Bank of Montreal Can Has $29.64 Million Stake in Pinnacle Foods, Inc. (NYSE:PF)
Bank of Montreal Can decreased its stake in shares of Pinnacle Foods, Inc. (NYSE:PF) by 25.2% during the second quarter, Holdings Channel reports. The fund owned 498,980 shares of the company’s stock after selling 168,376 shares during the period. Bank of Montreal Can’s holdings in Pinnacle Foods were worth $29,639,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC increased its stake 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 buying an additional 1,797 shares during the last quarter. Acrospire Investment Management LLC increased its stake in shares of Pinnacle Foods by 107.1% in the first quarter. Acrospire Investment Management LLC now owns 2,900 shares of the company’s stock valued at $168,000 after buying an additional 1,500 shares during the last quarter. Harbour Capital Advisors LLC acquired a new stake in shares of Pinnacle Foods during the first quarter valued at $204,000. M&T Bank Corp purchased a new position in shares of Pinnacle Foods during the first quarter valued at about $217,000. Finally, World Asset Management Inc boosted its position 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 buying an additional 116 shares during the period. 96.70% of the stock is currently owned by hedge funds and other institutional investors.
Pinnacle Foods, Inc. (NYSE:PF) opened at 58.53 on Monday. The company has a 50 day moving average price of $60.84 and a 200-day moving average price of $57.11. Pinnacle Foods, Inc. has a one year low of $46.36 and a one year high of $66.67. The firm has a market capitalization of $6.95 billion, a PE ratio of 33.14 and a beta of 0.35.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings results on Thursday, April 27th. The company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.04. The company had revenue of $766.10 million for the quarter, compared to the consensus estimate of $766.52 million. Pinnacle Foods had a return on equity of 13.97% and a net margin of 6.66%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.40 EPS. On average, equities analysts predict that Pinnacle Foods, Inc. will post $2.59 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Tuesday, June 6th were paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Friday, June 2nd. Pinnacle Foods’s dividend payout ratio (DPR) is currently 64.77%.
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PF has been the topic of several research analyst reports. Morgan Stanley upgraded Pinnacle Foods from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $58.00 to $63.00 in a research report on Monday, April 10th. Jefferies Group LLC initiated coverage on Pinnacle Foods in a research report on Tuesday, April 11th. They set a “buy” rating and a $67.00 price target on the stock. Credit Suisse Group set a $62.00 price target on Pinnacle Foods and gave the company a “buy” rating in a research report on Thursday, April 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $66.00 price target on shares of Pinnacle Foods in a research report on Friday, April 28th. Finally, Deutsche Bank AG lifted their price target on Pinnacle Foods from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, April 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have assigned a buy rating to the stock. Pinnacle Foods has a consensus rating of “Buy” and a consensus target price of $61.71.
In other news, EVP Michael J. Barkley sold 10,000 shares of the stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $60.44, for a total value of $604,400.00. Following the transaction, the executive vice president now owns 17,355 shares of the company’s stock, valued at approximately $1,048,936.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.34% 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 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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