Alliancebernstein L.P. Sells 1,350 Shares of Pinnacle Foods, Inc. (PF)
Alliancebernstein L.P. lessened its holdings in Pinnacle Foods, Inc. (NYSE:PF) by 1.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 70,361 shares of the company’s stock after selling 1,350 shares during the period. Alliancebernstein L.P. owned about 0.06% of Pinnacle Foods worth $4,179,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of PF. Alps Advisors Inc. increased its holdings in Pinnacle Foods by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 8,171 shares of the company’s stock worth $485,000 after acquiring an additional 21 shares in the last quarter. World Asset Management Inc increased its holdings in Pinnacle Foods by 0.9% in the 2nd quarter. World Asset Management Inc now owns 4,289 shares of the company’s stock worth $255,000 after acquiring an additional 39 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Pinnacle Foods by 1.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,365 shares of the company’s stock worth $556,000 after acquiring an additional 132 shares in the last quarter. Stanley Laman Group Ltd. increased its holdings in Pinnacle Foods by 1.5% in the 2nd quarter. Stanley Laman Group Ltd. now owns 12,885 shares of the company’s stock worth $765,000 after acquiring an additional 191 shares in the last quarter. Finally, KCG Holdings Inc. increased its holdings in Pinnacle Foods by 2.2% in the 1st quarter. KCG Holdings Inc. now owns 9,329 shares of the company’s stock worth $540,000 after acquiring an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 95.40% of the company’s stock.
In other news, EVP Christopher J. Boever sold 26,682 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $59.02, for a total transaction of $1,574,771.64. Following the completion of the transaction, the executive vice president now directly owns 66,296 shares of the company’s stock, valued at approximately $3,912,789.92. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark L. Schiller sold 17,038 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $60.61, for a total value of $1,032,673.18. Following the transaction, the executive vice president now directly owns 74,832 shares of the company’s stock, valued at $4,535,567.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 151,912 shares of company stock valued at $9,037,020. Corporate insiders own 1.34% of the company’s stock.
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Shares of Pinnacle Foods, Inc. (NYSE:PF) opened at 57.30 on Thursday. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 37.33 and a beta of 0.33. Pinnacle Foods, Inc. has a one year low of $46.36 and a one year high of $66.67. The firm’s 50-day moving average is $58.87 and its 200-day moving average is $59.38.
Pinnacle Foods (NYSE:PF) last announced 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. The business had revenue of $744.61 million during the quarter, compared to the consensus estimate of $764.41 million. Pinnacle Foods had a return on equity of 14.47% and a net margin of 5.82%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 EPS. Equities research analysts forecast that Pinnacle Foods, Inc. will post $2.55 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 9th. Stockholders of record on Tuesday, August 29th will be paid a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 2.27%. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, August 25th. Pinnacle Foods’s dividend payout ratio is presently 84.97%.
PF has been the subject of several analyst reports. UBS AG reissued a “buy” rating and issued a $65.00 target price on shares of Pinnacle Foods in a report on Monday, August 28th. BidaskClub lowered shares of Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Royal Bank Of Canada reissued an “outperform” rating and issued a $67.00 target price (up from $66.00) on shares of Pinnacle Foods in a report on Tuesday, July 25th. Zacks Investment Research raised shares of Pinnacle Foods from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $68.00 target price (up from $65.00) on shares of Pinnacle Foods in a report on Wednesday, June 28th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $64.90.
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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