Central Garden & Pet (NASDAQ:CENT) Given New $49.00 Price Target at Canaccord Genuity Group

Central Garden & Pet (NASDAQ:CENT) had its target price lowered by stock analysts at Canaccord Genuity Group from $52.00 to $49.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 27.77% from the company’s previous close.

CENT has been the subject of a number of other reports. Argus raised shares of Central Garden & Pet from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, May 28th. Canaccord Genuity Group started coverage on Central Garden & Pet in a research note on Tuesday, March 12th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, Monness Crespi & Hardt upgraded Central Garden & Pet to a “strong-buy” rating in a report on Thursday, May 9th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $52.75.

Central Garden & Pet Price Performance

CENT stock traded down $0.15 during mid-day trading on Monday, hitting $38.35. The company had a trading volume of 6,801 shares, compared to its average volume of 114,810. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 17.25 and a beta of 0.78. The company has a 50-day moving average price of $42.22 and a 200 day moving average price of $40.24. The company has a quick ratio of 1.68, a current ratio of 3.33 and a debt-to-equity ratio of 0.79. Central Garden & Pet has a 12-month low of $29.73 and a 12-month high of $47.48.

Central Garden & Pet (NASDAQ:CENT) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.16. The business had revenue of $900.10 million during 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 firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS. On average, research analysts anticipate that Central Garden & Pet will post 2.28 earnings per share for the current year.

Insider Buying and Selling at Central Garden & Pet

In other Central Garden & Pet news, Chairman William E. Brown sold 700,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 1,189,615 shares of the company’s stock, valued at approximately $43,123,543.75. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Central Garden & Pet news, Chairman William E. Brown sold 700,000 shares of Central Garden & Pet stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $36.25, for a total transaction of $25,375,000.00. Following the completion of the sale, the chairman now directly owns 1,189,615 shares of the company’s stock, valued at approximately $43,123,543.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Howard Machek sold 10,000 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 51,474 shares in the company, valued at approximately $2,061,533.70. The disclosure for this sale can be found here. Insiders sold 744,218 shares of company stock worth $27,144,928 over the last 90 days. Company insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On Central Garden & Pet

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Orchard Capital Management LLC lifted its holdings in Central Garden & Pet by 5.6% during the fourth quarter. Orchard Capital Management LLC now owns 169,107 shares of the company’s stock worth $8,474,000 after buying an additional 8,914 shares during the period. SageView Advisory Group LLC purchased a new stake in shares of Central Garden & Pet during the 1st quarter worth $301,000. Inspire Investing LLC boosted its position in Central Garden & Pet by 9.3% during the first quarter. Inspire Investing LLC now owns 8,386 shares of the company’s stock valued at $359,000 after purchasing an additional 712 shares in the last quarter. Principal Financial Group Inc. grew its stake in Central Garden & Pet by 6.8% in the first quarter. Principal Financial Group Inc. now owns 53,039 shares of the company’s stock valued at $2,272,000 after purchasing an additional 3,397 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in Central Garden & Pet in the fourth quarter worth about $241,000. 16.13% of the stock is currently 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.