TIAA CREF Investment Management LLC increased its holdings in shares of Pinnacle Foods (NYSE:PF) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,930,817 shares of the company’s stock after purchasing an additional 79,668 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 3.30% of Pinnacle Foods worth $233,766,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of PF. Assetmark Inc. lifted its stake 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 stake in Pinnacle Foods in the fourth quarter valued at approximately $133,000. American International Group Inc. purchased a new stake in Pinnacle Foods in the fourth quarter valued at approximately $147,000. Fortaleza Asset Management Inc. purchased a new stake in Pinnacle Foods in the fourth quarter valued at approximately $166,000. Finally, Miles Capital Inc. purchased a new stake in Pinnacle Foods in the fourth quarter valued at approximately $204,000. Hedge funds and other institutional investors own 96.93% of the company’s stock.
Shares of PF stock opened at $54.49 on Friday. Pinnacle Foods has a 1-year low of $52.25 and a 1-year high of $66.67. The firm has a market cap of $6,453.95, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 2.34 and a beta of 0.47. The company has a current ratio of 1.84, a quick ratio of 0.97 and a debt-to-equity ratio of 1.23.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings data on Thursday, March 1st. The company reported $0.94 earnings per share for the quarter, missing the Zacks’ 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 business had revenue of $883.51 million for the quarter, compared to analyst estimates of $896.53 million. During the same period in the prior year, the company earned $0.79 EPS. The company’s revenue was up 2.9% on a year-over-year basis. equities analysts predict that Pinnacle Foods will post 2.9 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 11th. Investors of record on Tuesday, February 27th will be issued a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Monday, February 26th. Pinnacle Foods’s dividend payout ratio is presently 50.98%.
A number of equities research analysts have weighed in on the company. Royal Bank of Canada reiterated a “buy” rating and issued a $64.00 price objective on shares of Pinnacle Foods in a research note on Tuesday. Piper Jaffray initiated coverage on Pinnacle Foods in a report on Tuesday, March 13th. They issued an “overweight” rating and a $64.00 target price on the stock. Morgan Stanley dropped their target price on Pinnacle Foods from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, March 2nd. Credit Suisse Group set a $64.00 target price on Pinnacle Foods and gave the company a “buy” rating in a report on Friday, March 2nd. Finally, Buckingham Research set a $62.00 target price on Pinnacle Foods and gave the company a “buy” rating in a report on Friday, March 2nd. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $64.33.
In other news, Director Muktesh Pant bought 20,000 shares of the stock in a transaction on Wednesday, March 7th. The shares were bought at an average price of $56.93 per share, with a total value of $1,138,600.00. Following the completion of the acquisition, 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 Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.34% of the company’s stock.
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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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