Sara Lee: Big Week of Corporate Activity
Sara Lee (NYSE:SLE) tapped Campbell Soup (NYSE:CPB) executive Sean Connolly to lead its North American retail and food service business, before taking the reins of the North American meats business when the spinoff of Sara Lee’s international coffee and tea business is finished later this year.
Sara Lee announced on Tuesday it paid an undisclosed amount to purchase privately-held Tea Forte to enhance its lineup of premium teas. According to an executive at the company, the acquisition is a perfect fit with the Sara Lee’s plan to spin off CoffeeTeaCo as a “pure-play” coffee and tea company during the first half of the year.
Here’s how Sara Lee and Campbell Soup are reacting to the news:
Sara Lee Corp. (NYSE:SLE): SLE shares recently traded at $18.91, up $0.04, or 0.21%. They have traded in a 52-week range of $12.83 to $20.26. Volume today was 2,832,938 shares versus a 3-month average volume of 7,110,040 shares. The company’s trailing P/E is 13.11, while trailing earnings are $1.44 per share.
Campbell Soup Co. (NYSE:CPB): CPB shares recently traded at $31.30, down $0.51, or 1.6%. They have traded in a 52-week range of $29.69 to $35.66. Volume today was 2,547,845 shares versus a 3-month average volume of 2,072,440 shares. The company’s trailing P/E is 12.99, while trailing earnings are $2.41 per share.
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