Craig D. Steeneck Sells 33,095 Shares of Pinnacle Foods, Inc. (PF) Stock
Pinnacle Foods, Inc. (NYSE:PF) CFO Craig D. Steeneck sold 33,095 shares of Pinnacle Foods stock in a transaction on Monday, August 7th. The shares were sold at an average price of $59.61, for a total value of $1,972,792.95. Following the completion of the transaction, the chief financial officer now owns 204,364 shares of the company’s stock, valued at $12,182,138.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of Pinnacle Foods, Inc. (PF) opened at 59.49 on Tuesday. Pinnacle Foods, Inc. has a 1-year low of $46.36 and a 1-year high of $66.67. The company’s 50-day moving average price is $60.21 and its 200 day moving average price is $58.27. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 38.76 and a beta of 0.34.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. Pinnacle Foods had a return on equity of 14.47% and a net margin of 5.82%. The business had revenue of $744.61 million during the quarter, compared to analyst estimates of $764.41 million. During the same quarter in the prior year, the business posted $0.42 EPS. Pinnacle Foods’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, analysts predict that Pinnacle Foods, Inc. will post $2.56 earnings per share for the current fiscal year.
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Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 during the last quarter. BlackRock Inc. raised its stake 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 during the last quarter. TIAA CREF Investment Management LLC raised its stake 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 during the last quarter. OppenheimerFunds Inc. raised its stake in shares of Pinnacle Foods by 5.0% in the first quarter. OppenheimerFunds Inc. now owns 2,243,595 shares of the company’s stock worth $129,837,000 after buying an additional 106,737 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake 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 during the last quarter. Institutional investors and hedge funds own 97.00% of the company’s stock.
PF has been the subject of several recent research reports. BidaskClub upgraded Pinnacle Foods from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. Jefferies Group LLC initiated coverage on Pinnacle Foods in a research report on Tuesday, April 11th. They issued a “buy” rating and a $67.00 price target for the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $66.00 price target on shares of Pinnacle Foods in a research report on Friday, April 28th. Deutsche Bank AG lifted their price target on Pinnacle Foods from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Finally, Morgan Stanley upgraded Pinnacle Foods from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $58.00 to $63.00 in a research report on Monday, April 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $64.36.
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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