Pinnacle Foods, Inc. (PF) Announces Dividend Increase – $0.33 Per Share
Pinnacle Foods, Inc. (NYSE:PF) announced a quarterly dividend on Wednesday, August 16th, NASDAQ reports. Stockholders of record on Tuesday, August 29th will be given a dividend of 0.325 per share on Monday, October 9th. This represents a $1.30 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, August 25th. This is a boost from Pinnacle Foods’s previous quarterly dividend of $0.29.
Pinnacle Foods has raised its dividend by an average of 42.9% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Pinnacle Foods has a payout ratio of 44.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Foods to earn $2.78 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 41.0%.
Shares of Pinnacle Foods (NYSE PF) opened at 60.60 on Thursday. The stock has a 50 day moving average of $59.71 and a 200 day moving average of $58.68. The company has a market cap of $7.20 billion, a price-to-earnings ratio of 39.48 and a beta of 0.34. Pinnacle Foods has a 52-week low of $46.36 and a 52-week high of $66.67.
Pinnacle Foods (NYSE:PF) last released its earnings results on Thursday, July 27th. The company reported $0.53 EPS for the quarter, topping 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 company had revenue of $744.61 million for the quarter, compared to analysts’ expectations of $764.41 million. During the same quarter last year, the business earned $0.42 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts expect that Pinnacle Foods will post $2.56 EPS for the current year.
In related news, EVP Mark L. Schiller sold 50,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $59.37, for a total value of $2,968,500.00. Following the completion of the transaction, the executive vice president now directly owns 96,377 shares of the company’s stock, valued at $5,721,902.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Christopher J. Boever sold 26,682 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $59.02, for a total transaction of $1,574,771.64. Following the completion of the transaction, the executive vice president now directly owns 66,296 shares of the company’s stock, valued at $3,912,789.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 134,739 shares of company stock worth $7,996,311. Company insiders own 1.34% of the company’s stock.
A number of equities research analysts have commented on the stock. BidaskClub cut shares of Pinnacle Foods from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Zacks Investment Research upgraded shares of Pinnacle Foods from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Royal Bank Of Canada restated an “outperform” rating and set a $67.00 target price (up previously from $66.00) on shares of Pinnacle Foods in a research note on Tuesday, July 25th. J P Morgan Chase & Co restated an “overweight” rating and set a $68.00 target price (up previously from $65.00) on shares of Pinnacle Foods in a research note on Wednesday, June 28th. Finally, BMO Capital Markets restated a “buy” rating and set a $63.00 target price on shares of Pinnacle Foods in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $64.36.
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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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