Pinnacle Foods Inc. (PF) Hits New 12-Month High at $48.65
Pinnacle Foods Inc. (NYSE:PF) shares reached a new 52-week high on Thursday . The company traded as high as $48.65 and last traded at $48.65, with a volume of 577,453 shares trading hands. The stock had previously closed at $48.28.
PF has been the subject of a number of analyst reports. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $52.00 target price on shares of Pinnacle Foods in a research report on Wednesday, March 23rd. DA Davidson reaffirmed a “hold” rating on shares of Pinnacle Foods in a research report on Thursday, March 24th. Zacks Investment Research downgraded shares of Pinnacle Foods from a “buy” rating to a “hold” rating in a research report on Monday, March 28th. Bank of America Corp. reiterated a “buy” rating on shares of Pinnacle Foods in a research note on Tuesday, May 24th. Finally, Goldman Sachs Group Inc. upgraded shares of Pinnacle Foods from a “neutral” rating to a “buy” rating and increased their price target for the company from $48.00 to $57.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $50.00.
The company has a market capitalization of $5.68 billion and a P/E ratio of 29.16. The stock has a 50 day moving average price of $44.53 and a 200-day moving average price of $43.55.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, April 28th. The company reported $0.40 EPS for the quarter, meeting analysts’ consensus estimates of $0.40. During the same quarter in the previous year, the business earned $0.39 earnings per share. The business had revenue of $754.30 million for the quarter, compared to the consensus estimate of $771.50 million. The firm’s 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 year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Tuesday, June 7th were given a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Friday, June 3rd.
In other Pinnacle Foods news, CFO Craig D. Steeneck sold 20,683 shares of the stock in a transaction that occurred on Wednesday, June 8th. The shares were 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 $7,714,270.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $46.34, for a total transaction of $231,700.00. Following the transaction, the executive vice president now owns 70,951 shares in the company, valued at $3,287,869.34. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have modified their holdings of PF. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle Foods by 10.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,787,059 shares of the company’s stock worth $118,343,000 after buying an additional 270,038 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Pinnacle Foods by 57.6% in the fourth quarter. OppenheimerFunds Inc. now owns 1,884,482 shares of the company’s stock valued at $80,015,000 after buying an additional 688,689 shares in the last quarter. Wells Fargo & Company MN boosted 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 valued at $53,592,000 after buying an additional 202,961 shares in the last quarter. UBS Oconnor LLC boosted its position in shares of Pinnacle Foods by 89.1% in the fourth quarter. UBS Oconnor LLC now owns 1,019,364 shares of the company’s stock valued at $43,282,000 after buying an additional 480,413 shares in the last quarter. Finally, WBI Investments Inc. purchased a new position in shares of Pinnacle Foods during the fourth quarter valued at about $18,917,000.
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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