Pinnacle Foods Inc. (NYSE:PF) Receives Consensus Recommendation of “Buy” from Analysts
Pinnacle Foods Inc. (NYSE:PF) has been assigned a consensus recommendation of “Buy” from the thirteen research firms that are currently covering the company. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $52.27.
PF has been the subject of several recent research reports. Goldman Sachs Group Inc. raised shares of Pinnacle Foods from a “neutral” rating to a “buy” rating and lifted their target price for the company from $48.00 to $57.00 in a report on Tuesday, July 12th. Bank of America Corp. reaffirmed a “buy” rating on shares of Pinnacle Foods in a report on Tuesday, May 24th. BMO Capital Markets reaffirmed a “top pick” rating and set a $56.00 target price (up previously from $50.00) on shares of Pinnacle Foods in a report on Wednesday, July 13th. Stifel Nicolaus raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Friday, July 29th. Finally, 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 report on Wednesday, July 27th.
Shares of Pinnacle Foods (NYSE:PF) traded down 1.23% during trading on Tuesday, hitting $49.89. 607,135 shares of the company were exchanged. Pinnacle Foods has a 12 month low of $39.15 and a 12 month high of $52.00. The firm’s 50-day moving average price is $50.27 and its 200 day moving average price is $46.12. The firm has a market capitalization of $5.89 billion, a PE ratio of 29.71 and a beta of 0.34.
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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 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 business earned $756.40 million during the quarter, compared to analysts’ expectations of $754.89 million. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. On average, equities research analysts expect that Pinnacle Foods will post $2.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Stockholders of record on Tuesday, August 30th will be given a $0.285 dividend. The ex-dividend date is Friday, August 26th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.26%. This is a boost from Pinnacle Foods’s previous quarterly dividend of $0.26. Pinnacle Foods’s dividend payout ratio (DPR) is currently 67.86%.
In related news, EVP Michael Kelley Maggs sold 5,000 shares of Pinnacle Foods stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $46.34, for a total transaction of $231,700.00. Following the completion of the sale, the executive vice president now owns 70,951 shares in the company, valued at approximately $3,287,869.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christopher J. Boever sold 71,346 shares of Pinnacle Foods stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $51.29, for a total value of $3,659,336.34. Following the sale, the executive vice president now owns 95,565 shares of the company’s stock, valued at approximately $4,901,528.85. The disclosure for this sale can be found here. 2.75% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of PF. State Street Corp boosted its stake in Pinnacle Foods by 2.5% in the first quarter. State Street Corp now owns 1,273,348 shares of the company’s stock worth $56,899,000 after buying an additional 30,596 shares in the last quarter. Geode Capital Management LLC boosted its stake in Pinnacle Foods by 5.9% in the first quarter. Geode Capital Management LLC now owns 694,471 shares of the company’s stock valued at $31,028,000 after buying an additional 38,818 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Pinnacle Foods by 29.5% in the first quarter. TIAA CREF Investment Management LLC now owns 4,704,138 shares of the company’s stock valued at $210,181,000 after buying an additional 1,072,760 shares during the period. HBK Investments L P acquired a new stake in Pinnacle Foods during the first quarter valued at approximately $1,046,000. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Pinnacle Foods by 12.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,261,732 shares of the company’s stock valued at $56,374,000 after buying an additional 140,000 shares during the period. Hedge funds and other institutional investors own 97.05% of the company’s stock.
About Pinnacle Foods
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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