Central Garden & Pet (NASDAQ:CENT) Price Target Cut to $49.00 by Analysts at Canaccord Genuity Group

Central Garden & Pet (NASDAQ:CENT) had its price objective trimmed by Canaccord Genuity Group from $52.00 to $49.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

CENT has been the topic of a number of other reports. Canaccord Genuity Group assumed coverage on Central Garden & Pet in a report on Tuesday, March 12th. They set a buy rating and a $52.00 price target on the stock. Monness Crespi & Hardt upgraded Central Garden & Pet to a strong-buy rating in a report on Thursday, May 9th. Finally, Argus upgraded Central Garden & Pet from a hold rating to a buy rating and set a $50.00 price target on the stock in a report 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. Based on data from MarketBeat, Central Garden & Pet has an average rating of Buy and a consensus target price of $52.75.

Central Garden & Pet Stock Performance

Shares of CENT stock opened at $38.43 on Monday. The business’s 50 day simple moving average is $42.05 and its 200 day simple moving average is $40.34. Central Garden & Pet has a one year low of $29.73 and a one year high of $47.48. The stock has a market capitalization of $2.59 billion, a PE ratio of 17.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.33 and a quick ratio of 1.68.

Central Garden & Pet (NASDAQ:CENT) last announced its earnings results on Wednesday, May 8th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.83 by $0.16. Central Garden & Pet had a return on equity of 11.30% and a net margin of 4.49%. The business had revenue of $900.10 million for the quarter, compared to analysts’ expectations of $888.74 million. During the same period in the prior year, the business posted $0.72 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis. As a group, research analysts forecast that Central Garden & Pet will post 2.28 earnings per share for the current year.

Insider Transactions at Central Garden & Pet

In other news, Chairman William E. Brown sold 700,000 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Nicholas Lahanas sold 30,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $39.98, for a total value of $1,199,400.00. Following the completion of the sale, the chief financial officer now directly owns 87,528 shares of the company’s stock, valued at approximately $3,499,369.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman William E. Brown sold 700,000 shares of the stock in a transaction on 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 $43,123,543.75. The disclosure for this sale can be found here. Insiders have sold 744,218 shares of company stock valued at $27,144,928 over the last ninety days. 9.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Central Garden & Pet

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Orchard Capital Management LLC raised its position in Central Garden & Pet by 5.6% in the 4th quarter. Orchard Capital Management LLC now owns 169,107 shares of the company’s stock valued at $8,474,000 after buying an additional 8,914 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Central Garden & Pet by 6.8% during the 1st 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. ProShare Advisors LLC increased its position in shares of Central Garden & Pet by 92.6% during the 1st quarter. ProShare Advisors LLC now owns 51,117 shares of the company’s stock valued at $2,189,000 after purchasing an additional 24,575 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Central Garden & Pet by 22.6% during the 3rd quarter. GSA Capital Partners LLP now owns 43,616 shares of the company’s stock valued at $1,925,000 after purchasing an additional 8,042 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Central Garden & Pet by 32.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 41,862 shares of the company’s stock valued at $1,793,000 after purchasing an additional 10,237 shares during the last quarter. 16.13% of the stock is owned by hedge funds and other 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.