Synovus Financial Corp Acquires New Position in Pinnacle Foods (PF)

Synovus Financial Corp acquired a new stake in shares of Pinnacle Foods (NYSE:PF) in the first quarter, HoldingsChannel reports. The fund acquired 2,094 shares of the company’s stock, valued at approximately $113,000.

Other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in shares of Pinnacle Foods by 476.8% during the fourth quarter. Assetmark Inc. now owns 1,840 shares of the company’s stock valued at $109,000 after purchasing an additional 1,521 shares during the period. Cerebellum GP LLC purchased a new stake in Pinnacle Foods in the fourth quarter worth $133,000. American International Group Inc. purchased a new stake in Pinnacle Foods in the fourth quarter worth $147,000. Fortaleza Asset Management Inc. purchased a new stake in Pinnacle Foods in the fourth quarter worth $166,000. Finally, Miles Capital Inc. purchased a new stake in Pinnacle Foods in the fourth quarter worth $204,000. 98.37% of the stock is owned by hedge funds and other institutional investors.

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In other Pinnacle Foods news, EVP Mark L. Schiller sold 5,482 shares of the stock in a transaction on Monday, May 7th. The stock was sold at an average price of $62.82, for a total value of $344,379.24. Following the completion of the transaction, the executive vice president now owns 65,047 shares in the company, valued at $4,086,252.54. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael J. Barkley sold 9,136 shares of the stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $62.57, for a total value of $571,639.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,941 shares of company stock valued at $1,253,657. 1.38% of the stock is owned by corporate insiders.

Pinnacle Foods opened at $63.21 on Monday, according to Marketbeat Ratings. The company has a quick ratio of 0.67, a current ratio of 1.47 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 2.73 and a beta of 0.45. Pinnacle Foods has a 12-month low of $52.25 and a 12-month high of $66.67.

Pinnacle Foods (NYSE:PF) last posted its quarterly earnings data on Thursday, May 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The business had revenue of $778.83 million during the quarter, compared to the consensus estimate of $767.94 million. Pinnacle Foods had a return on equity of 14.39% and a net margin of 17.93%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 earnings per share. equities analysts predict that Pinnacle Foods will post 2.9 earnings per share for the current year.

A number of brokerages recently commented on PF. Deutsche Bank set a $66.00 price target on Pinnacle Foods and gave the stock a “buy” rating in a research note on Friday, May 4th. Morgan Stanley raised their price target on Pinnacle Foods from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, May 4th. Jefferies Group reaffirmed a “buy” rating and issued a $72.00 price target on shares of Pinnacle Foods in a research note on Tuesday, May 8th. Credit Suisse Group set a $68.00 price target on Pinnacle Foods and gave the stock a “buy” rating in a research note on Saturday, May 5th. Finally, Buckingham Research lowered Pinnacle Foods from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Monday, April 30th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $65.09.

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 entr茅es under the Birds Eye, Birds Eye Voila!, Van de Kamp's, Mrs.

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Institutional Ownership by Quarter for Pinnacle Foods (NYSE:PF)

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