BlackRock Inc. Has $296.08 Million Position in Pinnacle Foods, Inc. (PF)
BlackRock Inc. decreased its position in shares of Pinnacle Foods, Inc. (NYSE:PF) by 5.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,984,519 shares of the company’s stock after selling 262,289 shares during the period. BlackRock Inc. owned about 4.20% of Pinnacle Foods worth $296,080,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in shares of Pinnacle Foods by 599.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,097 shares of the company’s stock valued at $121,000 after purchasing an additional 1,797 shares in the last quarter. First Quadrant L P CA purchased a new position in shares of Pinnacle Foods during the 2nd quarter valued at approximately $122,000. Harbour Capital Advisors LLC purchased a new position in shares of Pinnacle Foods during the 1st quarter valued at approximately $204,000. M&T Bank Corp purchased a new position in shares of Pinnacle Foods during the 1st quarter valued at approximately $217,000. Finally, World Asset Management Inc boosted its stake in shares of Pinnacle Foods by 2.8% during the 1st 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 last quarter. 95.40% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a research report on Tuesday, June 27th. BMO Capital Markets reaffirmed a “buy” rating and issued a $63.00 price target on shares of Pinnacle Foods in a report on Tuesday, June 27th. BidaskClub cut shares of Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. UBS AG reiterated a “buy” rating and set a $65.00 price objective on shares of Pinnacle Foods in a research note on Monday, August 28th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $67.00 price objective (up from $66.00) on shares of Pinnacle Foods in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Pinnacle Foods has an average rating of “Buy” and an average target price of $65.36.
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In related news, EVP Michael J. Barkley sold 24,962 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $59.30, for a total value of $1,480,246.60. Following the completion of the transaction, the executive vice president now directly owns 17,802 shares of the company’s stock, valued at $1,055,658.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark L. Schiller sold 50,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $59.37, for a total value of $2,968,500.00. Following the completion of the transaction, the executive vice president now directly owns 96,377 shares of the company’s stock, valued at $5,721,902.49. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 151,912 shares of company stock worth $9,037,020. 1.34% of the stock is currently owned by company insiders.
Pinnacle Foods, Inc. (PF) opened at 57.28 on Tuesday. Pinnacle Foods, Inc. has a 12-month low of $46.36 and a 12-month high of $66.67. The firm has a market cap of $6.80 billion, a P/E ratio of 37.32 and a beta of 0.33. The firm has a 50-day moving average of $59.03 and a 200-day moving average of $59.41.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Pinnacle Foods had a return on equity of 14.47% and a net margin of 5.82%. The firm had revenue of $744.61 million during the quarter, compared to analysts’ expectations of $764.41 million. During the same quarter in the prior year, the firm posted $0.42 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, analysts expect that Pinnacle Foods, Inc. will post $2.56 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 9th. Stockholders of record on Tuesday, August 29th will be given a dividend of $0.325 per share. The ex-dividend date of this dividend is Friday, August 25th. This is a boost from Pinnacle Foods’s previous quarterly dividend of $0.29. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.27%. Pinnacle Foods’s payout ratio is currently 84.97%.
Pinnacle Foods Company Profile
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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