BlackRock Inc. Has $303.63 Million Position in Pinnacle Foods, Inc. (NYSE:PF)
BlackRock Inc. increased its position in shares of Pinnacle Foods, Inc. (NYSE:PF) by 10,669.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,246,808 shares of the company’s stock after buying an additional 5,198,087 shares during the period. BlackRock Inc. owned 4.39% of Pinnacle Foods worth $303,633,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. World Asset Management Inc raised its position in Pinnacle Foods by 2.8% in the first quarter. World Asset Management Inc now owns 4,250 shares of the company’s stock worth $246,000 after buying an additional 116 shares during the period. Pegasus Partners Ltd. raised its position in Pinnacle Foods by 0.8% in the first quarter. Pegasus Partners Ltd. now owns 15,869 shares of the company’s stock worth $918,000 after buying an additional 124 shares during the period. State of Alaska Department of Revenue raised its position in Pinnacle Foods by 4.7% in the first quarter. State of Alaska Department of Revenue now owns 5,410 shares of the company’s stock worth $313,000 after buying an additional 243 shares during the period. State Board of Administration of Florida Retirement System raised its position in Pinnacle Foods by 0.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 99,067 shares of the company’s stock worth $5,733,000 after buying an additional 290 shares during the period. Finally, Kornitzer Capital Management Inc. KS raised its stake in Pinnacle Foods by 4.1% in the first quarter. Kornitzer Capital Management Inc. KS now owns 8,900 shares of the company’s stock valued at $515,000 after buying an additional 350 shares during the last quarter. 96.91% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Pinnacle Foods, Inc. (NYSE:PF) traded down 1.14% during trading on Thursday, hitting $58.99. 1,778,795 shares of the company were exchanged. The stock has a market cap of $7.01 billion, a P/E ratio of 31.05 and a beta of 0.34. Pinnacle Foods, Inc. has a 12 month low of $46.36 and a 12 month high of $66.67. The company’s 50-day moving average price is $60.21 and its 200 day moving average price is $58.27.
Pinnacle Foods (NYSE:PF) last posted its earnings results on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.01. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. The business had revenue of $744.61 million for the quarter, compared to analyst estimates of $764.41 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities analysts predict that Pinnacle Foods, Inc. will post $2.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Tuesday, June 6th were issued a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, June 2nd. Pinnacle Foods’s payout ratio is 74.51%.
PF has been the topic of several analyst reports. BidaskClub raised shares of Pinnacle Foods from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. Jefferies Group LLC initiated coverage on shares of Pinnacle Foods in a research report on Tuesday, April 11th. They set a “buy” rating and a $67.00 price target on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $66.00 price target on shares of Pinnacle Foods in a research report on Friday, April 28th. Deutsche Bank AG lifted their target price on shares of Pinnacle Foods from $63.00 to $64.00 and gave the company a “buy” rating in a report on Friday, April 28th. Finally, Morgan Stanley upgraded shares of Pinnacle Foods from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $58.00 to $63.00 in a report on Monday, April 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $64.36.
In related news, EVP Mark L. Schiller sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $59.37, for a total transaction of $2,968,500.00. Following the transaction, the executive vice president now owns 96,377 shares in the company, valued at approximately $5,721,902.49. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $1,480,246.60. Following the transaction, the executive vice president now owns 17,802 shares in the company, valued at approximately $1,055,658.60. The disclosure for this sale can be found here. 1.34% of the stock is currently owned by corporate insiders.
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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