Legal & General Group Plc boosted its position in Pinnacle Foods, Inc. (NYSE:PF) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,782 shares of the company’s stock after acquiring an additional 3,183 shares during the quarter. Legal & General Group Plc owned 0.06% of Pinnacle Foods worth $4,146,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Pinnacle Foods by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 633,646 shares of the company’s stock valued at $37,639,000 after acquiring an additional 23,484 shares during the last quarter. Alps Advisors Inc. increased its stake in Pinnacle Foods by 0.3% in the second quarter. Alps Advisors Inc. now owns 8,171 shares of the company’s stock valued at $485,000 after acquiring an additional 21 shares during the last quarter. State of Wisconsin Investment Board increased its stake in Pinnacle Foods by 2.0% in the second quarter. State of Wisconsin Investment Board now owns 23,558 shares of the company’s stock valued at $1,399,000 after acquiring an additional 460 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Pinnacle Foods by 10.4% in the second quarter. Advisors Asset Management Inc. now owns 41,503 shares of the company’s stock valued at $2,465,000 after acquiring an additional 3,916 shares during the last quarter. Finally, Catalyst Capital Advisors LLC bought a new position in Pinnacle Foods in the second quarter valued at approximately $719,000. 95.41% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Mark L. Schiller sold 50,000 shares of Pinnacle Foods stock in a transaction that occurred 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 sale, the executive vice president now directly owns 96,377 shares in the company, valued at $5,721,902.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christopher J. Boever sold 26,682 shares of Pinnacle Foods stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $59.02, for a total transaction of $1,574,771.64. Following the completion of the sale, the executive vice president now owns 66,296 shares of the company’s stock, valued at $3,912,789.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 151,912 shares of company stock valued at $9,037,020. 1.34% of the stock is owned by company insiders.
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Shares of Pinnacle Foods, Inc. (NYSE PF) opened at 59.40 on Wednesday. The company has a market capitalization of $7.06 billion, a P/E ratio of 38.70 and a beta of 0.35. The stock’s 50 day moving average is $59.80 and its 200 day moving average is $59.40. Pinnacle Foods, Inc. has a 52-week low of $46.36 and a 52-week high of $66.67.
Pinnacle Foods (NYSE:PF) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $764.41 million. During the same period last year, the company posted $0.42 EPS. Pinnacle Foods’s revenue was down 1.6% on a year-over-year basis. Equities analysts expect that Pinnacle Foods, Inc. will post $2.56 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 9th. Shareholders of record on Tuesday, August 29th will be paid a dividend of $0.325 per share. This is a positive change from Pinnacle Foods’s previous quarterly dividend of $0.29. This represents a $1.30 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, August 25th. Pinnacle Foods’s dividend payout ratio (DPR) is currently 84.97%.
A number of analysts have weighed in on PF shares. Royal Bank Of Canada restated an “outperform” rating and issued a $67.00 target price (up previously from $66.00) on shares of Pinnacle Foods in a research report on Tuesday, July 25th. BMO Capital Markets restated a “buy” rating and issued a $63.00 target price on shares of Pinnacle Foods in a research report on Tuesday, June 27th. Zacks Investment Research upgraded shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Tuesday, June 27th. Berenberg Bank assumed coverage on shares of Pinnacle Foods in a report on Tuesday, May 16th. They set a “buy” rating and a $68.00 price target on the stock. Finally, BidaskClub lowered shares of Pinnacle Foods from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Pinnacle Foods has an average rating of “Buy” and an average price target of $65.36.
Pinnacle Foods Profile
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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