Pactiv Evergreen Inc. (NASDAQ:PTVE) to Issue Quarterly Dividend of $0.10

Pactiv Evergreen Inc. (NASDAQ:PTVE) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Friday, May 31st will be paid a dividend of 0.10 per share on Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, May 31st.

Pactiv Evergreen has a payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pactiv Evergreen to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 30.5%.

Pactiv Evergreen Price Performance

Shares of NASDAQ PTVE traded down $1.92 during midday trading on Friday, hitting $13.57. The company had a trading volume of 1,743,190 shares, compared to its average volume of 315,325. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -29.50, a price-to-earnings-growth ratio of 0.99 and a beta of 1.43. The business has a 50-day simple moving average of $14.22 and a two-hundred day simple moving average of $13.14. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 2.69. Pactiv Evergreen has a twelve month low of $6.85 and a twelve month high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last released its earnings results on Thursday, May 2nd. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.05. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.89%. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm earned $0.13 EPS. The company’s revenue was down 12.5% on a year-over-year basis. Equities research analysts anticipate that Pactiv Evergreen will post 1.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on PTVE shares. Citigroup increased their target price on Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Jefferies Financial Group began coverage on shares of Pactiv Evergreen in a report on Friday, January 19th. They issued a “buy” rating and a $18.00 price objective for the company. Robert W. Baird increased their target price on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. UBS Group began coverage on shares of Pactiv Evergreen in a research report on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price objective on shares of Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Pactiv Evergreen presently has an average rating of “Moderate Buy” and an average target price of $16.00.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.