Pinnacle Foods Inc. (PF) Shares Gap Up to $46.94
Pinnacle Foods Inc. (NYSE:PF) shares gapped up before the market opened on Thursday . The stock had previously closed at $46.79, but opened at $46.94. Pinnacle Foods shares last traded at $47.50, with a volume of 537,517 shares.
Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, April 19th. Royal Bank Of Canada reiterated a “buy” rating and set a $52.00 target price on shares of Pinnacle Foods in a report on Wednesday, March 23rd. DA Davidson reiterated a “hold” rating on shares of Pinnacle Foods in a report on Thursday, March 24th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Pinnacle Foods in a report on Tuesday, May 24th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Pinnacle Foods currently has a consensus rating of “Buy” and a consensus price target of $48.14.
The stock has a market cap of $5.61 billion and a price-to-earnings ratio of 28.80. The firm’s 50 day moving average price is $43.84 and its 200-day moving average price is $43.41.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings data on Thursday, April 28th. The company reported $0.40 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.40. The company earned $754.30 million during the quarter, compared to analysts’ expectations of $771.50 million. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 earnings per share. On average, equities analysts predict that Pinnacle Foods Inc. will post $2.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Tuesday, June 7th were issued a $0.255 dividend. The ex-dividend date of this dividend was Friday, June 3rd. This represents a $1.02 annualized dividend and a yield of 2.12%.
In other Pinnacle Foods news, CFO Craig D. Steeneck sold 20,683 shares of the business’s stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $43.58, for a total transaction of $901,365.14. Following the sale, the chief financial officer now directly owns 177,014 shares in the company, valued at $7,714,270.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Kelley Maggs sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $44.00, for a total transaction of $220,000.00. Following the sale, the executive vice president now owns 75,951 shares in the company, valued at $3,341,844. The disclosure for this sale can be found here.
A number of hedge funds have modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Pinnacle Foods by 8.5% in the fourth quarter. Principal Financial Group Inc. now owns 27,405 shares of the company’s stock worth $1,164,000 after buying an additional 2,146 shares during the period. Trexquant Investment LP raised its stake in shares of Pinnacle Foods by 80.3% in the fourth quarter. Trexquant Investment LP now owns 34,440 shares of the company’s stock worth $1,462,000 after buying an additional 15,340 shares during the period. US Bancorp DE raised its stake in shares of Pinnacle Foods by 5.4% in the fourth quarter. US Bancorp DE now owns 36,333 shares of the company’s stock worth $1,543,000 after buying an additional 1,859 shares during the period. BHF Kleinwort Benson Group S.A. raised its stake in shares of Pinnacle Foods by 278.5% in the fourth quarter. BHF Kleinwort Benson Group S.A. now owns 37,495 shares of the company’s stock worth $1,792,000 after buying an additional 27,589 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Pinnacle Foods by 87.8% in the fourth quarter. American Century Companies Inc. now owns 43,272 shares of the company’s stock worth $1,837,000 after buying an additional 20,231 shares during the period.
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through three segments: the Birds Eye Frozen segment, the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment manages its brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen seafood (Van de Kamp’s and Mrs.
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