Pinnacle Foods Inc. (PF) Stock Rating Lowered by Zacks Investment Research
Pinnacle Foods Inc. (NYSE:PF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Estimates have largely remained unchanged ahead of Pinnacle Foods' third quarter earnings release. Pinnacle Foods has a strong portfolio of brands and intends to continue to invest in innovation in order to further differentiate its brands in the marketplace. The food company has also been carrying out various acquisitions over the years to grow its distribution network and customer base and boost long-term growth. The company also has an operational excellence program in place designed to generate annual productivity savings across the supply chain. However, increased consumer marketing investment, cost inflation and currency headwinds are likely to hurt profits. The company also expects higher expenses in 2016 due to innovation and costs related with product launches.”
Other analysts also recently issued reports about the company. BMO Capital Markets reiterated a “” rating and set a $56.00 price target (up previously from $50.00) on shares of Pinnacle Foods in a research report on Thursday, July 14th. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $48.00 to $57.00 in a research report on Tuesday, July 12th. Rowe upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Friday, July 29th. Stifel Nicolaus upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Friday, July 29th. Finally, Deutsche Bank AG set a $48.00 target price on Pinnacle Foods and gave the stock a “hold” rating in a research report on Sunday, July 24th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $52.27.
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Pinnacle Foods (NYSE:PF) traded down 0.547% during mid-day trading on Monday, hitting $50.045. 142,705 shares of the stock were exchanged. Pinnacle Foods has a 52-week low of $39.15 and a 52-week high of $52.00. The stock has a 50 day moving average of $50.23 and a 200-day moving average of $46.72. The stock has a market cap of $5.90 billion, a price-to-earnings ratio of 29.806 and a beta of 0.35.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. The company earned $756.40 million during the quarter, compared to the consensus estimate of $754.89 million. Pinnacle Foods had a return on equity of 13.01% and a net margin of 6.90%. Pinnacle Foods’s revenue was up 19.7% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. Equities analysts predict that Pinnacle Foods will post $2.14 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 10th. Shareholders of record on Tuesday, August 30th were paid a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Friday, August 26th. This is a positive change from Pinnacle Foods’s previous quarterly dividend of $0.26. Pinnacle Foods’s payout ratio is 67.86%.
In other Pinnacle Foods news, EVP Michael Kelley Maggs sold 5,000 shares of Pinnacle Foods stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $50.15, for a total value of $250,750.00. Following the transaction, the executive vice president now owns 65,951 shares in the company, valued at $3,307,442.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher J. Boever sold 71,346 shares of Pinnacle Foods stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $51.29, for a total value of $3,659,336.34. Following the completion of the transaction, the executive vice president now owns 95,565 shares in the company, valued at approximately $4,901,528.85. The disclosure for this sale can be found here. 2.75% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Financial Architects Inc raised its stake in shares of Pinnacle Foods by 425.3% in the second quarter. Financial Architects Inc now owns 3,005 shares of the company’s stock worth $139,000 after buying an additional 2,433 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of Pinnacle Foods by 0.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 3,417 shares of the company’s stock worth $158,000 after buying an additional 19 shares during the last quarter. FNY Managed Accounts LLC raised its stake in shares of Pinnacle Foods by 3.9% in the second quarter. FNY Managed Accounts LLC now owns 3,600 shares of the company’s stock worth $167,000 after buying an additional 136 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Pinnacle Foods by 506.9% in the second quarter. Pacer Advisors Inc. now owns 3,672 shares of the company’s stock worth $170,000 after buying an additional 3,067 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Pinnacle Foods by 5.3% in the second quarter. State of Alaska Department of Revenue now owns 4,511 shares of the company’s stock worth $208,000 after buying an additional 227 shares during the last quarter. Institutional investors own 97.09% 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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