Sovos Brands (SOVO) Set to Announce Earnings on Wednesday

Sovos Brands (NASDAQ:SOVOGet Rating) will be announcing its earnings results after the market closes on Wednesday, May 4th. Analysts expect the company to announce earnings of $0.13 per share for the quarter. Sovos Brands has set its FY 2022 guidance at EPS.Investors interested in listening to the company’s conference call can do so using this link.

Sovos Brands (NASDAQ:SOVOGet Rating) last announced its quarterly earnings results on Tuesday, March 15th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $189.24 million for the quarter, compared to the consensus estimate of $183.53 million. On average, analysts expect Sovos Brands to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Shares of Sovos Brands stock opened at $14.58 on Wednesday. The stock has a 50 day moving average of $13.49 and a 200 day moving average of $14.30. Sovos Brands has a 12 month low of $9.52 and a 12 month high of $17.41. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.11 and a quick ratio of 1.56.

Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc raised its holdings in shares of Sovos Brands by 24.5% in the fourth quarter. Legal & General Group Plc now owns 6,226 shares of the company’s stock worth $94,000 after buying an additional 1,226 shares during the period. Citigroup Inc. purchased a new stake in shares of Sovos Brands in the fourth quarter worth approximately $105,000. Metropolitan Life Insurance Co NY purchased a new stake in shares of Sovos Brands in the fourth quarter worth approximately $121,000. The Manufacturers Life Insurance Company bought a new position in Sovos Brands in the fourth quarter worth approximately $151,000. Finally, MetLife Investment Management LLC bought a new position in Sovos Brands in the fourth quarter worth approximately $164,000. Hedge funds and other institutional investors own 91.05% of the company’s stock.

A number of equities analysts recently commented on SOVO shares. UBS Group started coverage on Sovos Brands in a research note on Wednesday, March 30th. They set a “buy” rating and a $16.00 price target for the company. Telsey Advisory Group decreased their price objective on Sovos Brands from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 16th. Finally, Zacks Investment Research upgraded Sovos Brands from a “sell” rating to a “hold” rating in a research report on Wednesday, April 20th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Sovos Brands currently has a consensus rating of “Buy” and an average target price of $17.73.

About Sovos Brands (Get Rating)

Sovos Brands, Inc, through its subsidiaries, manufactures and distributes consumer food products in the United States. The company operates in two segments, Dinners & Sauces, and Breakfast & Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, Michael Angelo's, noosa, and Birch Benders brands.

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