Sovos Brands, Inc., through its subsidiaries, manufactures and distributes food products in the United States. The company operates through two segments, Dinners & Sauces, and Breakfast & Snacks. It provides Italian sauces, dry pastas, soups, yogurts, frozen ready-to-eat meals, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao's, noosa, Birch Benders, and Michael Angelo's bands. The company sells its products principally to traditional supermarkets, mass merchants, warehouse clubs, wholesalers, specialty food distributors, military commissaries, drug store chains, dollar stores, and e-commerce retailers. Sovos Brands, Inc. was founded in 2017 and is headquartered in Louisville, Colorado.
IPO Year: 2021
Exchange: NASDAQ
Website: sovosbrands.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 6/23/2023 | $23.00 | Overweight | Stephens |
| 5/31/2023 | $22.50 | Buy | Needham |
| 4/14/2023 | $19.00 | Buy | Stifel |
| 12/8/2022 | $17.00 → $16.00 | Buy → Neutral | UBS |
| 3/30/2022 | $16.00 | Buy | UBS |
| 11/10/2021 | $17.00 → $18.00 | Outperform | Telsey Advisory Group |
| 10/21/2021 | $16.00 | Overweight | Barclays |
| 10/18/2021 | $20.00 | Buy | Loop Capital |
| 10/18/2021 | Outperform | William Blair | |
| 10/18/2021 | $19.00 | Buy | B of A Securities |
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Mr. Bodner Brings Over 35 Years of Consumer-Packaged Goods Experience to BARK BARK, Inc. ("BARK" or the "Company") (NYSE:BARK), a leading global omnichannel dog brand with the mission to Make All Dogs Happy, today announced that Larry Bodner has joined the Company's Board of Directors (the "Board"), effective immediately. Mr. Bodner brings over 35 years of operational and financial experience spanning the consumer-packaged goods industry, and currently serves as Chief Executive Officer of Bulletproof 360, a functional nutrition and wellness company. He is also a member of the Board of Directors of Hostess Brands, where he has served as a Director since 2016. "Larry brings extensive le
LOUISVILLE, Colo., Oct. 03, 2022 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. (NASDAQ:SOVO), one of the fastest-growing food companies of scale in the United States, today announced the appointment of E. Yuri Hermida as the Company's Chief Growth Officer (CGO). Mr. Hermida will play a key role in executing Sovos Brands' enterprise-wide growth strategy and will oversee the Company's sales, marketing, and business segments. "Yuri is a dynamic leader with proven experience building and scaling consumer brands. His unique expertise will be instrumental as we continue to execute upon our vision of bringing consumers simple, great-tasting food that fits the way they live," said Todd Lachman, Founde
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Powerful combination expected to fuel earnings growth; Aligns with and advances Campbell's focused strategic plan Strengthens and diversifies Campbell's portfolio by enhancing Meals & Beverages division with additional growth-oriented brands, including premium market-leading Rao's to complement core, mainstream portfolio and provide runway for adjacent category expansion Overdelivers stated strategic goal of building a $1 billion sauces business by entering the ultra-distinctive pasta sauce market Creates significant shareholder value through meaningful sales growth, EBIT acceleration, and cost synergies Expected to be accretive to adjusted diluted earnings per share by the seco
LOUISVILLE, Colo., July 19, 2023 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. ("Sovos Brands" or the "Company") (NASDAQ:SOVO), one of the fastest-growing food companies of scale in the United States, will announce the results of its second quarter ended July 1, 2023 on Wednesday, August 9, 2023 after market close. The Company will host a live earnings conference call and webcast at 4:30 p.m. Eastern Time on the same day. The link to the webcast and presentation slides will be available on the Investor Relations section of the Company's website at ir.sovosbrands.com, under the Events and Presentations tab. Those interested in participating in the live call can dial 1-877-704-4453 or 1-201-389-09
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FY 2023 Net Sales Surpassed $1 Billion; Accelerated Volume Growth DroveDouble-Digit Top and Bottom-Line GrowthQ4 Net Sales Grew 11.4% YoY (Organic 25.3%), Led by Rao's Net Sales Up 24.9% (Organic 34.7%)1 LOUISVILLE, Colo., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. ("Sovos Brands" or the "Company") (NASDAQ:SOVO), one of the fastest-growing food companies of scale in the United States, today reported financial results for its fourth quarter and fiscal year ended December 30, 2023. Fourth Quarter Highlights: Net sales of $292.1 million increased 11.4% year-over-year, representing the 10th consecutive quarter of double-digit net sales growth since IPOOrganic net sales growt
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CAMDEN, N.J. and LOUISVILLE, Colo., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Campbell Soup Company (NYSE:CPB) and Sovos Brands, Inc. (NASDAQ:SOVO) today announced that both companies have certified substantial compliance with the Request for Additional Information and Documentary Materials ("Second Request") issued by the Federal Trade Commission (FTC) regarding Campbell's proposed acquisition of Sovos Brands. The certification of substantial compliance triggers the start of a 30-day waiting period which is expected to expire on March 11, 2024, after which the sale can be finalized. Subject to the satisfaction or waiver of customary closing conditions, the companies expect to complete the transa
LOUISVILLE, Colo., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. ("Sovos Brands" or the "Company") (NASDAQ:SOVO), one of the fastest-growing food companies of scale in the United States, today announced the promotion of E. Yuri Hermida to President of Sovos Brands, effective December 11, 2023. Mr. Hermida will continue to report to Todd Lachman, Founder and Chief Executive Officer of Sovos Brands. "Over the last year, Yuri has proven to be an invaluable asset in executing the Sovos Brands enterprise-wide growth strategy," said Mr. Lachman. "Yuri's dedication and collaborative approach is pivotal to our success, and I look forward to continuing to partner with him to drive our str
Sector-Leading Top and Bottom-Line Results Fueled by 26% Volume Growth Rao's Net Sales Grew 45% YoY Driven by Continued Household Penetration Gains LOUISVILLE, Colo., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. ("Sovos Brands" or the "Company") (NASDAQ:SOVO), one of the fastest-growing food companies of scale in the United States, today reported financial results for its third quarter ended September 30, 2023. Third Quarter Highlights: Net sales of $257.9 million increased 23.5% year-over-year Organic net sales growth of 29.5% was driven by 25.8% volume and 3.7% pricing growth1Rao's net sales of $196.3 million increased 45.2% year-over-year, surpassing $700 million net sales o
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Campbell Soup Company (NYSE:CPB) today announced it has received a request for additional information from the Federal Trade Commission (FTC) as part of the agency's review of Campbell's proposed acquisition of Sovos Brands, Inc. (NASDAQ:SOVO). A second request for information is a common feature of the regulatory review for transactions of this type under the Hart-Scott-Rodino Antitrust Improvement Act. The company now expects to complete this transaction in the next calendar year and will continue to engage with the FTC on their review with the objective of closing the transaction in mid-2024. About Campbell For more than 150 years, Campbell (NYSE:CPB) has been connecting people thr
LOUISVILLE, Colo., Oct. 16, 2023 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. ("Sovos Brands" or the "Company") (NASDAQ:SOVO) today announced that its stockholders, at a Special Meeting of Stockholders held earlier today, approved the previously announced acquisition of the Company by Campbell Soup Company ("Campbell") (NYSE:CPB). 92.38% of the Company's outstanding shares were voted, with 99.99% of the votes cast in favor of the proposal. Under the terms of the merger agreement, Campbell will acquire all the outstanding shares of Sovos Brands, Inc. for $23.00 per share in cash. The Company will be filing the final voting results on a Form 8-K with the Securities and Exchange Commission. The cl
Mr. Bodner Brings Over 35 Years of Consumer-Packaged Goods Experience to BARK BARK, Inc. ("BARK" or the "Company") (NYSE:BARK), a leading global omnichannel dog brand with the mission to Make All Dogs Happy, today announced that Larry Bodner has joined the Company's Board of Directors (the "Board"), effective immediately. Mr. Bodner brings over 35 years of operational and financial experience spanning the consumer-packaged goods industry, and currently serves as Chief Executive Officer of Bulletproof 360, a functional nutrition and wellness company. He is also a member of the Board of Directors of Hostess Brands, where he has served as a Director since 2016. "Larry brings extensive le
Stephens initiated coverage of Sovos Brands with a rating of Overweight and set a new price target of $23.00
Needham initiated coverage of Sovos Brands with a rating of Buy and set a new price target of $22.50
Stifel resumed coverage of Sovos Brands with a rating of Buy and set a new price target of $19.00
UBS downgraded Sovos Brands from Buy to Neutral and set a new price target of $16.00 from $17.00 previously
UBS initiated coverage of Sovos Brands with a rating of Buy and set a new price target of $16.00
Telsey Advisory Group reiterated coverage of Sovos Brands with a rating of Outperform and set a new price target of $18.00 from $17.00 previously
Barclays initiated coverage of Sovos Brands with a rating of Overweight and set a new price target of $16.00
Loop Capital initiated coverage of Sovos Brands with a rating of Buy and set a new price target of $20.00
William Blair initiated coverage of Sovos Brands with a rating of Outperform
B of A Securities initiated coverage of Sovos Brands with a rating of Buy and set a new price target of $19.00