Pinnacle Foods Inc. (PF) Reaches New 12-Month High at $49.12
Pinnacle Foods Inc. (NYSE:PF)’s share price hit a new 52-week high on Monday . The stock traded as high as $49.12 and last traded at $48.73, with a volume of 360,788 shares trading hands. The stock had previously closed at $48.92.
PF has been the subject of several recent research reports. Zacks Investment Research cut 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 report on Tuesday, May 24th. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and lifted their price target for the company from $48.00 to $57.00 in a research report on Tuesday, July 12th. Finally, BMO Capital Markets reiterated a “top pick” rating and issued a $56.00 price target (up from $50.00) on shares of Pinnacle Foods in a research report on Wednesday, July 13th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $50.00.
The company has a market capitalization of $5.72 billion and a P/E ratio of 29.32. The firm’s 50-day moving average is $45.53 and its 200 day moving average is $43.80.
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 consensus estimate of $0.40. During the same period last year, the company posted $0.39 earnings per share. The business earned $754.30 million during the quarter, compared to the consensus estimate of $771.50 million. The business’s revenue was up 13.4% compared to the same quarter last year. On average, equities analysts anticipate that Pinnacle Foods Inc. will post $2.11 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Tuesday, June 7th were given a $0.255 dividend. The ex-dividend date was Friday, June 3rd. This represents a $1.02 annualized dividend and a yield of 2.09%.
In other news, CFO Craig D. Steeneck sold 20,683 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $7,714,270.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 75,951 shares in the company, valued at $3,341,844. The disclosure for this sale can be found here.
Other institutional investors have recently added to or reduced their stakes in the company. Trexquant Investment LP boosted its position in Pinnacle Foods by 80.3% in the fourth quarter. Trexquant Investment LP now owns 34,440 shares of the company’s stock valued at $1,462,000 after buying an additional 15,340 shares during the last quarter. US Bancorp DE boosted its position in Pinnacle Foods by 5.4% in the fourth quarter. US Bancorp DE now owns 36,333 shares of the company’s stock valued at $1,543,000 after buying an additional 1,859 shares during the last quarter. BHF Kleinwort Benson Group S.A. boosted its position in 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 valued at $1,792,000 after buying an additional 27,589 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in 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 valued at $2,211,000 after buying an additional 14,853 shares during the last quarter. Finally, Whitebox Advisors LLC purchased a new position in Pinnacle Foods during the fourth quarter valued at $2,887,000.
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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