Pinnacle Foods Inc. (PF) Sees Large Volume Increase
Pinnacle Foods Inc. (NYSE:PF) shares saw strong trading volume on Wednesday . 2,007,115 shares traded hands during mid-day trading, an increase of 37% from the previous session’s volume of 1,468,584 shares.The stock last traded at $50.38 and had previously closed at $49.70.
A number of equities analysts recently issued reports on the company. Deutsche Bank AG set a $48.00 target price on Pinnacle Foods and gave the stock a “hold” rating in a report on Sunday, July 24th. 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, July 14th. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $48.00 to $57.00 in a report on Tuesday, July 12th. Bank of America Corp. restated a “buy” rating on shares of Pinnacle Foods in a report on Tuesday, May 24th. Finally, DA Davidson lifted their target price on Pinnacle Foods from $42.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Pinnacle Foods presently has a consensus rating of “Buy” and a consensus target price of $52.27.
The stock’s 50 day moving average price is $46.87 and its 200-day moving average price is $44.17. The stock has a market capitalization of $5.92 billion and a PE ratio of 29.90.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. The firm had revenue of $756.40 million for the quarter, compared to analyst estimates of $754.89 million. During the same period in the prior year, the company posted $0.36 EPS. The firm’s quarterly revenue was up 19.7% compared to the same quarter last year. Equities analysts forecast that Pinnacle Foods Inc. will post $2.14 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Tuesday, June 7th were paid a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Friday, June 3rd.
In related news, CFO Craig D. Steeneck sold 20,683 shares of the company’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $43.58, for a total value of $901,365.14. Following the completion of the sale, the chief financial officer now owns 177,014 shares in the company, valued at approximately $7,714,270.12. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael Kelley Maggs sold 5,000 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $50.15, for a total transaction of $250,750.00. Following the completion of the sale, the executive vice president now owns 65,951 shares of the company’s stock, valued at approximately $3,307,442.65. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in the stock. RS Investment Management Co. LLC boosted its stake in Pinnacle Foods by 15.7% in the fourth quarter. RS Investment Management Co. LLC now owns 3,941,265 shares of the company’s stock worth $167,346,000 after buying an additional 534,405 shares in the last quarter. BlackRock Advisors LLC boosted its stake in Pinnacle Foods by 4.6% in the fourth quarter. BlackRock Advisors LLC now owns 737,466 shares of the company’s stock worth $31,313,000 after buying an additional 32,223 shares in the last quarter. Foresters Investment Management Company Inc. boosted 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 worth $16,029,000 after buying an additional 2,000 shares in the last quarter. Dimensional Fund Advisors LP boosted 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 worth $118,343,000 after buying an additional 270,038 shares in the last quarter. Finally, Trexquant Investment LP boosted its stake in 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.
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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