Investors Buy Pinnacle Foods Inc. (PF) on Weakness After Insider Selling
Traders bought shares of Pinnacle Foods Inc. (NYSE:PF) on weakness during trading hours on Wednesday after an insider sold shares in the company. $37.30 million flowed into the stock on the tick-up and $16.04 million flowed out of the stock on the tick-down, for a money net flow of $21.26 million into the stock. Of all equities tracked, Pinnacle Foods had the 26th highest net in-flow for the day. Pinnacle Foods traded down ($0.79) for the day and closed at $49.71Specifically, EVP Michael Kelley Maggs sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was 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 in the company, valued at $3,307,442.65. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Christopher J. Boever sold 3,664 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $51.01, for a total value of $186,900.64. Following the sale, the executive vice president now owns 49,729 shares of the company’s stock, valued at approximately $2,536,676.29. The disclosure for this sale can be found here. Insiders own 2.75% of the company’s stock.
A number of brokerages have recently issued reports on PF. Deutsche Bank AG set a $48.00 price objective 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 research note on Thursday, July 14th. DA Davidson boosted their price target on Pinnacle Foods from $42.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. RBC Capital Markets reiterated an “outperform” rating and issued a $56.00 price target (up from $54.00) on shares of Pinnacle Foods in a research note on Monday, August 1st. Finally, Rowe upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Friday, July 29th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Pinnacle Foods currently has a consensus rating of “Buy” and a consensus price target of $52.27.
The company has a market capitalization of $5.86 billion, a P/E ratio of 29.61 and a beta of 0.35. The stock has a 50-day moving average of $50.35 and a 200 day moving average of $46.47.
Pinnacle Foods (NYSE:PF) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. Pinnacle Foods had a net margin of 6.90% and a return on equity of 13.01%. The business earned $756.40 million during the quarter, compared to analyst estimates of $754.89 million. During the same period in the previous year, the business earned $0.36 EPS. Pinnacle Foods’s revenue was up 19.7% compared to the same quarter last year. Analysts predict that Pinnacle Foods Inc. will post $2.14 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 10th. Investors of record on Tuesday, August 30th will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 2.29%. This is a positive change from Pinnacle Foods’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, August 26th. Pinnacle Foods’s payout ratio is currently 67.86%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its position in Pinnacle Foods by 99.7% in the third quarter. BNP Paribas Arbitrage SA now owns 49,993 shares of the company’s stock worth $2,508,000 after buying an additional 24,955 shares in the last quarter. Macquarie Group Ltd. raised its position in Pinnacle Foods by 3.3% in the second quarter. Macquarie Group Ltd. now owns 847,259 shares of the company’s stock worth $39,220,000 after buying an additional 27,183 shares in the last quarter. Calvert Investment Management Inc. raised its position in Pinnacle Foods by 7.7% in the second quarter. Calvert Investment Management Inc. now owns 8,809 shares of the company’s stock worth $408,000 after buying an additional 626 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Pinnacle Foods by 4.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 430,194 shares of the company’s stock worth $19,914,000 after buying an additional 17,838 shares in the last quarter. Finally, Amalgamated Bank raised its position in Pinnacle Foods by 3.1% in the second quarter. Amalgamated Bank now owns 13,968 shares of the company’s stock worth $691,000 after buying an additional 414 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.
Pinnacle Foods Company Profile
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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