Stock price when the opinion was issued
They just reported and today held their investors' call. They say that high prices are scaring away customers with spending starting to slow last January. There was weakenss in crackers and chips. Not helping are the new 50% tariffs on steel and aluminum, precisely what Campbell soup cans are made of. The company blames general economic weakness, but don't mention the GLP-1 drug. The latter makes sense, not general economic weakness. CPB pays a safe 4.5% dividend, but no, it isn't worth getting paid to wait, not with the weight-loss drugs still selling.
Will buy Sovos Brands for $2.7 billion all cash. Makes sense, giving Campbell's a growth engine at a time when the stock is out of favour, down 22% YTD. Buy this dip.