Thrivent Financial for Lutherans lowered its position in shares of Pinnacle Foods (NYSE:PF) by 12.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 327,318 shares of the company’s stock after selling 44,447 shares during the quarter. Thrivent Financial for Lutherans owned 0.27% of Pinnacle Foods worth $17,708,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Pendal Group Ltd grew its holdings in Pinnacle Foods by 44.5% during the first quarter. Pendal Group Ltd now owns 30,416 shares of the company’s stock valued at $1,646,000 after purchasing an additional 9,365 shares during the period. Synovus Financial Corp acquired a new position in Pinnacle Foods during the first quarter valued at approximately $113,000. Schwab Charles Investment Management Inc. grew its holdings in Pinnacle Foods by 8.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 549,673 shares of the company’s stock valued at $29,738,000 after purchasing an additional 41,512 shares during the period. Suffolk Capital Management LLC acquired a new position in Pinnacle Foods during the first quarter valued at approximately $10,027,000. Finally, Quantitative Systematic Strategies LLC grew its holdings in Pinnacle Foods by 98.1% during the first quarter. Quantitative Systematic Strategies LLC now owns 38,753 shares of the company’s stock valued at $2,097,000 after purchasing an additional 19,191 shares during the period. Hedge funds and other institutional investors own 97.77% of the company’s stock.
Shares of Pinnacle Foods opened at $63.21 on Friday, according to Marketbeat.com. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.67 and a current ratio of 1.47. Pinnacle Foods has a twelve month low of $52.25 and a twelve month high of $66.67. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 2.73 and a beta of 0.45.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings results on Thursday, May 3rd. The company reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.01. Pinnacle Foods had a net margin of 17.93% and a return on equity of 14.39%. The firm had revenue of $778.83 million for the quarter, compared to analyst estimates of $767.94 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. analysts anticipate that Pinnacle Foods will post 2.9 earnings per share for the current year.
A number of research analysts recently issued reports on PF shares. Zacks Investment Research cut shares of Pinnacle Foods from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. Morgan Stanley decreased their price objective on shares of Pinnacle Foods from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, March 2nd. Credit Suisse Group set a $64.00 price objective on shares of Pinnacle Foods and gave the company a “buy” rating in a report on Friday, March 2nd. Royal Bank of Canada restated a “buy” rating and set a $64.00 price objective on shares of Pinnacle Foods in a report on Tuesday, April 3rd. Finally, Buckingham Research lowered shares of Pinnacle Foods from a “buy” rating to a “neutral” rating and set a $62.00 price target on the stock. in a research note on Monday, April 30th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Pinnacle Foods has a consensus rating of “Buy” and an average price target of $65.09.
In other Pinnacle Foods 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 directly owns 49,706 shares in the company, valued at approximately $2,829,762.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark L. Schiller sold 5,323 shares of the business’s stock in a transaction on Thursday, May 10th. The stock was sold at an average price of $63.43, for a total transaction of $337,637.89. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,941 shares of company stock worth $1,253,657. Insiders own 1.38% of the company’s stock.
About Pinnacle Foods
Pinnacle Foods Inc manufactures, markets, and distributes branded convenience food products in North America. It operates through four segments: Frozen, Grocery, Boulder, and Specialty. The Frozen segment offers frozen vegetables, frozen complete bagged meals, frozen prepared seafood, frozen and refrigerated bagels, frozen pizza, and full-calorie single-serve frozen dinners and entrées under the Birds Eye, Birds Eye Voila!, Van de Kamp's, Mrs.
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