Pinnacle Foods, Inc. (PF) Position Lowered by IBM Retirement Fund
IBM Retirement Fund lowered its position in shares of Pinnacle Foods, Inc. (NYSE:PF) by 7.0% during the third quarter, Holdings Channel reports. The firm owned 10,856 shares of the company’s stock after selling 815 shares during the period. IBM Retirement Fund’s holdings in Pinnacle Foods were worth $545,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in PF. New Jersey Better Educational Savings Trust purchased a new stake in shares of Pinnacle Foods during the second quarter valued at approximately $648,000. Channing Capital Management LLC boosted its stake in shares of Pinnacle Foods by 11.9% in the second quarter. Channing Capital Management LLC now owns 556,280 shares of the company’s stock valued at $25,750,000 after buying an additional 59,345 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in shares of Pinnacle Foods by 1.2% in the third quarter. Eagle Asset Management Inc. now owns 581,276 shares of the company’s stock valued at $29,162,000 after buying an additional 7,131 shares during the last quarter. Strs Ohio boosted its stake in shares of Pinnacle Foods by 19.5% in the second quarter. Strs Ohio now owns 490,000 shares of the company’s stock valued at $22,682,000 after buying an additional 80,000 shares during the last quarter. Finally, Monarch Partners Asset Management LLC boosted its stake in shares of Pinnacle Foods by 22.4% in the second quarter. Monarch Partners Asset Management LLC now owns 239,163 shares of the company’s stock valued at $11,071,000 after buying an additional 43,700 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors.
Pinnacle Foods, Inc. (NYSE:PF) traded up 0.34% during trading on Friday, hitting $53.06. 400,761 shares of the stock traded hands. The company’s 50 day moving average is $51.83 and its 200 day moving average is $50.21. The company has a market capitalization of $6.26 billion, a P/E ratio of 31.05 and a beta of 0.31. Pinnacle Foods, Inc. has a one year low of $39.15 and a one year high of $54.45.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Thursday, October 27th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.53. Pinnacle Foods had a net margin of 6.76% and a return on equity of 13.25%. The company had revenue of $758.80 million for the quarter, compared to analyst estimates of $773.54 million. During the same period in the prior year, the business earned $0.46 earnings per share. Pinnacle Foods’s quarterly revenue was up 19.3% on a year-over-year basis. On average, equities analysts forecast that Pinnacle Foods, Inc. will post $2.15 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 10th. Stockholders of record on Tuesday, December 20th were given a dividend of $0.285 per share. The ex-dividend date of this dividend was Friday, December 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.15%. Pinnacle Foods’s payout ratio is 66.67%.
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Several equities research analysts recently commented on the company. Piper Jaffray Companies assumed coverage on Pinnacle Foods in a report on Monday. They set an “overweight” rating and a $60.00 target price on the stock. RBC Capital Markets restated an “outperform” rating and issued a $58.00 price target (up previously from $56.00) on shares of Pinnacle Foods in a research report on Wednesday, December 21st. Zacks Investment Research upgraded shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Tuesday, December 20th. Deutsche Bank AG restated a “hold” rating on shares of Pinnacle Foods in a research report on Friday, October 21st. Finally, J P Morgan Chase & Co initiated coverage on shares of Pinnacle Foods in a research report on Thursday, December 15th. They issued an “overweight” rating and a $58.00 price target on the stock. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $54.50.
In other Pinnacle Foods news, CEO Mark A. Clouse acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 11th. The shares were acquired at an average cost of $47.64 per share, for a total transaction of $476,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 105,057 shares of the company’s stock, valued at approximately $5,004,915.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $51.43, for a total transaction of $257,150.00. Following the completion of the transaction, the executive vice president now owns 50,951 shares in the company, valued at $2,620,409.93. The disclosure for this sale can be found here. Insiders own 2.75% of the company’s stock.
About Pinnacle Foods
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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