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 report issued 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 research 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 report on Thursday, July 14th. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $48.00 to $57.00 in a report on Tuesday, July 12th. Rowe upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Friday, July 29th. Stifel Nicolaus upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Friday, July 29th. Finally, Deutsche Bank AG set a $48.00 price objective on Pinnacle Foods and gave the stock a “hold” rating in a report on Sunday, July 24th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Pinnacle Foods presently has an average rating of “Buy” and a consensus target price of $52.27.
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Shares of Pinnacle Foods (NYSE:PF) traded down 0.54% on Monday, hitting $50.05. The stock had a trading volume of 142,372 shares. The company has a market cap of $5.90 billion, a P/E ratio of 29.81 and a beta of 0.35. Pinnacle Foods has a 12 month low of $39.15 and a 12 month high of $52.00. The company’s 50 day moving average price is $50.23 and its 200-day moving average price is $46.72.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.03. The firm had revenue of $756.40 million for 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%. The company’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. On average, analysts expect that Pinnacle Foods will post $2.14 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 10th. Stockholders of record on Tuesday, August 30th were given a $0.285 dividend. This is a boost from Pinnacle Foods’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, August 26th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.27%. Pinnacle Foods’s dividend payout ratio (DPR) is presently 67.86%.
In other Pinnacle Foods news, EVP Christopher J. Boever sold 50,000 shares of Pinnacle Foods stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $50.15, for a total transaction of $2,507,500.00. Following the completion of the sale, the executive vice president now owns 51,129 shares of the company’s stock, valued at approximately $2,564,119.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 directly 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 modified their holdings of PF. Metropolitan Life Insurance Co. NY boosted 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 in the last quarter. LPL Financial LLC boosted its stake in shares of Pinnacle Foods by 0.5% in the first quarter. LPL Financial LLC now owns 6,360 shares of the company’s stock worth $286,000 after buying an additional 34 shares in the last quarter. YHB Investment Advisors Inc. boosted its stake in shares of Pinnacle Foods by 0.3% in the second quarter. YHB Investment Advisors Inc. now owns 15,070 shares of the company’s stock worth $698,000 after buying an additional 50 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Pinnacle Foods by 1.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,741 shares of the company’s stock worth $168,000 after buying an additional 67 shares in the last quarter. Finally, FNY Managed Accounts LLC boosted 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 in the last quarter. 97.09% of the stock is owned by institutional investors.
Pinnacle Foods Company Profile
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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