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Freshpet, Inc. (NASDAQ:FRPT) announced Tuesday that shareholders approved all proposals presented at the company’s 2025 annual meeting, according to a statement based on a recent SEC filing.
All director nominees were elected to the board. The following individuals received the indicated number of votes in favor: Olu Beck (42,270,835), David B. Biegger (42,333,181), Daryl G. Brewster (41,479,013), William B. Cyr (42,322,771), Walter N. George III (41,923,668), Jacki S. Kelley (42,008,448), Lauri Kien Kotcher (42,019,746), Timothy R. McLevish (42,303,526), Leta D. Priest (41,828,469), Joseph E. Scalzo (42,377,914), Craig D. Steeneck (42,120,526), and David J. West (42,342,347). Votes against each nominee ranged from 28,840 to 927,807, with abstentions for each nominee below 55,000. There were 3,162,333 broker non-votes on this matter.
Shareholders also ratified the appointment of KPMG LLP as Freshpet’s independent registered public accounting firm for 2025, with 45,338,498 votes in favor, 229,633 against, and 6,504 abstentions. There were no broker non-votes for this proposal.
Additionally, a non-binding advisory vote approved the compensation of the company’s named executive officers, with 41,297,647 votes in favor, 870,642 against, and 244,013 abstentions. Broker non-votes on this matter totaled 3,162,333.
On the frequency of future advisory votes on named executive officer compensation, shareholders recommended holding such votes every year. The annual frequency received 41,958,530 votes, compared to 2,671 for every two years, 437,180 for every three years, and 13,921 abstentions. There were 3,162,333 broker non-votes.
The company’s board of directors determined that advisory votes on executive compensation will continue to be held annually until the next required vote on frequency.
All information is based on a press release statement contained in Freshpet, Inc.’s SEC filing.
In other recent news, Freshpet has been the subject of various analyst assessments, reflecting a range of perspectives on the company’s financial outlook. Benchmark analyst Todd Brooks adjusted Freshpet’s price target to $120, maintaining a Buy rating after the company reported first-quarter 2025 revenue of $263 million, which surpassed expectations. The company’s adjusted gross margin improved to 45.7%, contributing to a positive outlook despite adjusted earnings per share falling slightly below consensus. UBS initiated coverage with a sell rating and a $65 price target, expressing concerns over optimistic growth expectations. Stifel, however, resumed coverage with a buy rating and a $90 price target, citing long-term growth potential despite current challenges. TD Cowen downgraded Freshpet from Buy to Hold, setting a price target at $96, due to concerns over the slowing pace of retail sales growth. The firm also noted potential upside from activist investor JANA’s involvement, though skepticism remains about immediate buyout opportunities. Meanwhile, TD Cowen maintained a Buy rating but lowered its price target to $96, reflecting a more conservative growth outlook for 2025. These developments indicate diverse analyst opinions on Freshpet, influenced by recent earnings and strategic considerations.
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