Pinnacle Foods, Inc. (NYSE:PF) Lowered to Sell at BidaskClub
BidaskClub downgraded shares of Pinnacle Foods, Inc. (NYSE:PF) from a hold rating to a sell rating in a report released on Thursday.
Other analysts have also issued reports about the stock. Berenberg Bank began coverage on shares of Pinnacle Foods in a report on Tuesday, May 16th. They set a buy rating and a $68.00 target price for the company. BMO Capital Markets reiterated a buy rating and set a $63.00 target price on shares of Pinnacle Foods in a report on Tuesday, June 27th. J P Morgan Chase & Co reiterated an overweight rating and set a $68.00 target price (up from $65.00) on shares of Pinnacle Foods in a report on Wednesday, June 28th. Credit Suisse Group set a $62.00 target price on shares of Pinnacle Foods and gave the stock a buy rating in a report on Thursday, April 20th. Finally, Zacks Investment Research lowered shares of Pinnacle Foods from a buy rating to a hold rating in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $64.36.
Shares of Pinnacle Foods (NYSE PF) traded up 0.34% on Thursday, hitting $59.19. The stock had a trading volume of 620,916 shares. Pinnacle Foods has a 1-year low of $46.36 and a 1-year high of $66.67. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 38.56 and a beta of 0.34. The firm has a 50 day moving average of $60.21 and a 200-day moving average of $58.27.
Pinnacle Foods (NYSE:PF) last posted its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. The company had revenue of $744.61 million during the quarter, compared to analyst estimates of $764.41 million. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. Pinnacle Foods’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share. Equities analysts predict that Pinnacle Foods will post $2.56 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Tuesday, June 6th were issued a $0.285 dividend. The ex-dividend date was Friday, June 2nd. This represents a $1.14 annualized dividend and a yield of 1.93%. Pinnacle Foods’s dividend payout ratio (DPR) is presently 74.51%.
In other Pinnacle Foods news, EVP Michael J. Barkley sold 24,962 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $59.30, for a total transaction of $1,480,246.60. Following the completion of the transaction, the executive vice president now owns 17,802 shares of the company’s stock, valued at $1,055,658.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher J. Boever sold 26,682 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $59.02, for a total transaction of $1,574,771.64. Following the transaction, the executive vice president now directly owns 66,296 shares of the company’s stock, valued at approximately $3,912,789.92. The disclosure for this sale can be found here. Insiders sold 101,644 shares of company stock valued at $6,023,518 over the last 90 days. 1.34% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in PF. BlackRock Inc. increased its position in shares of Pinnacle Foods by 10,669.1% in the first quarter. BlackRock Inc. now owns 5,246,808 shares of the company’s stock worth $303,633,000 after buying an additional 5,198,087 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Pinnacle Foods by 63.7% in the first quarter. Renaissance Technologies LLC now owns 1,538,500 shares of the company’s stock worth $89,033,000 after buying an additional 598,537 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Pinnacle Foods by 4.9% in the first quarter. Vanguard Group Inc. now owns 9,694,188 shares of the company’s stock worth $561,003,000 after buying an additional 451,875 shares in the last quarter. Gotham Asset Management LLC acquired a new position in shares of Pinnacle Foods during the first quarter worth $20,840,000. Finally, TIAA CREF Investment Management LLC increased its position in shares of Pinnacle Foods by 8.2% in the first quarter. TIAA CREF Investment Management LLC now owns 4,222,339 shares of the company’s stock worth $244,347,000 after buying an additional 320,832 shares in the last quarter. 96.91% of the stock is owned by institutional investors and hedge funds.
About Pinnacle Foods
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through four segments: Frozen segment, the Grocery segment, the Boulder segment and the Specialty segment. Its products are sold through supermarkets, grocery wholesalers and distributors, mass merchandisers, super centers, convenience stores, dollar stores, drug stores and warehouse clubs in the United States and Canada, as well as in military channels and foodservice locations.
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