Pinnacle Foods Inc (PF) Holdings Trimmed by Advisors Asset Management Inc.
Advisors Asset Management Inc. trimmed its position in Pinnacle Foods Inc (NYSE:PF) by 85.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,231 shares of the company’s stock after selling 29,712 shares during the quarter. Advisors Asset Management Inc.’s holdings in Pinnacle Foods were worth $2,559,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of PF. Alpine Associates Management Inc. boosted its holdings in Pinnacle Foods by 1,924.2% in the 2nd quarter. Alpine Associates Management Inc. now owns 1,732,341 shares of the company’s stock valued at $113,815,000 after purchasing an additional 1,646,761 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Pinnacle Foods in the 2nd quarter worth approximately $65,163,000. Morgan Stanley lifted its holdings in shares of Pinnacle Foods by 165.0% in the 2nd quarter. Morgan Stanley now owns 1,189,139 shares of the company’s stock worth $77,364,000 after acquiring an additional 740,424 shares during the last quarter. Water Island Capital LLC acquired a new position in shares of Pinnacle Foods in the 2nd quarter worth approximately $46,465,000. Finally, SG Americas Securities LLC acquired a new position in shares of Pinnacle Foods in the 2nd quarter worth approximately $45,090,000. Institutional investors own 94.57% of the company’s stock.
Several brokerages have recently commented on PF. Stifel Nicolaus lowered shares of Pinnacle Foods from a “buy” rating to a “hold” rating and upped their price objective for the stock from $63.00 to $68.00 in a report on Monday, July 2nd. Buckingham Research upped their price objective on shares of Pinnacle Foods from $62.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, July 20th. UBS Group lowered shares of Pinnacle Foods from a “buy” rating to a “neutral” rating in a report on Thursday, June 28th. BMO Capital Markets lowered shares of Pinnacle Foods from an “outperform” rating to a “market perform” rating in a report on Thursday, June 28th. Finally, Zacks Investment Research lowered shares of Pinnacle Foods from a “buy” rating to a “hold” rating in a report on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $67.60.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings data on Thursday, August 2nd. The company reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. Pinnacle Foods had a net margin of 19.14% and a return on equity of 13.96%. The firm had revenue of $741.80 million for the quarter, compared to analyst estimates of $749.29 million. During the same period in the prior year, the business posted $0.53 EPS. The business’s revenue for the quarter was down .4% compared to the same quarter last year. equities analysts expect that Pinnacle Foods Inc will post 2.9 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Tuesday, September 4th will be paid a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, August 31st. Pinnacle Foods’s payout ratio is currently 50.98%.
About Pinnacle Foods
Pinnacle Foods Inc manufactures, markets, and distributes branded convenience food products in North America. It operates through four segments: Frozen, Grocery, Boulder, and Specialty. The Frozen segment offers frozen vegetables, frozen complete bagged meals, frozen prepared seafood, frozen and refrigerated bagels, frozen pizza, and full-calorie single-serve frozen dinners and entrées under the Birds Eye, Birds Eye Voila!, Van de Kamp's, Mrs.
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