $18.56, for a total transaction of $835,200.00. Following the completion of the sale, the chief executive officer now owns 2,209,761 shares in the company, valued at $41,013,164.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 315,000 shares of company stock valued at $6,416,550 over the last ninety days. 8.10% of the stock is currently owned by company insiders.

Sovos Brands Stock Up 0.3 %

SOVO stock opened at $22.46 on Friday. The business’s 50-day moving average price is $20.21 and its 200-day moving average price is $17.83. The stock has a market cap of $2.28 billion, a P/E ratio of -160.43, a PEG ratio of 2.45 and a beta of 0.08. Sovos Brands, Inc. has a twelve month low of $12.74 and a twelve month high of $22.65. The company has a quick ratio of 2.32, a current ratio of 3.34 and a debt-to-equity ratio of 0.96.

Sovos Brands (NASDAQ:SOVO – Get Free Report) last announced its quarterly earnings data on Wednesday, August 9th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. Sovos Brands had a negative net margin of 1.49% and a positive return on equity of 14.14%. The firm had revenue of $217.60 million during the quarter, compared to analysts’ expectations of $213.87 million. During the same period in the prior year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Sovos Brands, Inc. will post 0.68 EPS for the current year.

Sovos Brands Profile

(Free Report)

Sovos Brands, Inc, through its subsidiaries, operates as a consumer-packaged food company that manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinner and Sauces, and Breakfast and Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, noosa, and Birch Benders brands.