Investors Buy Shares of Pinnacle Foods Inc. (PF) on Weakness on Insider Selling
Investors bought shares of Pinnacle Foods Inc. (NYSE:PF) on weakness during trading on Wednesday following insider selling activity. $37.30 million flowed into the stock on the tick-up and $16.04 million flowed out of the stock on the tick-down, for a money net flow of $21.26 million into the stock. Of all equities tracked, Pinnacle Foods had the 26th highest net in-flow for the day. Pinnacle Foods traded down ($0.79) for the day and closed at $49.71Specifically, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $50.10, for a total transaction of $250,500.00. Following the transaction, the executive vice president now owns 55,951 shares of the company’s stock, valued at $2,803,145.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher J. Boever sold 3,664 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $51.01, for a total transaction of $186,900.64. Following the transaction, the executive vice president now directly owns 49,729 shares in the company, valued at approximately $2,536,676.29. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.
A number of equities analysts have weighed in on PF shares. Stifel Nicolaus raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Friday, July 29th. Rowe raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Friday, July 29th. RBC Capital Markets reaffirmed an “outperform” rating and set a $56.00 price target (up previously from $54.00) on shares of Pinnacle Foods in a research note on Monday, August 1st. Zacks Investment Research raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Wednesday, July 27th. Finally, BMO Capital Markets reissued a “top pick” rating and issued a $56.00 target price (up previously from $50.00) on shares of Pinnacle Foods in a research note on Wednesday, July 13th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $52.27.
The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 29.59 and a beta of 0.35. The firm’s 50 day moving average price is $50.35 and its 200-day moving average price is $46.52.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.03. Pinnacle Foods had a net margin of 6.90% and a return on equity of 13.01%. The firm had revenue of $756.40 million for the quarter, compared to the consensus estimate of $754.89 million. During the same period in the previous year, the firm posted $0.36 earnings per share. The firm’s revenue was up 19.7% on a year-over-year basis. On average, equities research analysts anticipate that Pinnacle Foods Inc. will post $2.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 10th. Investors of record on Tuesday, August 30th will be given a dividend of $0.285 per share. The ex-dividend date of this dividend is Friday, August 26th. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.26. This represents a $1.14 dividend on an annualized basis and a yield of 2.29%. Pinnacle Foods’s payout ratio is presently 67.86%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. HBK Investments L P bought a new position in shares of Pinnacle Foods during the first quarter worth approximately $1,046,000. Geode Capital Management LLC increased its position in shares of Pinnacle Foods by 5.9% in the first quarter. Geode Capital Management LLC now owns 694,471 shares of the company’s stock worth $31,028,000 after buying an additional 38,818 shares during the last quarter. Nicholas Investment Partners LP bought a new position in shares of Pinnacle Foods during the first quarter worth approximately $3,709,000. Quadrature Capital Ltd bought a new position in shares of Pinnacle Foods during the first quarter worth approximately $1,055,000. Finally, UBS Group AG increased its position in shares of Pinnacle Foods by 61.1% in the first quarter. UBS Group AG now owns 261,461 shares of the company’s stock worth $11,682,000 after buying an additional 99,161 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.
Pinnacle Foods Company Profile
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through three segments: the Birds Eye Frozen segment, the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment manages its brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen seafood (Van de Kamp’s and Mrs.
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