Credit Suisse Group AG Lowers Pinnacle Foods, Inc. (PF) Price Target to $64.00
Pinnacle Foods, Inc. (NYSE:PF) had its price target dropped by Credit Suisse Group AG from $65.00 to $64.00 in a report released on Wednesday. The brokerage presently has an “outperform” rating on the stock. Credit Suisse Group AG’s target price indicates a potential upside of 11.30% from the stock’s previous close.
PF has been the topic of several other research reports. BidaskClub downgraded Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. UBS AG reaffirmed a “buy” rating and set a $65.00 target price on shares of Pinnacle Foods in a research note on Monday, August 28th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $68.00 target price (up previously from $65.00) on shares of Pinnacle Foods in a research note on Wednesday, June 28th. Zacks Investment Research raised Pinnacle Foods from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Finally, BMO Capital Markets reissued a “buy” rating and issued a $63.00 price objective on shares of Pinnacle Foods in a research note on Tuesday, June 27th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $64.90.
Pinnacle Foods (PF) opened at 57.50 on Wednesday. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 37.46 and a beta of 0.33. The company’s 50-day moving average price is $58.78 and its 200-day moving average price is $59.36. Pinnacle Foods has a one year low of $46.36 and a one year high of $66.67.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The firm had revenue of $744.61 million for the quarter, compared to the consensus estimate of $764.41 million. Pinnacle Foods had a return on equity of 14.47% and a net margin of 5.82%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. On average, analysts anticipate that Pinnacle Foods will post $2.55 EPS for the current year.
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In related news, EVP Mark L. Schiller sold 17,038 shares of Pinnacle Foods stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $60.61, for a total value of $1,032,673.18. Following the transaction, the executive vice president now directly owns 74,832 shares in the company, valued at approximately $4,535,567.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark L. Schiller sold 50,000 shares of Pinnacle Foods 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 owns 96,377 shares in the company, valued at $5,721,902.49. The disclosure for this sale can be found here. Insiders sold a total of 151,912 shares of company stock worth $9,037,020 in the last three months. Company insiders own 1.34% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. grew its holdings in shares of Pinnacle Foods by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 8,171 shares of the company’s stock worth $485,000 after acquiring an additional 21 shares during the last quarter. World Asset Management Inc grew its holdings in shares of Pinnacle Foods by 0.9% in the 2nd quarter. World Asset Management Inc now owns 4,289 shares of the company’s stock worth $255,000 after acquiring an additional 39 shares during the last quarter. Hanseatic Management Services Inc. grew its holdings in shares of Pinnacle Foods by 0.3% in the 2nd quarter. Hanseatic Management Services Inc. now owns 18,710 shares of the company’s stock worth $1,111,000 after acquiring an additional 47 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Pinnacle Foods by 1.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,365 shares of the company’s stock worth $556,000 after acquiring an additional 132 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Pinnacle Foods by 0.7% in the 2nd quarter. Stifel Financial Corp now owns 22,881 shares of the company’s stock worth $1,360,000 after acquiring an additional 155 shares during the last quarter. Institutional investors and hedge funds own 95.40% 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 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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