California State Teachers Retirement System Sells 20,388 Shares of Pinnacle Foods Inc (PF)
California State Teachers Retirement System reduced its stake in Pinnacle Foods Inc (NYSE:PF) by 9.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,582 shares of the company’s stock after selling 20,388 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Pinnacle Foods worth $11,296,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of PF. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Pinnacle Foods by 7.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,691 shares of the company’s stock valued at $279,000 after buying an additional 317 shares during the period. Town & Country Bank & Trust CO dba First Bankers Trust CO bought a new stake in shares of Pinnacle Foods in the third quarter valued at approximately $294,000. M&T Bank Corp lifted its stake in Pinnacle Foods by 34.0% during the second quarter. M&T Bank Corp now owns 5,014 shares of the company’s stock worth $300,000 after purchasing an additional 1,271 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Pinnacle Foods by 5.7% during the second quarter. Pinnacle Associates Ltd. now owns 5,600 shares of the company’s stock worth $333,000 after purchasing an additional 300 shares during the last quarter. Finally, Institute for Wealth Management LLC. bought a new stake in Pinnacle Foods during the second quarter worth $367,000. Institutional investors and hedge funds own 95.21% of the company’s stock.
PF has been the subject of several recent analyst reports. UBS Group restated a “buy” rating and set a $65.00 target price on shares of Pinnacle Foods in a research note on Monday, August 28th. Buckingham Research cut their target price on Pinnacle Foods from $68.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, October 27th. Zacks Investment Research upgraded Pinnacle Foods from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Tuesday, October 17th. Finally, Credit Suisse Group cut their target price on Pinnacle Foods from $64.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Pinnacle Foods presently has a consensus rating of “Buy” and an average price target of $64.25.
Pinnacle Foods (NYSE:PF) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.58 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.58. Pinnacle Foods had a return on equity of 14.63% and a net margin of 5.65%. The company had revenue of $749.80 million during the quarter, compared to analysts’ expectations of $753.10 million. During the same period in the prior year, the company earned $0.53 EPS. Pinnacle Foods’s revenue was down 1.2% compared to the same quarter last year. sell-side analysts predict that Pinnacle Foods Inc will post 2.55 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 19th will be paid a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Monday, December 18th. Pinnacle Foods’s payout ratio is 87.84%.
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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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