No soup for you: Campbell Soup may officially change its name today

Shareholders with Campbell Soup Company (NASDAQ:CPB) will meet on Tuesday at the company’s annual meeting. One of the amendments up for a shareholder vote is related to officially changing the company’s name to The Campbell’s Company.

The name change proposal was first disclosed at Campbell Soup’s (NASDAQ:CPB) Investor Day event in early October. CEO Mark Clouse noted the New Jersey-based company will always love soup, and will never take its eyes off the critical business, but sees the growth outside the soup category as critical. “It sends a strong signal for the next chapter in the company’s future. We want all 16 of our leadership brands and all of our employees to see themselves in the name of the company, all born of an unmatched heritage of innovation and leadership,” highlighted Clouse.

Some notable corporate name changes over the last ten years include Dunkin’ Donuts to Dunkin’, Twitter to X, Weight Watchers to WW International (WW), Facebook to Meta Platforms, Fiat Chrysler/PSA to Stellantis (STLA), Google (GOOG) to Alphabet, Snapchat to Snap (SNAP), Kraft to Mondelez International (MDLZ), CVS Caremark to CVS Health (CVS), and Square to Block (SQ). Historically, publicly traded companies have rallied just over 70% of the time in the first two weeks after officially changing their corporate names as investors digest the new change of strategic direction.

As for Campbell Soup Company (CPB), the stock is already starting to look more appetizing to analysts. The Camden, New Jersey-based company announced last week that it entered into an agreement to sell the noosa yogurt business to Lakeview Farms, a manufacturer of dips, desserts, and specialty products. Campbell Soup (CPB) acquired noosa as part of the Sovos Brands acquisition, with intentions to sell the noosa business because the category is not core to its overall strategy.