The Purchase, New York-based firm has spent recent months attempting to lure back inflation-weary consumers by cutting snack prices and refreshing its core brand identity. While these efforts initially showed promise, UBS analysts noted that consumption trends faltered between May and early June, dampening sentiment. Shareholders are now looking for concrete evidence that management’s growth strategies are taking hold or whether the company will be forced to adjust its full-year organic sales outlook of 2-4%.

Adding to the pressure, BNP Paribas analysts observed that the anticipated turnaround failed to materialize by May. With shares down 6.7% over the last three months to $144.50, the company faces mounting scrutiny. Should growth remain stagnant through the second half of the year, industry observers anticipate that activist investor Elliott Investment Management may intervene to demand more aggressive structural changes.