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.
Get Pinnacle Foods alerts:
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.
Want to see what other hedge funds are holding PF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Foods (NYSE:PF).