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On May 14, 2025, Middleby Corp (NASDAQ:MIDD), a commercial cooking equipment manufacturer with a market capitalization of $8.1 billion and an InvestingPro Financial Health rating of "GOOD," held its Annual Meeting of Stockholders, with key decisions including the election of directors and approval of executive compensation. The meeting saw a high turnout, with over 49 million shares represented.
The election of directors was the first item on the agenda, with all ten nominees securing their positions on the board. The voting results showed overwhelming support, with each nominee receiving between 43 million and 46 million votes in favor, and broker non-votes ranging around 2.5 million for each candidate.
Additionally, the advisory vote on executive compensation passed with significant backing, receiving over 44 million votes in favor, against 2.4 million, and about 42 thousand abstentions.
The third proposal, ratification of Ernst & Young LLP as the company’s independent public accountants for the fiscal year ending January 3, 2026, was also approved. This decision garnered over 48 million votes in favor, with less than a million against and 24 thousand abstentions.
The results of the meeting reflect shareholder confidence in the company’s leadership and financial oversight. The approved board of directors will serve until Middleby Corp’s 2026 Annual Meeting of Stockholders. According to InvestingPro data, analysts maintain a positive outlook with price targets ranging from $125 to $205, suggesting potential upside. Discover more insights and 8 additional ProTips with an InvestingPro subscription.
This information is based on a press release statement.
In other recent news, Middleby Corp reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $2.08, which exceeded analysts’ expectations of $1.98. Despite this earnings beat, the company’s revenue fell short at $906.63 million, lower than the projected $941.38 million. Middleby has authorized a significant $7.5 billion share repurchase program, demonstrating confidence in its financial position. However, the company faces challenges from tariffs, which are expected to increase annual expenses by $150 million to $200 million. Canaccord Genuity responded to these developments by lowering Middleby’s stock price target from $200 to $186, although it maintained a Buy rating. The firm cited the company’s earnings performance and strategic moves, such as the planned spin-off of its Food Processing segment by early 2026, as positive factors. Middleby remains focused on mitigating tariff impacts through operational adjustments and pricing strategies. The company is optimistic about its long-term growth, particularly in expanding markets like Europe, India, and Brazil.
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