Concert Wealth Management Inc. bought a new stake in shares of Pinnacle Foods Inc. (NYSE:PF) during the second quarter, Holdings Channel reports. The firm bought 6,120 shares of the company’s stock, valued at approximately $282,000.
A number of other hedge funds have also made changes to their positions in the stock. RS Investment Management Co. LLC raised its stake in shares of Pinnacle Foods by 2.2% in the second quarter. RS Investment Management Co. LLC now owns 5,031,313 shares of the company’s stock valued at $232,899,000 after buying an additional 105,936 shares during the period. State Street Corp raised its stake in shares of Pinnacle Foods by 2.5% in the first quarter. State Street Corp now owns 1,273,348 shares of the company’s stock valued at $56,899,000 after buying an additional 30,596 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in shares of Pinnacle Foods by 12.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,261,732 shares of the company’s stock valued at $56,374,000 after buying an additional 140,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Pinnacle Foods by 5.9% in the first quarter. Geode Capital Management LLC now owns 694,471 shares of the company’s stock valued at $31,028,000 after buying an additional 38,818 shares during the period. Finally, Eagle Asset Management Inc. raised its stake in shares of Pinnacle Foods by 3.8% in the second quarter. Eagle Asset Management Inc. now owns 574,145 shares of the company’s stock valued at $26,577,000 after buying an additional 21,097 shares during the period. Institutional investors own 97.03% of the company’s stock.
Pinnacle Foods Inc. (NYSE:PF) traded up 1.45% during midday trading on Friday, reaching $50.32. 1,246,540 shares of the company were exchanged. Pinnacle Foods Inc. has a 52 week low of $39.15 and a 52 week high of $52.00. The firm’s 50 day moving average price is $50.23 and its 200-day moving average price is $46.72. The stock has a market capitalization of $5.94 billion, a P/E ratio of 29.97 and a beta of 0.35.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.03. Pinnacle Foods had a net margin of 6.90% and a return on equity of 13.01%. The company had revenue of $756.40 million for the quarter, compared to the consensus estimate of $754.89 million. During the same quarter in the prior year, the company earned $0.36 EPS. Pinnacle Foods’s quarterly revenue was up 19.7% on a year-over-year basis. Equities analysts forecast that Pinnacle Foods Inc. will post $2.14 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 10th. Investors of record on Tuesday, August 30th were issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 2.27%. The ex-dividend date was Friday, August 26th. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.26. Pinnacle Foods’s dividend payout ratio is 67.86%.
Several analysts recently issued reports on PF shares. RBC Capital Markets restated an “outperform” rating and set a $56.00 target price (up from $54.00) on shares of Pinnacle Foods in a research report on Monday, August 1st. Deutsche Bank AG set a $48.00 price target on shares of Pinnacle Foods and gave the company a “hold” rating in a report on Sunday, July 24th. DA Davidson lifted their price target on shares of Pinnacle Foods from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Goldman Sachs Group Inc. raised shares of Pinnacle Foods from a “neutral” rating to a “buy” rating and lifted their price target for the company from $48.00 to $57.00 in a report on Tuesday, July 12th. Finally, Rowe raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, July 29th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $52.27.
In other news, EVP Christopher J. Boever sold 3,664 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $51.01, for a total transaction of $186,900.64. Following the sale, the executive vice president now owns 49,729 shares of the company’s stock, valued at approximately $2,536,676.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Kelley Maggs sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $50.15, for a total transaction of $250,750.00. Following the sale, the executive vice president now directly owns 65,951 shares in the company, valued at approximately $3,307,442.65. The disclosure for this sale can be found here. 2.75% of the stock is currently owned by corporate 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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