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Chris Carey

Research Analyst at Wells Fargo Securities

Chris Carey is the Head of Consumer Staples Research and Senior Equity Analyst at Wells Fargo Securities, specializing in coverage of 25 major companies across the consumer staples and discretionary sectors. He has issued more than 75 ratings in the past year, with a notable buy recommendation on Aphria (APHA) generating a 719.4% return, and maintains a success rate of approximately 49% and an average transaction return of 0.8%. Carey began his career as an Equity Research Associate at FBR Capital Markets (2013-2015), then served as Research Analyst at Merrill Lynch (2015-2019) and BofA Securities (2019-2020), before joining Wells Fargo in 2020; he holds a B.A. from Boston College and an MBA from the University of South Carolina, and is registered with FINRA for securities analysis. Carey is recognized for his sector expertise and robust quantitative performance metrics.

Chris Carey's questions to PROCTER & GAMBLE (PG) leadership

Chris Carey's questions to PROCTER & GAMBLE (PG) leadership • Q1 2026

Question

Chris Carey followed up on China, asking if improvements were broad-based beyond Skin and Personal Care, and whether these signs of improvement were durable or influenced by specific quarter factors.

Answer

CFO Andre Schulten confirmed that while Skin and Personal Care in China is accelerating, other categories are also picking up pace, including fabric care (up 5%), fem care, hair care, and baby care (20% growth). He attributed this broad-based improvement to P&G's integrated superiority approach, better consumer understanding, innovation, and improved retail execution, expressing confidence in the durability of these trends despite expected market volatility.

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Chris Carey's questions to PROCTER & GAMBLE (PG) leadership • Q1 2026

Question

Chris Carey followed up on China, asking if improvements were observed in businesses beyond Skin and Personal Care, and if the positive trends were durable or influenced by specific quarterly factors.

Answer

Andre Schulten, CFO, confirmed that while Skin and Personal Care continued to accelerate, other categories like fabric care (up 5%), fem care, hair care, and baby care (20% growth) were also picking up pace. He attributed the breadth and consistency of results to P&G's integrated superiority approach, grounded in consumer understanding, innovation, and improved retail execution, expressing confidence in continued business building despite expected volatility.

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Chris Carey's questions to PEPSICO (PEP) leadership

Chris Carey's questions to PEPSICO (PEP) leadership • Q3 2025

Question

Chris Carey asked for Ramon Laguarta's perspective on the interplay between cyclical and structural factors influencing consumer behavior, particularly comparing North America with international markets. He sought to understand how much of the North American shift is due to structural preferences (healthier eating) versus cyclical (value seeking) and whether international consumers exhibit similar economic behaviors and evolving preferences.

Answer

Chairman and CEO Ramon Laguarta identified several structural trends impacting consumers globally: the shift to digital purchasing (changing industry dynamics, delivery expectations), increased consumer information about food/drink ingredients (driving demand for clean labels, specific ingredients beyond taste), and the reality of affordability (stressed low/middle-income households, need for value/price points). He stated that these trends, while varying in speed, are generally moving in the same direction across most markets, guiding PepsiCo's rapid portfolio transformation and cost structure adjustments to compete effectively in the future demand landscape.

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Chris Carey's questions to PEPSICO (PEP) leadership • Q3 2025

Question

Chris Carey asked for Ramon Laguarta's thoughts on the cyclical versus structural dynamics of consumer behavior, comparing the U.S. (shifting preferences, value seeking) with international markets, specifically whether international consumers are behaving similarly economically and if their preferences are evolving like North American consumers.

Answer

Chairman and CEO Ramon Laguarta identified several structural global trends: consumers moving to digital purchasing (changing industry dynamics), increased consumer information about food/drink ingredients leading to choices based on clean labels and type of food (influencing brand relaunches), and affordability/value seeking due to stretched low/middle-income households. He noted these trends vary in speed but are generally moving in the same direction across most markets.

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Chris Carey's questions to CONSTELLATION BRANDS (STZ) leadership

Chris Carey's questions to CONSTELLATION BRANDS (STZ) leadership • Q2 2026

Question

Chris Carey followed up on beer margins, asking if inflation is expected to pick up in the back half. He then focused on wine and spirits margins, questioning what factors would drive the necessary improvement in the second half to meet full-year guidance and whether a low 20% operating margin for fiscal 2027 remains a plausible expectation.

Answer

CFO Garth Hankinson clarified no inflation pickup for beer. For wine and spirits, he noted that the bulk of volume and sales occur in the second half, benefiting from additional volume and higher-margin vintage releases from the DTC business. He also mentioned that first-half 'messiness' was due to distributor payments and post-transaction inventory trips. CEO Bill Newlands added that the wine and spirits business has focused on top-line growth, beating the market for six straight months with strong brand performance.

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Chris Carey's questions to CONSTELLATION BRANDS (STZ) leadership • Q2 2026

Question

Chris Carey followed up on beer margins, asking if inflation is expected to pick up in the second half. His main question focused on wine and spirits margins, inquiring about the drivers for improvement in the second half to meet full-year guidance and the feasibility of achieving a low 20% operating margin in fiscal 2027.

Answer

CFO Garth Hankinson clarified no inflation pickup for beer in H2. For wine and spirits, H2 sees the bulk of volume and sales, along with vintage releases that drive higher sales and margins, offsetting a 'messy' H1 due to distributor payments and inventory adjustments. CEO Bill Newlands added that the wine and spirits business has focused on top-line growth, beating the market for six consecutive months, driven by brands like Kim Crawford and Meiomi, and is pleased with its development.

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