Victory Capital Management Inc. increased its stake in Pinnacle Foods Inc. (NYSE:PF) by 5.6% during the second quarter, Holdings Channel reports. The institutional investor owned 7,007 shares of the company’s stock after buying an additional 372 shares during the period. Victory Capital Management Inc.’s holdings in Pinnacle Foods were worth $324,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in PF. Aperio Group LLC increased its stake in shares of Pinnacle Foods by 4.7% in the first quarter. Aperio Group LLC now owns 60,555 shares of the company’s stock valued at $2,706,000 after buying an additional 2,732 shares in the last quarter. Virginia Retirement System purchased a new stake in Pinnacle Foods during the first quarter valued at about $389,000. Prudential Financial Inc. raised its stake in 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 during the last quarter. Franklin Resources Inc. purchased a new stake in Pinnacle Foods during the first quarter valued at about $5,232,000. Finally, BlackRock Inc. raised its stake in Pinnacle Foods by 38.3% in the first quarter. BlackRock Inc. now owns 33,506 shares of the company’s stock valued at $1,497,000 after buying an additional 9,271 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.
Pinnacle Foods Inc. (NYSE:PF) traded up 0.58% on Monday, reaching $50.46. 321,803 shares of the company’s stock were exchanged. Pinnacle Foods Inc. has a 12-month low of $39.15 and a 12-month high of $52.00. The firm has a 50 day moving average of $50.29 and a 200-day moving average of $46.39. The company has a market cap of $5.95 billion, a P/E ratio of 30.05 and a beta of 0.35.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. The company had revenue of $756.40 million for the quarter, compared to analyst estimates of $754.89 million. Pinnacle Foods had a net margin of 6.90% and a return on equity of 13.01%. Pinnacle Foods’s quarterly revenue was up 19.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Equities analysts expect that Pinnacle Foods Inc. will post $2.14 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Stockholders of record on Tuesday, August 30th will be paid a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.27%. This is a positive change from Pinnacle Foods’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, August 26th. Pinnacle Foods’s payout ratio is 67.86%.
Several equities research analysts have recently issued reports on PF shares. BMO Capital Markets reiterated a “” rating and set a $56.00 price target (up previously from $50.00) on shares of Pinnacle Foods in a research note on Thursday, July 14th. Goldman Sachs Group Inc. raised shares of Pinnacle Foods from a “neutral” rating to a “buy” rating and increased their target price for the stock from $48.00 to $57.00 in a research note on Tuesday, July 12th. Rowe raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Friday, July 29th. Stifel Nicolaus raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Friday, July 29th. Finally, Zacks Investment Research raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Wednesday, July 27th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $52.27.
In other Pinnacle Foods news, EVP Christopher J. Boever sold 3,664 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $51.01, for a total transaction of $186,900.64. Following the transaction, the executive vice president now directly owns 49,729 shares in the company, valued at $2,536,676.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Kelley Maggs sold 5,000 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $50.15, for a total transaction of $250,750.00. Following the transaction, the executive vice president now owns 65,951 shares in the company, valued at $3,307,442.65. The disclosure for this sale can be found here. 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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