Pinnacle Foods Inc. (PF) Sees Strong Trading Volume
Pinnacle Foods Inc. (NYSE:PF) saw unusually-high trading volume on Tuesday . Approximately 1,339,779 shares were traded during mid-day trading, an increase of 10% from the previous session’s volume of 1,213,458 shares.The stock last traded at $47.91 and had previously closed at $47.18.
PF has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Pinnacle Foods from a “buy” rating to a “hold” rating in a research note on Monday, March 28th. DA Davidson restated a “hold” rating on shares of Pinnacle Foods in a research report on Thursday, March 24th. Royal Bank Of Canada restated a “buy” rating and set a $52.00 target price on shares of Pinnacle Foods in a research report on Wednesday, March 23rd. Bank of America Corp. restated a “buy” rating on shares of Pinnacle Foods in a research report on Tuesday, May 24th. Finally, Goldman Sachs Group Inc. upgraded shares of Pinnacle Foods from a “neutral” rating to a “buy” rating and raised their target price for the stock from $48.00 to $57.00 in a research report on Tuesday. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $49.25.
The company has a market capitalization of $5.58 billion and a PE ratio of 28.63. The firm has a 50 day moving average of $44.00 and a 200 day moving average of $43.45.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Thursday, April 28th. The company reported $0.40 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.40. The business earned $754.30 million during the quarter, compared to analyst estimates of $771.50 million. During the same period in the previous year, the company earned $0.39 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, analysts anticipate that Pinnacle Foods Inc. will post $2.11 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Tuesday, June 7th were given a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Friday, June 3rd.
In other Pinnacle Foods news, CFO Craig D. Steeneck sold 20,683 shares of the company’s stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $43.58, for a total value of $901,365.14. Following the transaction, the chief financial officer now directly owns 177,014 shares of the company’s stock, valued at approximately $7,714,270.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Kelley Maggs sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $46.34, for a total value of $231,700.00. Following the completion of the transaction, the executive vice president now directly owns 70,951 shares in the company, valued at $3,287,869.34. The disclosure for this sale can be found here.
Several institutional investors have made changes to their positions in the stock. BHF Kleinwort Benson Group S.A. raised its position 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 last quarter. Principal Financial Group Inc. raised its position 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 last quarter. Marshall Wace LLP acquired a new position in shares of Pinnacle Foods during the fourth quarter worth about $6,490,000. American Century Companies Inc. raised its position 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 last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Pinnacle Foods by 19.2% in the fourth quarter. Wells Fargo & Company MN now owns 1,262,146 shares of the company’s stock worth $53,592,000 after buying an additional 202,961 shares during the last quarter.
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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