Alpine Partners VI LLC acquired a new position in shares of Pinnacle Foods Inc. (NYSE:PF) during the second quarter, Holdings Channel reports. The firm acquired 4,797 shares of the company’s stock, valued at approximately $222,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in PF. Financial Architects Inc raised its position in shares of 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 last quarter. FNY Managed Accounts LLC raised its position 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 during the last quarter. State of Alaska Department of Revenue raised its position in shares of 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 last quarter. Stanley Laman Group Ltd. purchased a new position in shares of Pinnacle Foods during the second quarter worth $215,000. Finally, Pacad Investment Ltd. purchased a new position in shares of Pinnacle Foods during the second quarter worth $215,000. Institutional investors own 97.03% of the company’s stock.
Pinnacle Foods Inc. (NYSE:PF) opened at 49.68 on Friday. The firm has a 50-day moving average price of $50.35 and a 200 day moving average price of $46.52. Pinnacle Foods Inc. has a 52-week low of $39.15 and a 52-week high of $52.00. The firm has a market capitalization of $5.86 billion, a P/E ratio of 29.59 and a beta of 0.35.
Pinnacle Foods (NYSE:PF) last posted its earnings results on Thursday, July 28th. The company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.03. The company 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%. Pinnacle Foods’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. Analysts forecast that Pinnacle Foods Inc. will post $2.14 EPS for the current year.
The company 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 dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 2.29%. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, August 26th. Pinnacle Foods’s payout ratio is presently 67.86%.
A number of analysts have issued reports on the company. Deutsche Bank AG set a $48.00 target price on Pinnacle Foods and gave the stock a “hold” rating in a research note 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 note on Thursday, July 14th. DA Davidson raised their target price on Pinnacle Foods from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $56.00 target price (up from $54.00) on shares of Pinnacle Foods in a research note on Monday, August 1st. Finally, Rowe raised Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 target price for the company 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 stock. The company has an average rating of “Buy” and an average price target of $52.27.
In related news, EVP Michael Kelley Maggs sold 5,000 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $50.10, for a total transaction of $250,500.00. Following the transaction, the executive vice president now directly owns 55,951 shares in the company, valued at $2,803,145.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher J. Boever sold 71,346 shares of the 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 transaction, the executive vice president now owns 95,565 shares in the company, valued at $4,901,528.85. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.
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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