Pinnacle Foods Inc. (PF) Reaches New 52-Week High at $48.02
Pinnacle Foods Inc. (NYSE:PF)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $48.02 and last traded at $47.78, with a volume of 523,686 shares changing hands. The stock had previously closed at $47.10.
Several equities analysts have recently issued reports on PF shares. Royal Bank Of Canada reiterated a “buy” rating and issued a $52.00 price target on shares of Pinnacle Foods in a research note on Wednesday, March 23rd. DA Davidson reiterated a “hold” rating on shares of Pinnacle Foods in a research note on Thursday, March 24th. Zacks Investment Research lowered Pinnacle Foods from a “buy” rating to a “hold” rating in a research note on Monday, March 28th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Pinnacle Foods in a research note on Tuesday, May 24th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Pinnacle Foods presently has an average rating of “Buy” and an average price target of $48.14.
The stock has a market cap of $5.61 billion and a price-to-earnings ratio of 28.80. The firm has a 50 day moving average price of $43.84 and a 200 day moving average price of $43.41.
Pinnacle Foods (NYSE:PF) last posted its earnings results on Thursday, April 28th. The company reported $0.40 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.40. The company had revenue of $754.30 million for the quarter, compared to analysts’ expectations of $771.50 million. The company’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. Equities research analysts forecast that Pinnacle Foods Inc. will post $2.11 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Tuesday, June 7th were given a dividend of $0.255 per share. The ex-dividend date of this dividend was Friday, June 3rd. This represents a $1.02 annualized dividend and a dividend yield of 2.12%.
In other Pinnacle Foods news, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $46.34, for a total transaction of $231,700.00. Following the sale, the executive vice president now owns 70,951 shares in the company, valued at $3,287,869.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $901,365.14. Following the sale, the chief financial officer now owns 177,014 shares in the company, valued at approximately $7,714,270.12. The disclosure for this sale can be found here.
Several large investors have modified their holdings of the company. 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 worth $1,164,000 after buying an additional 2,146 shares during the period. Trexquant Investment LP increased its stake in shares of 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 during the period. US Bancorp DE increased its stake in shares of 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 during the period. BHF Kleinwort Benson Group S.A. increased its stake in shares of 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 during the period. Finally, American Century Companies Inc. increased its stake in shares of Pinnacle Foods by 87.8% in the fourth quarter. American Century Companies Inc. now owns 43,272 shares of the company’s stock worth $1,837,000 after buying an additional 20,231 shares during the period.
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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