Pinnacle Foods Inc. (PF) Sees Strong Trading Volume
Pinnacle Foods Inc. (NYSE:PF) shares saw unusually-strong trading volume on Tuesday . Approximately 1,339,779 shares were traded during 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.
A number of analysts have recently commented on PF shares. Royal Bank Of Canada reiterated a “buy” rating and set a $52.00 target price on shares of Pinnacle Foods in a research report on Wednesday, March 23rd. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and boosted their price target for the company from $48.00 to $57.00 in a research report on Tuesday. Bank of America Corp. restated a “buy” rating on shares of Pinnacle Foods in a research report on Tuesday, May 24th. Zacks Investment Research upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, April 19th. Finally, DA Davidson restated a “hold” rating on shares of Pinnacle Foods in a research report on Thursday, March 24th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Pinnacle Foods has a consensus rating of “Buy” and an average price target of $49.25.
The stock has a 50-day moving average of $44.35 and a 200-day moving average of $43.51. The firm has a market cap of $5.65 billion and a P/E ratio of 28.99.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings data on Thursday, April 28th. The company reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. The firm earned $754.30 million during the quarter, compared to analysts’ expectations of $771.50 million. During the same period in the previous year, the company earned $0.39 earnings per share. The business’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities analysts forecast that Pinnacle Foods Inc. will post $2.11 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Tuesday, June 7th were given a dividend of $0.255 per share. The ex-dividend date of this dividend was Friday, June 3rd. This represents a $1.02 annualized dividend and a dividend yield of 2.11%.
In other news, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $44.00, for a total transaction of $220,000.00. Following the transaction, the executive vice president now owns 75,951 shares of the company’s stock, valued at $3,341,844. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Craig D. Steeneck sold 20,683 shares of the stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $43.58, for a total transaction of $901,365.14. Following the transaction, the chief financial officer now directly owns 177,014 shares in the company, valued at approximately $7,714,270.12. The disclosure for this sale can be found here.
A number of institutional investors have modified their holdings of PF. Trexquant Investment LP boosted its position 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 in the last quarter. US Bancorp DE boosted its position 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 in the last quarter. BHF Kleinwort Benson Group S.A. boosted 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 in the last quarter. American Century Companies Inc. boosted 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 in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Pinnacle Foods by 39.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 52,074 shares of the company’s stock worth $2,211,000 after buying an additional 14,853 shares in 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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