Insider Selling: Pinnacle Foods, Inc. (PF) CFO Sells 33,095 Shares of Stock
Pinnacle Foods, Inc. (NYSE:PF) CFO Craig D. Steeneck sold 33,095 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $59.61, for a total value of $1,972,792.95. Following the transaction, the chief financial officer now directly owns 204,364 shares in the company, valued at approximately $12,182,138.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Pinnacle Foods, Inc. (NYSE:PF) traded up 0.51% during midday trading on Monday, reaching $59.49. 543,981 shares of the company were exchanged. The company’s 50-day moving average price is $60.21 and its 200 day moving average price is $58.27. The stock has a market capitalization of $7.07 billion, a price-to-earnings ratio of 38.76 and a beta of 0.34. Pinnacle Foods, Inc. has a 52-week low of $46.36 and a 52-week high of $66.67.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. The business had revenue of $744.61 million during the quarter, compared to the consensus estimate of $764.41 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities analysts predict that Pinnacle Foods, Inc. will post $2.56 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Pinnacle Foods by 4.9% in the first quarter. Vanguard Group Inc. now owns 9,694,188 shares of the company’s stock valued at $561,003,000 after buying an additional 451,875 shares during the period. BlackRock Inc. boosted its position in Pinnacle Foods by 10,669.1% in the first quarter. BlackRock Inc. now owns 5,246,808 shares of the company’s stock valued at $303,633,000 after buying an additional 5,198,087 shares during the period. TIAA CREF Investment Management LLC boosted its position in Pinnacle Foods by 8.2% in the first quarter. TIAA CREF Investment Management LLC now owns 4,222,339 shares of the company’s stock valued at $244,347,000 after buying an additional 320,832 shares during the period. OppenheimerFunds Inc. boosted its position in Pinnacle Foods by 5.0% in the first quarter. OppenheimerFunds Inc. now owns 2,243,595 shares of the company’s stock valued at $129,837,000 after buying an additional 106,737 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Pinnacle Foods by 63.7% in the first quarter. Renaissance Technologies LLC now owns 1,538,500 shares of the company’s stock valued at $89,033,000 after buying an additional 598,537 shares during the period. Hedge funds and other institutional investors own 97.00% of the company’s stock.
PF has been the topic of a number of research reports. Morgan Stanley raised Pinnacle Foods from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $58.00 to $63.00 in a report on Monday, April 10th. Jefferies Group LLC initiated coverage on Pinnacle Foods in a report on Tuesday, April 11th. They set a “buy” rating and a $67.00 price target on the stock. Royal Bank Of Canada reissued a “buy” rating and set a $66.00 price target on shares of Pinnacle Foods in a report on Friday, April 28th. BidaskClub lowered Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Finally, Zacks Investment Research raised Pinnacle Foods from a “sell” rating to a “hold” rating in a report on Monday, July 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $64.36.
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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