Zacks Investment Research upgraded shares of Pinnacle Foods (NYSE:PF) from a hold rating to a buy rating in a research note issued to investors on Friday. They currently have $64.00 price target on the stock.
According to Zacks, “Pinnacle Foods has surpassed the industry in the past three months. The company has been successfully expanding market share through strategic buyouts and product innovations. In fact the company has been striving to expand its Birds Eye and Duncan Hines products line through product launches and acquisitions. Moreover, strong in-market performance combined with enhancements in retail segments has been fueling the company’s top-line performance. Backed by such dedicated efforts, Pinnacle Foods net sales during the fourth-quarter of 2017 improved 2.9% from the prior-year quarter. Additionally, Pinnacle Foods’ productivity initiatives have been aiding the company to generate savings and gain business efficiency. Considering such upsides, management provided an encouraging view for 2018. However, the company’s Specialty Foods unit continued to be challenged. Also, high marketing expenses and input cost inflation remain concerns.”
A number of other brokerages have also issued reports on PF. Credit Suisse Group set a $67.00 target price on Pinnacle Foods and gave the company a buy rating in a research report on Wednesday, January 10th. JPMorgan Chase & Co. boosted their target price on Pinnacle Foods from $63.00 to $64.00 and gave the company an overweight rating in a research report on Tuesday, February 13th. ValuEngine raised Pinnacle Foods from a hold rating to a buy rating in a research report on Wednesday, March 7th. Royal Bank of Canada reissued a buy rating on shares of Pinnacle Foods in a research report on Friday, March 2nd. Finally, Morgan Stanley cut their target price on Pinnacle Foods from $66.00 to $63.00 and set an overweight rating on the stock in a research report on Friday, March 2nd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $64.64.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Thursday, March 1st. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $883.51 million during the quarter, compared to analysts’ expectations of $896.53 million. Pinnacle Foods had a net margin of 16.92% and a return on equity of 14.75%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.79 EPS. equities research analysts expect that Pinnacle Foods will post 2.9 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 11th. Stockholders of record on Tuesday, February 27th will be given a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Monday, February 26th. Pinnacle Foods’s dividend payout ratio is currently 29.21%.
In related news, Director Muktesh Pant acquired 20,000 shares of the business’s stock in a transaction dated Wednesday, March 7th. The shares were acquired at an average price of $56.93 per share, with a total value of $1,138,600.00. Following the completion of the transaction, the director now owns 49,706 shares of the company’s stock, valued at $2,829,762.58. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.34% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. Assetmark Inc. increased its holdings in Pinnacle Foods by 476.8% in the fourth quarter. Assetmark Inc. now owns 1,840 shares of the company’s stock valued at $109,000 after buying an additional 1,521 shares during the last quarter. Cerebellum GP LLC purchased a new position in Pinnacle Foods in the fourth quarter valued at $133,000. American International Group Inc. purchased a new position in Pinnacle Foods in the fourth quarter valued at $147,000. Fortaleza Asset Management Inc. purchased a new position in Pinnacle Foods in the fourth quarter valued at $166,000. Finally, Miles Capital Inc. purchased a new position in Pinnacle Foods in the fourth quarter valued at $204,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.
ILLEGAL ACTIVITY WARNING: This story was first reported by Ticker Report and is the property of of Ticker Report. If you are viewing this story on another publication, it was illegally stolen and reposted in violation of US & international copyright legislation. The correct version of this story can be read at https://www.tickerreport.com/banking-finance/3256773/pinnacle-foods-pf-upgraded-by-zacks-investment-research-to-buy.html.
Pinnacle Foods Company 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pinnacle Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Foods and related companies with MarketBeat.com's FREE daily email newsletter.