Pinnacle Foods Inc. (PF) Sets New 1-Year High at $48.65
Pinnacle Foods Inc. (NYSE:PF)’s share price hit 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 traded. The stock had previously closed at $48.28.
A number of brokerages recently weighed in on PF. BMO Capital Markets reiterated a “” rating and set a $56.00 price target (up previously from $50.00) on shares of Pinnacle Foods in a report on Thursday. Zacks Investment Research upgraded shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note 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 research note on Wednesday, March 23rd. Goldman Sachs Group Inc. upgraded shares of Pinnacle Foods from a “neutral” rating to a “buy” rating and boosted their target price for the company from $48.00 to $57.00 in a research note on Tuesday. Finally, DA Davidson reiterated a “hold” rating on shares of Pinnacle Foods in a research note on Thursday, March 24th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $50.00.
The company has a 50 day moving average of $44.70 and a 200-day moving average of $43.59. The company has a market capitalization of $5.65 billion and a PE ratio of 28.99.
Pinnacle Foods (NYSE:PF) last released its quarterly earnings data 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 had revenue of $754.30 million for the quarter, compared to the consensus estimate of $771.50 million. Pinnacle Foods’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 earnings per share. Equities research analysts anticipate that Pinnacle Foods Inc. will post $2.11 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Tuesday, June 7th were paid a dividend of $0.255 per share. The ex-dividend date was Friday, June 3rd. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.11%.
In other Pinnacle Foods news, EVP Michael Kelley Maggs sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $44.00, for a total value of $220,000.00. Following the completion of the sale, the executive vice president now directly owns 75,951 shares in the company, valued at $3,341,844. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Craig D. Steeneck sold 20,683 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 177,014 shares of the company’s stock, valued at $7,714,270.12. The disclosure for this sale can be found here.
Several large investors recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Pinnacle Foods by 10.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,787,059 shares of the company’s stock valued at $118,343,000 after buying an additional 270,038 shares during the last quarter. Wells Fargo & Company MN increased its stake in 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 during the last quarter. UBS Oconnor LLC increased its stake in 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 during the last quarter. WBI Investments Inc. bought a new stake in Pinnacle Foods during the fourth quarter valued at approximately $18,917,000. Finally, Foresters Investment Management Company Inc. increased its stake in Pinnacle Foods by 0.5% in the fourth quarter. Foresters Investment Management Company Inc. now owns 377,500 shares of the company’s stock valued at $16,029,000 after buying an additional 2,000 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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