Chase Investment Counsel Corp boosted its stake in shares of Pinnacle Foods Inc. (NYSE:PF) by 8.9% during the second quarter, Holdings Channel reports. The institutional investor owned 22,300 shares of the company’s stock after buying an additional 1,825 shares during the period. Chase Investment Counsel Corp’s holdings in Pinnacle Foods were worth $1,032,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in the stock. Financial Architects Inc increased its stake in 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 period. FNY Managed Accounts LLC increased its stake in 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 period. State of Alaska Department of Revenue increased its stake in 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 period. First Manhattan Co. increased its stake in Pinnacle Foods by 32.5% in the second quarter. First Manhattan Co. now owns 5,300 shares of the company’s stock worth $245,000 after buying an additional 1,300 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in Pinnacle Foods during the first quarter worth about $313,000. Institutional investors own 97.03% of the company’s stock.
Pinnacle Foods Inc. (NYSE:PF) traded down 0.18% during trading on Tuesday, hitting $49.59. 871,372 shares of the stock were exchanged. Pinnacle Foods Inc. has a 1-year low of $39.15 and a 1-year high of $52.00. The company has a 50-day moving average price of $50.26 and a 200 day moving average price of $46.29. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 29.54 and a beta of 0.34.
Pinnacle Foods (NYSE:PF) last issued its earnings results on Thursday, July 28th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.03. Pinnacle Foods had a return on equity of 13.01% and a net margin of 6.90%. The business earned $756.40 million during the quarter, compared to analyst estimates of $754.89 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Pinnacle Foods’s revenue was up 19.7% on a year-over-year basis. Equities analysts predict that Pinnacle Foods Inc. will post $2.14 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 10th. Shareholders of record on Tuesday, August 30th will be given a $0.285 dividend. This is a positive change from Pinnacle Foods’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, August 26th. This represents a $1.14 dividend on an annualized basis and a yield of 2.30%. Pinnacle Foods’s payout ratio is 67.86%.
PF has been the subject of a number of research reports. Deutsche Bank AG set a $48.00 target price on shares of Pinnacle Foods and gave the stock a “hold” rating in a research report on Sunday, July 24th. 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. DA Davidson increased their target price on shares of Pinnacle Foods from $42.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. RBC Capital Markets reiterated an “outperform” rating and set a $56.00 target price (up previously from $54.00) on shares of Pinnacle Foods in a research report on Monday, August 1st. Finally, Rowe upgraded shares of 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. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Pinnacle Foods has an average rating of “Buy” and a consensus target price of $52.27.
In other news, EVP Christopher J. Boever sold 3,664 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $51.01, for a total transaction of $186,900.64. Following the completion of the sale, the executive vice president now owns 49,729 shares of the company’s stock, valued at approximately $2,536,676.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Kelley Maggs sold 5,000 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $46.34, for a total transaction of $231,700.00. Following the sale, the executive vice president now directly owns 70,951 shares of the company’s stock, valued at approximately $3,287,869.34. The disclosure for this sale can be found here. 2.75% of the stock is owned by company insiders.
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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