York Capital Management Global Advisors LLC increased its holdings in shares of Pinnacle Foods Inc (NYSE:PF) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 430,535 shares of the company’s stock after acquiring an additional 31,494 shares during the period. Pinnacle Foods makes up approximately 0.6% of York Capital Management Global Advisors LLC’s holdings, making the stock its 29th largest holding. York Capital Management Global Advisors LLC’s holdings in Pinnacle Foods were worth $25,604,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PF. Assetmark Inc. grew its stake in Pinnacle Foods by 476.8% during the fourth quarter. Assetmark Inc. now owns 1,840 shares of the company’s stock worth $109,000 after purchasing an additional 1,521 shares during the period. Cerebellum GP LLC acquired a new stake in Pinnacle Foods during the fourth quarter worth approximately $133,000. American International Group Inc. acquired a new stake in Pinnacle Foods during the fourth quarter worth approximately $147,000. Fortaleza Asset Management Inc. acquired a new stake in Pinnacle Foods during the fourth quarter worth approximately $166,000. Finally, Miles Capital Inc. acquired a new stake in Pinnacle Foods during the fourth quarter worth approximately $204,000. 96.89% of the stock is owned by institutional investors and hedge funds.
In related news, Director Muktesh Pant bought 20,000 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were bought at an average price of $56.93 per share, for a total transaction of $1,138,600.00. Following the completion of the acquisition, the director now directly owns 49,706 shares of the company’s stock, valued at $2,829,762.58. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.34% of the stock is owned by company insiders.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings results on Thursday, March 1st. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.01). Pinnacle Foods had a return on equity of 14.75% and a net margin of 16.92%. The firm had revenue of $883.51 million during the quarter, compared to the consensus estimate of $896.53 million. During the same quarter in the previous year, the company posted $0.79 EPS. The firm’s revenue was up 2.9% on a year-over-year basis. equities research analysts expect that Pinnacle Foods Inc will post 2.9 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 11th. Stockholders of record on Tuesday, February 27th will be issued a $0.325 dividend. The ex-dividend date is Monday, February 26th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.24%. Pinnacle Foods’s dividend payout ratio is presently 78.79%.
Several equities research analysts recently commented on PF shares. Credit Suisse Group set a $67.00 target price on Pinnacle Foods and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Zacks Investment Research upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Friday. ValuEngine upgraded Pinnacle Foods from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Royal Bank of Canada reiterated a “buy” rating on shares of Pinnacle Foods in a report on Friday, March 2nd. Finally, Buckingham Research set a $62.00 price target on Pinnacle Foods and gave the stock a “buy” rating in a report on Friday, March 2nd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Pinnacle Foods has an average rating of “Buy” and an average price target of $64.64.
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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.
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