Food stocks are in a bit of trouble. As shoppers grapple with elevated inflation, this cautious consumer backdrop has sparked investor concerns over the outlook for some industry giants.

Campbell's, arguably one of America's most iconic soup brands, isn't performing as it should be, its chief executive said on Thursday. At the same time, meat processor Tyson Foods saw its share price drop after lowering its revenue growth forecast.

Shares of Campbell's fell 9.8% to $21.45, while Tyson Foods tumbled 7.2% to $51.80. Other food stocks like Kraft Heinz, PepsiCo, and Hormel Foods also traded lower.

Campbell's on Thursday slashed its quarterly dividend to 25 cents a share, marking a 36% decrease from 39 cents. The move came as part of a larger effort to safeguard the company's health as weak consumer spending continues to weigh on its results.

The soup and snack maker added that it has closed plants and laid off workers to protect margins, part of a sweeping cost-cutting program aimed at saving $500 million by fiscal 2030.

"Our results remain unacceptable," CEO Mick Beekhuizen said. "Our performance is not where it needs to be, and we are taking decisive action to improve it."

Though unrelated to Campbell's troubles, Tyson also took a hit. The meatpacker said it now expects fiscal 2026 revenue to grow 1.5% to 2%, down from a previous range of 2.5% and 3.5%, according to a press release.

The news, however, isn't a shock to Tyson. Last month, the company announced more beef plant closures as one of the worst U.S. cattle shortages in decades continues to tighten margins.

Tyson added it will consolidate operations around facilities in Dakota City, Neb., and Holcomb, Kan. Management noted that shifting production to these remaining plants would allow them to absorb the workload of closed facilities and keep its overall slaughter volume roughly unchanged.

Meanwhile, Beekhuizen said that Campbell's is "addressing reality ?head-on" by intensifying its focus on the consumer, sharpening its execution, and adjusting prices in certain categories to reflect changes in commodity costs.

Campbell's posted adjusted earnings of 39 cents a share in its fiscal fourth quarter, in line with analysts' expectations. Sales fell 8% to $2.1 billion, also in line with forecasts, while organic sales ticked down 1%. Across product lines, sales within its snacks division sank 12%, while the same metric fell 4% in its meals and beverages unit.

Management's outlook for the current fiscal year doesn't suggest any meaningful improvement. Campbell's expects net sales to fall between 2% and 4% for the period. Analysts were expecting a drop of less than 1%. The company also is targeting adjusted earnings of $1.65 to $1.80 a share, below analysts' calls for $1.86 a share at the midpoint of the range.

BNP Paribas analyst Max Gumport said the soup maker's outlook was "worse than anticipated" and argued that Campbell's still has a lot to prove before investors gain confidence, particularly in the company's salty snack business.

The company has been particularly hard-hit after raising prices in recent years to protect margins, driving lower-income consumers toward cheaper value brands and store-label products.

The dividend cut appears to be "an effort to accelerate debt paydown," William Blair analyst David Shanko said Thursday. Despite this, he views the conservative guidance and commentary from management as "a reset in expectations that may be viewed more positively for the stock going forward, consistent with the actions of similar food companies in recent months."