Pinnacle Foods Inc. (PF) Shares Gap Up to $46.94
Pinnacle Foods Inc. (NYSE:PF)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $46.79, but opened at $46.94. Pinnacle Foods shares last traded at $47.50, with a volume of 537,517 shares.
A number of equities analysts have recently issued reports on PF shares. Zacks Investment Research raised Pinnacle Foods from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, April 19th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $52.00 price target on shares of Pinnacle Foods in a research report on Wednesday, March 23rd. DA Davidson reaffirmed a “hold” rating on shares of Pinnacle Foods in a research report on Thursday, March 24th. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of Pinnacle Foods in a research report on Tuesday, May 24th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Pinnacle Foods has an average rating of “Buy” and an average price target of $48.14.
The company’s 50 day moving average is $43.67 and its 200-day moving average is $43.37. The firm has a market cap of $5.50 billion and a P/E ratio of 28.22.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, April 28th. The company reported $0.40 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The business earned $754.30 million during the quarter, compared to analysts’ expectations of $771.50 million. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 EPS. On average, equities research analysts anticipate that Pinnacle Foods Inc. will post $2.11 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 8th. Investors of record on Tuesday, June 7th will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Friday, June 3rd. This represents a $1.02 annualized dividend and a yield of 2.17%.
In other news, CFO Craig D. Steeneck sold 20,683 shares of Pinnacle Foods stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $43.58, for a total value of $901,365.14. Following the sale, the chief financial officer now owns 177,014 shares of the company’s stock, valued at $7,714,270.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Kelley Maggs sold 5,000 shares of Pinnacle Foods stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $44.00, for a total transaction 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 approximately $3,341,844. The disclosure for this sale can be found here.
Several hedge funds have recently modified their holdings of PF. Principal Financial Group Inc. increased its stake in shares of Pinnacle Foods by 8.5% in the fourth quarter. Principal Financial Group Inc. now owns 27,405 shares of the company’s stock valued at $1,164,000 after buying an additional 2,146 shares during the last quarter. Princeton Alpha Management LP increased its stake in Pinnacle Foods by 2.1% in the fourth quarter. Princeton Alpha Management LP now owns 28,431 shares of the company’s stock worth $1,207,000 after buying an additional 589 shares in the last quarter. Trexquant Investment LP increased 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. US Bancorp DE increased its stake in Pinnacle Foods by 5.4% in the fourth quarter. US Bancorp DE now owns 36,333 shares of the company’s stock worth $1,543,000 after buying an additional 1,859 shares in the last quarter. Finally, BHF Kleinwort Benson Group S.A. increased its stake 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 worth $1,792,000 after buying an additional 27,589 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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