Commerce Bank cut its holdings in shares of Pinnacle Foods, Inc. (NYSE:PF) by 19.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,093 shares of the company’s stock after selling 976 shares during the quarter. Commerce Bank’s holdings in Pinnacle Foods were worth $243,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prudential Financial Inc. grew its holdings in shares of Pinnacle Foods by 27.9% during the 1st quarter. Prudential Financial Inc. now owns 9,620 shares of the company’s stock worth $557,000 after purchasing an additional 2,100 shares during the period. Invictus RG purchased a new position in shares of Pinnacle Foods during the 1st quarter worth $439,000. FMR LLC grew its holdings in shares of Pinnacle Foods by 45.7% during the 1st quarter. FMR LLC now owns 339,895 shares of the company’s stock worth $19,670,000 after purchasing an additional 106,623 shares during the period. Macquarie Group Ltd. grew its holdings in shares of Pinnacle Foods by 13.2% during the 1st quarter. Macquarie Group Ltd. now owns 946,301 shares of the company’s stock worth $54,762,000 after purchasing an additional 110,646 shares during the period. Finally, Karp Capital Management Corp purchased a new position in shares of Pinnacle Foods during the 1st quarter worth $2,311,000. Institutional investors and hedge funds own 95.41% of the company’s stock.
A number of research firms have recently weighed in on PF. BidaskClub upgraded Pinnacle Foods from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Berenberg Bank began coverage on Pinnacle Foods in a report on Tuesday, May 16th. They set a “buy” rating and a $68.00 price target for the company. BMO Capital Markets reiterated a “buy” rating and set a $63.00 price target on shares of Pinnacle Foods in a report on Tuesday, June 27th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $68.00 price target (up from $65.00) on shares of Pinnacle Foods in a report on Wednesday, June 28th. Finally, Zacks Investment Research cut Pinnacle Foods from a “buy” rating to a “sell” rating in a report on Thursday, June 29th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $65.36.
Pinnacle Foods, Inc. (NYSE:PF) opened at 59.40 on Wednesday. The company’s 50-day moving average price is $59.80 and its 200-day moving average price is $59.40. The stock has a market capitalization of $7.06 billion, a PE ratio of 38.70 and a beta of 0.35. Pinnacle Foods, Inc. has a one year low of $46.36 and a one year high of $66.67.
Pinnacle Foods (NYSE:PF) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. Pinnacle Foods had a return on equity of 14.47% and a net margin of 5.82%. The firm had revenue of $744.61 million during the quarter, compared to the consensus estimate of $764.41 million. During the same quarter in the previous year, the business earned $0.42 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that Pinnacle Foods, Inc. will post $2.56 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 9th. Shareholders of record on Tuesday, August 29th will be given a dividend of $0.325 per share. 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. This is an increase from Pinnacle Foods’s previous quarterly dividend of $0.29. Pinnacle Foods’s payout ratio is 84.97%.
In other Pinnacle Foods news, EVP Mark L. Schiller sold 17,038 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $60.61, for a total transaction of $1,032,673.18. Following the completion of the sale, the executive vice president now owns 74,832 shares of the company’s stock, valued at $4,535,567.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael J. Barkley sold 24,962 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $59.30, for a total value of $1,480,246.60. Following the completion of the sale, the executive vice president now directly owns 17,802 shares of the company’s stock, valued at approximately $1,055,658.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 151,912 shares of company stock valued at $9,037,020. 1.34% of the stock is owned by company insiders.
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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