SCHEDULE 13G/A: BlackRock Amends Campbell's Co. Stake to 5.3%

BlackRock, Inc. filed an amendment to its Schedule 13G, reporting a 5.3% beneficial ownership stake in Campbell's Co. common stock as of September 30, 2025.

Summary

• BlackRock, Inc. has filed an Amendment No. 5 to its Schedule 13G regarding its beneficial ownership in Campbell's Co. common stock.
• As of September 30, 2025, BlackRock, Inc. beneficially owns an aggregate of 15,888,495 shares of Campbell's Co. common stock.
• This aggregate amount represents 5.3% of the class of Campbell's Co. common stock.
• BlackRock, Inc. holds sole voting power over 15,274,738 shares and sole dispositive power over 15,888,495 shares.
• No shared voting or dispositive power is reported.
• The filing identifies BlackRock, Inc. as a parent holding company, with various subsidiaries involved in the beneficial ownership, including BlackRock Life Limited, BlackRock Advisors, LLC, and BlackRock Fund Advisors, among others.

Sentiment

Score: 5

Explanation: The filing is a routine regulatory disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment towards Campbell's Co. or BlackRock, Inc.

Positives

• The disclosure of a significant 5.3% stake by a major institutional investor like BlackRock may be viewed by some as a vote of confidence in Campbell's Co.

Negatives

• The filing is a routine ownership disclosure and does not contain information that would typically be considered negative for the issuer.

Risks

• BlackRock, Inc. certified that the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing the control of Campbell's Co., other than activities solely in connection with a nomination under Rule 14a-11.

Future Outlook

The filing itself, a Schedule 13G, does not contain forward-looking statements or guidance regarding Campbell's Co.'s financial performance or strategic outlook. The 'Date of Event Which Requires Filing of this Statement' is listed as September 30, 2025, which is a future date, an unusual occurrence for this type of historical ownership report.

Management Comments

• BlackRock, Inc. certified that the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of Campbell's Co., other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing represents a routine regulatory disclosure by a major institutional asset manager, BlackRock, Inc., regarding its passive investment stake in a publicly traded company. Such filings are common for large investment firms that manage significant portfolios across numerous companies.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure for institutional investors holding over 5% of a company's stock. It does not provide specific operational or financial results for comparison to industry benchmarks or competitors.

Stakeholder Impact

• Shareholders of Campbell's Co. may view the continued significant ownership by a major institutional investor like BlackRock as a sign of stability and institutional interest.

Next Steps

• BlackRock, Inc. will continue to comply with SEC reporting requirements for its beneficial ownership in Campbell's Co.

Key Dates

Keywords

BlackRock, Campbell's Co, Schedule 13G, beneficial ownership, institutional investor, common stock, equity