Royal Bank Of Canada Boosts B&G Foods Inc. (BGS) Price Target to $57.00
B&G Foods Inc. (NYSE:BGS) had its price objective lifted by analysts at Royal Bank Of Canada from $52.00 to $57.00 in a research report issued on Friday. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 12.94% from the stock’s current price.
BGS has been the topic of a number of other reports. DA Davidson raised B&G Foods from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $47.00 to $52.00 in a report on Friday, July 29th. Credit Suisse Group AG reissued a “hold” rating and issued a $45.00 price target on shares of B&G Foods in a report on Thursday, July 28th. Zacks Investment Research cut B&G Foods from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, RBC Capital Markets reissued an “outperform” rating and issued a $52.00 price target (up from $49.00) on shares of B&G Foods in a report on Sunday, July 31st. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $46.22.
Shares of B&G Foods (NYSE:BGS) opened at 50.47 on Friday. The company has a 50-day moving average of $47.97 and a 200 day moving average of $42.92. B&G Foods has a 12-month low of $31.81 and a 12-month high of $52.84. The company has a market cap of $3.16 billion, a PE ratio of 31.82 and a beta of 0.41.
B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.11. B&G Foods had a return on equity of 22.59% and a net margin of 7.76%. The company had revenue of $306.40 million for the quarter, compared to analysts’ expectations of $316.56 million. During the same period in the previous year, the firm earned $0.34 EPS. The firm’s revenue was up 58.3% compared to the same quarter last year. On average, equities research analysts expect that B&G Foods will post $2.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.42 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.68 annualized dividend and a dividend yield of 3.33%. B&G Foods’s dividend payout ratio (DPR) is 107.01%.
Several hedge funds have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. raised its stake in B&G Foods by 4.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,502,565 shares of the company’s stock valued at $52,304,000 after buying an additional 65,228 shares during the last quarter. Barclays PLC raised its stake in B&G Foods by 39,789.4% in the first quarter. Barclays PLC now owns 18,748 shares of the company’s stock valued at $638,000 after buying an additional 18,701 shares during the last quarter. Teachers Advisors Inc. raised its stake in B&G Foods by 6.7% in the first quarter. Teachers Advisors Inc. now owns 87,652 shares of the company’s stock valued at $3,051,000 after buying an additional 5,491 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in B&G Foods by 412.4% in the first quarter. UBS Asset Management Americas Inc. now owns 238,738 shares of the company’s stock valued at $8,311,000 after buying an additional 192,146 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in B&G Foods by 4.5% in the second quarter. Principal Financial Group Inc. now owns 904,050 shares of the company’s stock valued at $43,576,000 after buying an additional 39,321 shares during the last quarter. 76.92% of the stock is currently owned by institutional investors and hedge funds.
About B&G Foods
B&G Foods, Inc is a holding company. The Company manufactures, sells and distributes a diverse portfolio of shelf-stable and frozen food, and household products across the United States, Canada and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, nut clusters and other specialty products.
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