Canaccord Genuity Group Issues Pessimistic Forecast for Central Garden & Pet (NASDAQ:CENT) Stock Price

Central Garden & Pet (NASDAQ:CENT) had its price objective cut by equities research analysts at Canaccord Genuity Group from $48.00 to $45.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 12.05% from the company’s previous close.

Separately, Truist Financial dropped their target price on Central Garden & Pet from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $46.75.

Central Garden & Pet Stock Performance

Shares of CENT stock opened at $40.16 on Tuesday. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 25.13 and a beta of 0.75. Central Garden & Pet has a 1-year low of $31.31 and a 1-year high of $47.48. The company has a current ratio of 3.66, a quick ratio of 2.16 and a debt-to-equity ratio of 0.75. The stock’s fifty day simple moving average is $35.83 and its 200-day simple moving average is $38.59.

Insider Buying and Selling at Central Garden & Pet

In other Central Garden & Pet news, Chairman William E. Brown sold 60,000 shares of Central Garden & Pet stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $33.54, for a total value of $2,012,400.00. Following the completion of the sale, the chairman now directly owns 1,125,773 shares in the company, valued at $37,758,426.42. The trade was a 5.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Glenmede Trust Co. NA increased its position in Central Garden & Pet by 23.2% during the third quarter. Glenmede Trust Co. NA now owns 2,101 shares of the company’s stock worth $77,000 after buying an additional 395 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Central Garden & Pet by 5.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,060 shares of the company’s stock valued at $330,000 after acquiring an additional 464 shares in the last quarter. Inspire Investing LLC lifted its holdings in Central Garden & Pet by 10.3% in the 2nd quarter. Inspire Investing LLC now owns 9,247 shares of the company’s stock worth $356,000 after purchasing an additional 861 shares during the last quarter. Franklin Resources Inc. boosted its position in Central Garden & Pet by 29.0% during the third quarter. Franklin Resources Inc. now owns 4,521 shares of the company’s stock worth $157,000 after purchasing an additional 1,016 shares during the period. Finally, Public Sector Pension Investment Board grew its holdings in Central Garden & Pet by 6.1% during the second quarter. Public Sector Pension Investment Board now owns 20,978 shares of the company’s stock valued at $808,000 after purchasing an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 16.13% of the company’s stock.

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.