UBS AG Reaffirms “Buy” Rating for Pinnacle Foods, Inc. (PF)
UBS AG reissued their buy rating on shares of Pinnacle Foods, Inc. (NYSE:PF) in a research note published on Monday morning, www.flashratings.com reports. UBS AG currently has a $65.00 price target on the stock.
Several other equities analysts have also recently commented on PF. BidaskClub cut Pinnacle Foods from a hold rating to a sell rating in a research report on Thursday, August 3rd. J P Morgan Chase & Co restated an overweight rating and set a $68.00 target price (up from $65.00) on shares of Pinnacle Foods in a research report on Wednesday, June 28th. Zacks Investment Research cut Pinnacle Foods from a buy rating to a sell rating in a research report on Thursday, June 29th. Berenberg Bank assumed coverage on Pinnacle Foods in a research report on Tuesday, May 16th. They set a buy rating and a $68.00 target price for the company. Finally, BMO Capital Markets restated a buy rating and set a $63.00 target price on shares of Pinnacle Foods in a research report on Tuesday, June 27th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $65.36.
Pinnacle Foods (NYSE PF) opened at 59.08 on Monday. The company has a market capitalization of $7.02 billion, a PE ratio of 38.49 and a beta of 0.34. Pinnacle Foods has a one year low of $46.36 and a one year high of $66.67. The firm’s 50 day moving average price is $59.83 and its 200-day moving average price is $59.00.
Pinnacle Foods (NYSE:PF) last posted its earnings results on Thursday, July 27th. The company reported $0.53 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $744.61 million during the quarter, compared to analysts’ expectations of $764.41 million. During the same period in the previous year, the business earned $0.42 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Equities analysts forecast that Pinnacle Foods will post $2.56 earnings per share for the current fiscal year.
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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 issued a $0.325 dividend. 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 2.20%. The ex-dividend date is Friday, August 25th. Pinnacle Foods’s dividend payout ratio is presently 84.97%.
In other news, EVP Michael J. Barkley sold 24,962 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $1,055,658.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark L. Schiller sold 50,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $5,721,902.49. The disclosure for this sale can be found here. Insiders sold a total of 151,777 shares of company stock valued at $9,028,984 over the last quarter. Company insiders own 1.34% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. raised its stake in Pinnacle Foods by 27.9% in the first quarter. Prudential Financial Inc. now owns 9,620 shares of the company’s stock worth $557,000 after buying an additional 2,100 shares during the period. FMR LLC raised its stake in Pinnacle Foods by 45.7% in the first quarter. FMR LLC now owns 339,895 shares of the company’s stock worth $19,670,000 after buying an additional 106,623 shares during the period. Invictus RG bought a new stake in Pinnacle Foods during the first quarter worth $439,000. Macquarie Group Ltd. raised its stake in Pinnacle Foods by 13.2% in the first quarter. Macquarie Group Ltd. now owns 946,301 shares of the company’s stock worth $54,762,000 after buying an additional 110,646 shares during the period. Finally, Karp Capital Management Corp bought a new stake in Pinnacle Foods during the first quarter worth $2,311,000. 95.44% of the stock is owned by institutional investors.
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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