Central Garden & Pet (NASDAQ:CENT) Price Target Cut to $49.00

Central Garden & Pet (NASDAQ:CENT) had its price objective dropped by equities researchers at Canaccord Genuity Group from $52.00 to $49.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 26.98% from the company’s previous close.

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

Central Garden & Pet Stock Down 0.6 %

CENT stock opened at $38.59 on Monday. The company has a market cap of $2.60 billion, a price-to-earnings ratio of 17.30 and a beta of 0.78. The company has a current ratio of 3.33, a quick ratio of 1.68 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. The firm has a 50-day moving average of $42.12 and a two-hundred day moving average of $40.35.

Central Garden & Pet (NASDAQ:CENT) last posted its quarterly earnings data 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 firm had revenue of $900.10 million during the quarter, compared to analysts’ expectations of $888.74 million. Central Garden & Pet had a net margin of 4.49% and a return on equity of 11.30%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the company posted $0.72 EPS. As a group, analysts forecast that Central Garden & Pet will post 2.28 earnings per share for the current fiscal year.

Insider Transactions at Central Garden & Pet

In related news, Chairman William E. Brown sold 700,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Central Garden & Pet news, CAO Howard Machek sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $40.05, for a total transaction 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 document filed with the SEC, which is available through this hyperlink. Also, Chairman William E. Brown sold 700,000 shares of the firm’s 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 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 over the last 90 days. Corporate insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CENT. EntryPoint Capital LLC lifted its position in shares of Central Garden & Pet by 909.2% in the 1st quarter. EntryPoint Capital LLC now owns 4,269 shares of the company’s stock worth $183,000 after buying an additional 3,846 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Central Garden & Pet in the 4th quarter worth about $241,000. Nisa Investment Advisors LLC lifted its position in Central Garden & Pet by 28.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,850 shares of the company’s stock valued at $243,000 after purchasing an additional 1,070 shares during the last quarter. New York State Teachers Retirement System lifted its position in Central Garden & Pet by 21.8% in the 4th quarter. New York State Teachers Retirement System now owns 5,137 shares of the company’s stock valued at $257,000 after purchasing an additional 919 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Central Garden & Pet by 112.4% in the 1st quarter. BNP Paribas Financial Markets now owns 6,169 shares of the company’s stock valued at $264,000 after purchasing an additional 3,265 shares during the last quarter. 16.13% of the stock is owned by institutional investors and hedge funds.

About Central Garden & Pet

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.