UBS Asset Management Americas Inc. reduced its position in shares of Pinnacle Foods Inc. (NYSE:PF) by 0.0% during the second quarter, Holdings Channel reports. The institutional investor owned 84,974 shares of the company’s stock after selling 16 shares during the period. UBS Asset Management Americas Inc. owned 0.07% of Pinnacle Foods worth $3,933,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in PF. Emerald Acquisition Ltd. acquired a new position in shares of Pinnacle Foods during the second quarter valued at $78,981,000. TIAA CREF Investment Management LLC increased its position in shares of Pinnacle Foods by 29.5% in the first quarter. TIAA CREF Investment Management LLC now owns 4,704,138 shares of the company’s stock valued at $210,181,000 after buying an additional 1,072,760 shares during the period. Cornerstone Capital Management LLC acquired a new position in shares of Pinnacle Foods during the second quarter valued at $33,636,000. Natixis acquired a new position in shares of Pinnacle Foods during the first quarter valued at $16,085,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Pinnacle Foods during the second quarter valued at $12,035,000. Institutional investors and hedge funds own 97.03% of the company’s stock.
Pinnacle Foods Inc. (NYSE:PF) traded up 0.82% during trading on Friday, reaching $50.17. The company had a trading volume of 1,160,335 shares. Pinnacle Foods Inc. has a 1-year low of $39.15 and a 1-year high of $52.00. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of 29.88 and a beta of 0.34. The firm has a 50-day moving average of $50.29 and a 200-day moving average of $46.39.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.42 earnings per share for the quarter, beating 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 company had revenue of $756.40 million for the quarter, compared to analysts’ expectations of $754.89 million. During the same period last year, the firm earned $0.36 earnings per share. Pinnacle Foods’s quarterly revenue was up 19.7% on a year-over-year basis. On average, analysts anticipate that Pinnacle Foods Inc. will post $2.14 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Shareholders of record on Tuesday, August 30th will be paid a $0.285 dividend. The ex-dividend date of this dividend is Friday, August 26th. This is a boost from Pinnacle Foods’s previous quarterly dividend of $0.26. This represents a $1.14 dividend on an annualized basis and a yield of 2.27%. Pinnacle Foods’s dividend payout ratio (DPR) is currently 67.86%.
Several analysts have weighed in on PF shares. RBC Capital Markets reiterated an “outperform” rating and set a $56.00 price target (up previously from $54.00) on shares of Pinnacle Foods in a research note on Monday, August 1st. Deutsche Bank AG set a $48.00 price target on Pinnacle Foods and gave the company a “hold” rating in a research note on Sunday, July 24th. DA Davidson boosted their price target on Pinnacle Foods from $42.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Goldman Sachs Group Inc. upgraded Pinnacle Foods from a “neutral” rating to a “buy” rating and boosted their price target for the company from $48.00 to $57.00 in a research note on Tuesday, July 12th. Finally, Rowe upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note 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 company. The company has an average rating of “Buy” and a consensus price target of $52.27.
In other Pinnacle Foods news, EVP Michael Kelley Maggs sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $50.15, for a total transaction of $250,750.00. Following the transaction, the executive vice president now owns 65,951 shares of the company’s stock, valued at $3,307,442.65. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher J. Boever sold 3,664 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $51.01, for a total value of $186,900.64. Following the transaction, the executive vice president now directly owns 49,729 shares in the company, valued at approximately $2,536,676.29. The disclosure for this sale can be found here. 2.75% of the stock is owned by company insiders.
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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