Form 4: Campbell's Director Increases Indirect Stake

Mary Alice Dorrance Malone Jr., a Director and 10% owner of Campbell's Co., reported an acquisition of common stock, increasing her total indirect beneficial ownership to over 53 million shares.

Summary

• Mary Alice Dorrance Malone Jr., a Director and 10% owner of Campbell's Co. (CPB), reported an acquisition of 1,483 shares of Common Stock on December 29, 2025, at a price of $0.
• This transaction contributes to her overall indirect beneficial ownership, which now totals 53,769,040 shares across various trusts and entities.
• Significant indirect holdings include 39,960,337 shares through the Mary Alice Dorrance Malone Revocable Trust and 13,230,543 shares through Contango Limited LP.
• Ms. Malone Jr. disclaims beneficial ownership of these shares except to the extent of her pecuniary interest therein, a common practice for indirect holdings through trusts.

Sentiment

Score: 6

Explanation: The acquisition of additional shares by a director and significant owner, even at a $0 price (likely a grant or transfer), generally indicates continued confidence in the company's long-term prospects.

Positives

• An insider (Director and 10% owner) acquiring additional shares, even if through trusts and at a $0 price, can be interpreted as a signal of continued confidence in the company's future prospects.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The filing details beneficial ownership through various trusts and entities where Ms. Malone Jr. is a beneficiary, co-trustee, or co-manager, such as Mary Alice Malone, Jr. Management Trust, GRAT 9 Follow-On Trust, 1984 Trust fbo Catherine Dorrance Malone, Contango Limited LP, Hera Management LLC, and Mary Alice Dorrance Malone Revocable Trust. These are considered related party holdings.

Stakeholder Impact

• Shareholders: The increase in beneficial ownership by a significant insider may be viewed positively, signaling confidence in the company's future performance.

Key Dates

Recommendation

While the acquisition of shares by a director and 10% owner is generally a positive signal, the $0 acquisition price suggests it was likely a grant or transfer rather than a direct market purchase. This transaction alone does not provide sufficient new fundamental information to warrant a change from a 'hold' position, but it does indicate continued insider alignment with shareholder interests.

Keywords

Campbell's Co, CPB, SEC Form 4, Insider Transaction, Beneficial Ownership, Director, 10% Owner, Stock Acquisition, Trust Holdings