Victory Capital Management Inc. Purchases 340,654 Shares of Pinnacle Foods, Inc. (PF)
Victory Capital Management Inc. lifted its position in Pinnacle Foods, Inc. (NYSE:PF) by 11.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,226,031 shares of the company’s stock after buying an additional 340,654 shares during the quarter. Victory Capital Management Inc. owned about 2.72% of Pinnacle Foods worth $184,433,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Town & Country Bank & Trust CO dba First Bankers Trust CO bought a new stake in shares of Pinnacle Foods in the 3rd quarter valued at approximately $294,000. Fisher Asset Management LLC bought a new stake in shares of Pinnacle Foods in the 3rd quarter valued at approximately $8,946,000. Davidson Kempner Capital Management LP bought a new stake in shares of Pinnacle Foods in the 2nd quarter valued at approximately $26,730,000. Cetera Investment Advisers grew its stake in shares of Pinnacle Foods by 37.5% in the 2nd quarter. Cetera Investment Advisers now owns 9,046 shares of the company’s stock valued at $536,000 after buying an additional 2,466 shares in the last quarter. Finally, Piedmont Investment Advisors LLC bought a new stake in shares of Pinnacle Foods in the 2nd quarter valued at approximately $555,000. 95.55% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Craig D. Steeneck sold 33,095 shares of Pinnacle Foods stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $59.61, for a total transaction of $1,972,792.95. Following the completion of the transaction, the chief financial officer now directly owns 204,364 shares in the company, valued at approximately $12,182,138.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christopher J. Boever sold 26,682 shares of Pinnacle Foods stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $59.02, for a total value of $1,574,771.64. Following the transaction, the executive vice president now owns 66,296 shares of the company’s stock, valued at $3,912,789.92. The disclosure for this sale can be found here. Insiders have sold a total of 76,950 shares of company stock valued at $4,588,273 over the last quarter. 1.34% of the stock is currently owned by corporate insiders.
Several equities research analysts recently commented on PF shares. Zacks Investment Research raised Pinnacle Foods from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Tuesday, October 17th. UBS AG restated a “buy” rating and issued a $65.00 target price on shares of Pinnacle Foods in a report on Monday, August 28th. Royal Bank Of Canada restated an “outperform” rating and issued a $67.00 target price (up from $66.00) on shares of Pinnacle Foods in a report on Tuesday, July 25th. Credit Suisse Group reduced their target price on Pinnacle Foods from $65.00 to $64.00 and set an “outperform” rating for the company in a report on Wednesday, October 4th. Finally, BidaskClub lowered Pinnacle Foods from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $64.25.
Pinnacle Foods, Inc. (NYSE:PF) traded up 1.30% during midday trading on Tuesday, reaching $54.36. The company had a trading volume of 414,857 shares. Pinnacle Foods, Inc. has a 52-week low of $46.36 and a 52-week high of $66.67. The company has a market cap of $6.46 billion, a PE ratio of 35.41 and a beta of 0.33. The company’s 50-day moving average is $57.05 and its 200 day moving average is $59.12.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings results on Thursday, October 26th. The company reported $0.58 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.58. The firm had revenue of $749.80 million during the quarter, compared to the consensus estimate of $753.10 million. Pinnacle Foods had a return on equity of 14.63% and a net margin of 5.65%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. On average, equities research analysts forecast that Pinnacle Foods, Inc. will post $2.55 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 9th. Stockholders of record on Tuesday, August 29th were paid a dividend of $0.325 per share. 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 2.42%. The ex-dividend date of this dividend was Friday, August 25th. Pinnacle Foods’s payout ratio is currently 87.84%.
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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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