Villere ST Denis J & Co. LLC Raises Stake in Pinnacle Foods, Inc. (PF)
Villere ST Denis J & Co. LLC grew its holdings in Pinnacle Foods, Inc. (NYSE:PF) by 9.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,500 shares of the company’s stock after purchasing an additional 16,300 shares during the period. Pinnacle Foods comprises 0.6% of Villere ST Denis J & Co. LLC’s portfolio, making the stock its 28th largest holding. Villere ST Denis J & Co. LLC owned about 0.16% of Pinnacle Foods worth $10,662,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. increased its holdings in Pinnacle Foods by 11.8% in the third quarter. Victory Capital Management Inc. now owns 3,226,031 shares of the company’s stock worth $184,433,000 after buying an additional 340,654 shares during the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO acquired a new position in Pinnacle Foods in the third quarter worth approximately $294,000. Fisher Asset Management LLC acquired a new position in Pinnacle Foods in the third quarter worth approximately $8,946,000. Davidson Kempner Capital Management LP acquired a new position in Pinnacle Foods during the second quarter valued at approximately $26,730,000. Finally, Cetera Investment Advisers grew its holdings in Pinnacle Foods by 37.5% during the second quarter. Cetera Investment Advisers now owns 9,046 shares of the company’s stock valued at $536,000 after purchasing an additional 2,466 shares during the last quarter. Institutional investors own 95.55% of the company’s stock.
In related news, EVP Mark L. Schiller sold 17,038 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $60.61, for a total transaction of $1,032,673.18. Following the completion of the sale, 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 filing with the SEC, which is available through this link. Also, CFO Craig D. Steeneck sold 33,095 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $59.61, for a total value of $1,972,792.95. Following the sale, the chief financial officer now owns 204,364 shares of the company’s stock, valued at $12,182,138.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,268 shares of company stock valued at $3,013,501. Corporate insiders own 1.34% of the company’s stock.
Several brokerages have commented on PF. Royal Bank Of Canada reiterated an “outperform” rating and set a $67.00 price target (up previously from $66.00) on shares of Pinnacle Foods in a report on Tuesday, July 25th. BidaskClub upgraded Pinnacle Foods from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Zacks Investment Research upgraded Pinnacle Foods from a “sell” rating to a “hold” rating in a report on Monday, July 31st. UBS AG reiterated a “buy” rating and set a $65.00 price target on shares of Pinnacle Foods in a report on Monday, August 28th. Finally, Credit Suisse Group lowered their price target on Pinnacle Foods from $65.00 to $64.00 and set an “outperform” rating on the stock in a report on Wednesday, October 4th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $64.25.
Pinnacle Foods (NYSE:PF) last released its earnings results on Thursday, October 26th. The company reported $0.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.58. The firm had revenue of $749.80 million during the quarter, compared to the consensus estimate of $753.10 million. Pinnacle Foods had a return on equity of 14.63% and a net margin of 5.65%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 EPS.
The business also recently announced a quarterly dividend, which was paid on Monday, October 9th. Stockholders of record on Tuesday, August 29th were given a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.40%. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.29. The ex-dividend date was Friday, August 25th. Pinnacle Foods’s dividend payout ratio is presently 87.84%.
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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