Analysis of Insiders' Form 144 Selling Plan for Campbell Soup Company (CPB)

Based on the collected data, I will provide you with a comprehensive analysis of the Form 144 selling plan by insiders of Campbell Soup Company (CPB).

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According to the latest trading data, Campbell Soup Company (CPB) is currently trading at

, down 0.42% from the previous trading day[0]. From a technical perspective, the stock is currently trading (52-week range: $25.62-$43.85), with a year-to-date decline of and a three-year decline of as much as [0]. This sustained downward trend indicates that the company is facing severe fundamental challenges.

From a valuation perspective, CPB’s current P/E ratio is 13.58x, which is in the historical low range[0]. The company’s latest quarterly financial report (Q1 of FY2026, released on December 9, 2025) shows that earnings per share (EPS) reached $0.77, exceeding the market expectation of $0.73 with a surprise rate of 4.76%; revenue was $2.68 billion, slightly exceeding the expected $2.65 billion[0]. However, these better-than-expected results failed to halt the continuous decline in the stock price, reflecting the market’s concerns about the company’s future growth prospects.

The company’s product line composition shows that

contribute 41.3% of revenue ($1.11 billion), account for 31.2% ($835 million), and make up 27.5% ($736 million)[0]. Despite a relatively high degree of product diversification, CPB’s growth momentum is clearly insufficient in the consumer staples industry.

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Form 144 is a

required by the SEC under Rule 144 of the Securities Act of 1933[1][2]. This form must be filed when company insiders, affiliated parties, or major shareholders plan to sell or . Restricted securities typically refer to shares acquired directly in a private placement by the company or indirectly through an affiliated party, and such shares must meet certain holding period requirements before being sold in the public market[1].

There are clear

for filing Form 144: the form must be filed if the value of the proposed sale exceeds or involves more than [2]. It is important to note that filing Form 144 only indicates an , not a commitment to an actual sale. The filer has the right (but not the obligation) to complete the sale within after filing the document[1]. This means that Form 144 is essentially an “option” — insiders retain flexible discretion.

Form 144 contains a number of implicit information valuable to investors. First,

detail how the shares were acquired and sales activity over the past three months[1]. Second, the included in the form is not available in Form 4, and can be used to analyze the execution channels of insider transactions[1]. In addition, for foreign issuers listed in the U.S., their executives are not required to file Form 4, making Form 144 the for understanding changes in insider shareholdings[1].

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According to market data, CPB insiders have engaged in relatively frequent trading activities over the past three months:

Date	Trader	Position	Transaction Type	Number of Shares	Price
2025-12-29	Charles A. Brawley III	Executive Vice President	Sell	11,550	$28.15
2025-10-31	Johnson May Diane	Senior Executive	Sell	17,088	$30.29
2025-12-28	Multiple Insiders	Directors/Senior Executives	Buy	~8 Transactions	-

As can be seen from the trading data,

(October-December), while . This temporal divergence is noteworthy: Brawley’s selling price on December 29 ($28.15) is only about 6.8% higher than the current stock price ($26.35), indicating that insiders did not choose to cash out when the stock price was higher.

The Form 144 filed by CPB insiders plans to sell shares on January 9, 2026[3]. Combining the above actual trading data, the following key information can be inferred:

, the filing of Form 144 reflects insiders’ intent to . Since Form 144 is valid for 90 days, insiders may be waiting for a more favorable price, or preparing in advance for an upcoming sale[1].

, combined with the stock price trend analysis, CPB is currently trading . Filing a selling plan at this level may imply:

• Insiders believe the current price still has
  certain profit-taking potential after a rebound
  , or
• Insiders are
  cautious
  about a short-term stock price rebound and tend to reduce positions during a technical rebound.

, according to TipRanks’ insider confidence signal, CPB’s , with only 1 “informative” insider transaction in the past 3 months[4]. This further confirms insiders’ conservative attitude towards the company’s prospects.

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The

of Form 144 is that it only represents an intent to sell, not the completion of an actual sale[1][5]. Investors should continue to track whether a Form 4 (Notice of Actual Transaction) is filed subsequently to confirm whether the sale is ultimately executed. If no actual sale occurs within 90 days after filing Form 144, the document may only reflect insiders’ or a mindset of [5].

The

of trading activities are important indicators for judging signal strength:

• Concentrated Selling
  : If multiple insiders file Form 144 during the same period, or the scale of a single sale accounts for a high proportion of their holdings, it may reflect
  systemic concerns about the company’s short-term trend
  [5].
• Scattered Selling
  : If it is only a small-scale selling intent by individual insiders with no subsequent actual action, it may be due to
  personal capital needs
  (such as tax planning, education expenses, etc.)[5].

For CPB, recent activities are mainly executive-level sales (rather than large-scale Form 144 filings), and both buying and selling coexist, indicating that the signal leans neutral.

The interpretation of insider trading signals

:

• Selling during a period of declining performance
  : The negative signal is stronger[5]
• Selling when the stock price is high
  : It may be
  profit-taking
  , with a neutral signal
• Selling during restructuring/transformation
  : It may reflect
  uncertainty during strategic adjustment

CPB’s current core challenges include: weak demand in the consumer staples industry, consumers shifting to healthier alternatives, fluctuations in raw material costs, etc. Against this backdrop, insiders’ cautious attitude is understandable.

The SEC’s

allow insiders to pre-set trading plans in advance to avoid suspicion of insider trading[1]. If Form 144 is related to a 10b5-1 plan, such sales are compliant transactions, with a relatively weak negative signal[5]. Investors should pay attention to whether information about an associated 10b5-1 plan is noted in Form 144.

During the

, investors should continuously monitor the following signals:

• Whether there are
  actual sale records in Form 4
• The
  actual price and timing
  of the sale
• Whether there are
  buying actions by other insiders
• Whether the company has
  major events
  (such as earnings announcements, mergers and acquisitions, etc.)

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Considering the following factors, CPB may face

in the short term:

• The
  signal effect
  of insiders’ selling intent may trigger follow-up selling
• The current stock price is in an
  oversold region
  , which may attract technical buying, but the overall trend is weak
• The analyst consensus is
  Hold (HOLD)
  , with a consensus target price of $30.00 implying upside potential of approximately 13.9%[0]

: If holding CPB, consider reducing positions moderately during a ; if planning to build a position, it is recommended to to reduce timing risk.

CPB’s

will be released on March 4, 2026 (Q2 of FY2026), with a market expected EPS of $0.57[0]. Before then, signals from insider trading will continue to affect market sentiment. Investors should pay attention to:

• Whether the company can revitalize growth through
  cost reduction
  or
  product innovation
• Integration progress after the
  acquisition of Sovos Brands
  (completed in 2023)
• Adjustments to management’s
  earnings guidance

From a valuation perspective, CPB’s P/E ratio (13.58x) is lower than the industry average, reflecting the market’s pricing of slow growth. If the company can:

• Successfully transform to a
  healthier
  product portfolio
• Achieve a breakthrough in the
  snack business
  (accounting for 41% of revenue)
• Improve
  operational efficiency
  and profit margins

Then the current stock price may constitute a

. However, the prospects of these strategic transformations are still unclear.

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Insiders of Campbell Soup Company have filed a Form 144 selling plan. Against the backdrop of the current stock price being near its 52-week low, the

. The document itself only represents an intent to sell, not an actual sale action, so it should not be regarded as a purely bearish signal. However, combining CPB’s recent insider trading pattern (concentrated selling at year-end) and overall stock performance (year-to-date decline of over 30%), investors should remain vigilant about the company’s short-term prospects.

:

1. Form 144 is a
   statement of intent
   , not a confirmation of actual sale
2. CPB’s insider trading
   frequency is low
   , with limited signal strength
3. Comprehensive judgment must be made by combining
   company fundamentals
   and
   macro environment
4. Continuously track
   subsequent trading dynamics
   to verify signal validity

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[0] Jinling API Market Data - CPB Real-Time Quotes, Company Profile and Financial Indicators

[1] Washington Service - Form 144 Insights & FAQs (https://washingtonservice.com/insights-faqs/form-144/)

[2] DFIN - What is a Form 144 SEC Filing? (https://www.dfinsolutions.com/knowledge-hub/knowledge-resources/what-is-form-144-filing)

[3] DCF Modeling - Campbell Soup Company CPB Valuation Report (https://dcfmodeling.com/)

[4] TipRanks - CPB Stock Insider Trading Activity (https://www.tipranks.com/stocks/cpb/insider-trading)

[5] Iris Carbon - Essential Insights into Form 144 Filings and Filing Requirements (https://iriscarbon.com/essential-insights-into-form-144-filings-and-filing-requirements/)