Capital Research & Management Co recently announced the acquisition of new stake in Sovos Brands Inc. (NASDAQ:SOVO). The institutional investor has increased its shareholding in the Consumer Defensive company by 4.88% to 5.3 million shares with purchase of 0.25 million shares. This fresh investment now brings its stake to 5.29% valued currently at $90.85 million. In addition, The Vanguard Group, Inc. raised its holdings by 37931.0 to 3.62 million shares. And Champlain Investment Partners LLC has lifted its position by 29.49% or 0.69 million shares – to 3.01 million shares.
With over 1.55 million Sovos Brands Inc. (SOVO) shares trading Tuesday and a closing price of $17.56 on the day, the dollar volume was approximately $27.15 million. The shares have shown a positive half year performance of 23.84% and its price on 05/23/23 gained nearly 0.92%. Currently, there are 101.19M common shares owned by the public and among those 90.75M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for SOVO have a consensus price objective of $21.40. The analysts have set the share’s price value over the next 12 months at a high of $24.00 and a low of $19.00. The average price target is 18.1% above its recent price level and an upside to the estimated low will see the stock gain 7.58% over that period. But an upside of 26.83% will see the stock hit the forecast high price target while median target price for the stock is $21.50.
Insiders at the company have transacted a total of 64 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 10 of these insider trades were purchases, accounting for 135,792 shares. Insider sales of the common stock occurred on 54 occasions, with total insider shares sold totaling 59,629,886 shares.
The top 3 mutual fund holders in Sovos Brands Inc. are American Funds Small Cap World Fu, Loomis Sayles Small Cap Growth Fu, and Vanguard Total Stock Market ETF. American Funds Small Cap World Fu owns 5.36 million shares of the company’s stock, all valued at over $91.89 million. The company bought an additional 60583.0 shares recently to bring their total holdings to about 5.35% of the shares outstanding. Loomis Sayles Small Cap Growth Fu bought 9849.0 shares to see its total holdings expand to 1.1 million shares valued at over $18.87 million and representing 1.10% of the shares outstanding. Vanguard Total Stock Market ETF now owns shares totaling to 1.08% of the shares outstanding.
Shares of Sovos Brands Inc. (NASDAQ: SOVO) opened at $17.42, up $0.02 from a prior closing price of $17.40. However, the script later moved the day high at 17.83, up 0.92%. The company’s stock has a 5-day price change of 0.34% and 30.85% over the past three months. SOVO shares are trading 22.20% year to date (YTD), with the 12-month market performance up to 34.05% higher. It has a 12-month low price of $12.50 and touched a high of $20.58 over the same period. SOVO has an average intraday trading volume of 535.69K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.05%, 3.66%, and 18.87% respectively.
Institutional ownership of Sovos Brands Inc. (NASDAQ: SOVO) shares accounts for 92.40% of the company’s 101.19M shares outstanding. Mutual fund holders own 24.99%, while other institutional holders and individual stakeholders account for 55.18% and 17.41% respectively.
It has a market capitalization of $1.81B. The earnings-per-share (ttm) stands at -$0.49. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.84% over the week and 3.39% over the month.
Analysts forecast that Sovos Brands Inc. (SOVO) will achieve an EPS of $0.13 for the current quarter, $0.14 for the next quarter and $0.75 for 2024. The lowest estimate earnings-per-share for the quarter is $0.11 while analysts give the company a high EPS estimate of $0.16. Comparatively, EPS for the current quarter was $0.13 a year ago. Earnings per share for the fiscal year are expected to increase by 5.00%, and 20.03% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Sovos Brands Inc. (SOVO) as a “Strong Buy” at a consensus score of 1.80. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 1 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
