Pinnacle Foods, Inc. (PF) Price Target Lowered to $64.00 at Credit Suisse Group
Pinnacle Foods, Inc. (NYSE:PF) had its price objective reduced by Credit Suisse Group from $65.00 to $64.00 in a research note issued to investors on Wednesday morning. They currently have an outperform rating on the stock.
Other research analysts have also issued research reports about the stock. BidaskClub raised shares of Pinnacle Foods from a sell rating to a hold rating in a research report on Friday, August 18th. BMO Capital Markets reaffirmed a buy rating and set a $63.00 price objective on shares of Pinnacle Foods in a research report on Tuesday, June 27th. J P Morgan Chase & Co reaffirmed an overweight rating and set a $68.00 price objective (up previously from $65.00) on shares of Pinnacle Foods in a research report on Wednesday, June 28th. Zacks Investment Research raised shares of Pinnacle Foods from a sell rating to a hold rating in a research report on Monday, July 31st. Finally, UBS AG reaffirmed a buy rating and set a $65.00 price objective on shares of Pinnacle Foods in a research report on Monday, August 28th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $64.90.
Shares of Pinnacle Foods (PF) traded up 0.33% during mid-day trading on Wednesday, hitting $57.49. The stock had a trading volume of 264,691 shares. The firm’s 50 day moving average price is $58.87 and its 200-day moving average price is $59.38. The company has a market cap of $6.83 billion, a PE ratio of 37.45 and a beta of 0.33. Pinnacle Foods has a one year low of $46.36 and a one year high of $66.67.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. The business had revenue of $744.61 million during the quarter, compared to analyst estimates of $764.41 million. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. On average, equities research analysts anticipate that Pinnacle Foods will post $2.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 9th. Investors of record on Tuesday, August 29th will be given a $0.325 dividend. This represents a $1.30 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, August 25th. This is a positive change from Pinnacle Foods’s previous quarterly dividend of $0.29. Pinnacle Foods’s dividend payout ratio is 84.97%.
In related news, EVP Mark L. Schiller sold 17,038 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $60.61, for a total value of $1,032,673.18. Following the completion of the transaction, the executive vice president now owns 74,832 shares of the company’s stock, valued at $4,535,567.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael J. Barkley sold 24,962 shares of the 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 completion of the transaction, the executive vice president now directly owns 17,802 shares of the company’s stock, valued at approximately $1,055,658.60. The disclosure for this sale can be found here. Insiders sold 151,912 shares of company stock valued at $9,037,020 in the last three months. Company insiders own 1.34% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Prudential Financial Inc. raised its position 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 purchasing an additional 2,100 shares in the last quarter. Invictus RG acquired a new position in Pinnacle Foods in the first quarter worth about $439,000. FMR LLC raised its position 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 purchasing an additional 106,623 shares in the last quarter. Macquarie Group Ltd. raised its position 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 purchasing an additional 110,646 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in Pinnacle Foods by 2.9% in the second quarter. Pacer Advisors Inc. now owns 17,498 shares of the company’s stock worth $1,039,000 after purchasing an additional 489 shares in the last quarter. 95.40% of the stock is owned by hedge funds and other 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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