Pinnacle Foods, Inc. (PF) Holdings Trimmed by Comerica Bank
Comerica Bank reduced its stake in shares of Pinnacle Foods, Inc. (NYSE:PF) by 6.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,897 shares of the company’s stock after selling 1,289 shares during the quarter. Comerica Bank’s holdings in Pinnacle Foods were worth $1,160,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Pinnacle Foods by 599.0% in the first quarter. Tower Research Capital LLC TRC now owns 2,097 shares of the company’s stock valued at $121,000 after purchasing an additional 1,797 shares in the last quarter. First Quadrant L P CA purchased a new stake in shares of Pinnacle Foods in the second quarter valued at about $122,000. Harbour Capital Advisors LLC purchased a new stake in shares of Pinnacle Foods in the first quarter valued at about $204,000. M&T Bank Corp purchased a new stake in shares of Pinnacle Foods in the first quarter valued at about $217,000. Finally, World Asset Management Inc lifted its holdings in shares of Pinnacle Foods by 2.8% in the first quarter. World Asset Management Inc now owns 4,250 shares of the company’s stock valued at $246,000 after purchasing an additional 116 shares in the last quarter. Institutional investors own 95.41% of the company’s stock.
In related news, EVP Mark L. Schiller sold 17,038 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $60.61, for a total transaction of $1,032,673.18. Following the completion of the sale, the executive vice president now directly owns 74,832 shares in the company, valued at $4,535,567.52. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael J. Barkley sold 24,962 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $59.30, for a total transaction of $1,480,246.60. Following the sale, the executive vice president now owns 17,802 shares of the company’s stock, valued at $1,055,658.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 151,912 shares of company stock worth $9,037,020. 1.34% of the stock is currently owned by insiders.
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Pinnacle Foods, Inc. (NYSE PF) opened at 58.82 on Friday. The stock has a market cap of $6.99 billion, a P/E ratio of 38.32 and a beta of 0.35. The company’s 50 day moving average is $59.55 and its 200 day moving average is $59.41. Pinnacle Foods, Inc. has a 52 week low of $46.36 and a 52 week high of $66.67.
Pinnacle Foods (NYSE:PF) last released its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $744.61 million for the quarter, compared to the consensus estimate of $764.41 million. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. Equities analysts predict that Pinnacle Foods, Inc. will post $2.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 9th. Stockholders of record on Tuesday, August 29th will be given a $0.325 dividend. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.29. This represents a $1.30 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, August 25th. Pinnacle Foods’s dividend payout ratio (DPR) is 84.97%.
Several brokerages have issued reports on PF. BidaskClub downgraded shares of Pinnacle Foods from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $68.00 price target (up previously from $65.00) on shares of Pinnacle Foods in a report on Wednesday, June 28th. UBS AG reaffirmed a “buy” rating and issued a $65.00 price target on shares of Pinnacle Foods in a report on Monday, August 28th. Zacks Investment Research downgraded shares of Pinnacle Foods from a “buy” rating to a “sell” rating in a report on Thursday, June 29th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $63.00 price target on shares of Pinnacle Foods in a report on Tuesday, June 27th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Pinnacle Foods currently has an average rating of “Buy” and a consensus target price of $65.36.
Pinnacle Foods Profile
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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