Strs Ohio increased its position in shares of Pinnacle Foods Inc. (NYSE:PF) by 19.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 490,000 shares of the company’s stock after buying an additional 80,000 shares during the period. Strs Ohio’s holdings in Pinnacle Foods were worth $22,682,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in PF. YHB Investment Advisors Inc. raised its position in shares of Pinnacle Foods by 0.3% in the second quarter. YHB Investment Advisors Inc. now owns 15,070 shares of the company’s stock valued at $698,000 after buying an additional 50 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Pinnacle Foods by 5.3% in the second quarter. State of Alaska Department of Revenue now owns 4,511 shares of the company’s stock valued at $208,000 after buying an additional 227 shares in the last quarter. Alpha Windward LLC raised its position in shares of Pinnacle Foods by 2.4% in the second quarter. Alpha Windward LLC now owns 10,937 shares of the company’s stock valued at $506,000 after buying an additional 261 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Pinnacle Foods by 5.2% in the first quarter. Prudential Financial Inc. now owns 8,020 shares of the company’s stock valued at $358,000 after buying an additional 400 shares in the last quarter. Finally, Fox Run Management L.L.C. raised its position in shares of Pinnacle Foods by 3.1% in the second quarter. Fox Run Management L.L.C. now owns 13,100 shares of the company’s stock valued at $606,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.
Pinnacle Foods Inc. (NYSE:PF) traded down 0.18% during mid-day trading on Tuesday, hitting $49.59. 871,372 shares of the stock traded hands. The stock’s 50 day moving average is $50.26 and its 200-day moving average is $46.31. Pinnacle Foods Inc. has a 12 month low of $39.15 and a 12 month high of $52.00. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 29.54 and a beta of 0.34.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. The firm earned $756.40 million during the quarter, compared to analysts’ expectations of $754.89 million. Pinnacle Foods had a net margin of 6.90% and a return on equity of 13.01%. The firm’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, equities research analysts anticipate that Pinnacle Foods Inc. will post $2.14 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Investors of record on Tuesday, August 30th will be issued a dividend of $0.285 per share. This is a boost from Pinnacle Foods’s previous quarterly dividend of $0.26. This represents a $1.14 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, August 26th. Pinnacle Foods’s dividend payout ratio is currently 67.86%.
PF has been the subject of several recent analyst reports. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and lifted their price target for the company from $48.00 to $57.00 in a research note on Tuesday, July 12th. BMO Capital Markets reiterated a “top pick” rating and issued a $56.00 price objective (up from $50.00) on shares of Pinnacle Foods in a report on Wednesday, July 13th. Deutsche Bank AG set a $48.00 price objective on Pinnacle Foods and gave the stock a “hold” rating in a report on Sunday, July 24th. Zacks Investment Research upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Wednesday, July 27th. Finally, Stifel Nicolaus upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Friday, July 29th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $52.27.
In other Pinnacle Foods news, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $46.34, for a total value of $231,700.00. Following the completion of the transaction, the executive vice president now directly owns 70,951 shares of the company’s stock, valued at $3,287,869.34. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Christopher J. Boever sold 71,346 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $51.29, for a total transaction of $3,659,336.34. Following the completion of the transaction, the executive vice president now directly owns 95,565 shares of the company’s stock, valued at $4,901,528.85. The disclosure for this sale can be found here. Corporate insiders own 2.75% of the company’s stock.
Pinnacle Foods Company Profile
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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