The coronavirus pandemic has changed much of American life, and that goes double for how we eat. With people social-distancing and dining in, even hoarding groceries, the rally in packaged-foods stocks that began at the end of March might just be getting started.

It was hard to imagine being bullish on food companies and their shares even a few months ago. The industry was plagued by stagnant sales growth, declining profit margins, and high levels of debt used to fund acquisitions. Large packaged-foods companies were routinely…


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