Janney Montgomery Scott LLC cut its stake in shares of Pinnacle Foods, Inc. (NYSE:PF) by 34.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,780 shares of the company’s stock after selling 16,923 shares during the period. Janney Montgomery Scott LLC’s holdings in Pinnacle Foods were worth $1,947,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in PF. Harbour Capital Advisors LLC increased its stake in shares of Pinnacle Foods by 4,576.2% in the second quarter. Harbour Capital Advisors LLC now owns 164,835 shares of the company’s stock worth $2,775,000 after buying an additional 161,310 shares during the period. ING Groep NV purchased a new stake in shares of Pinnacle Foods during the second quarter worth about $5,643,000. Wellington Shields Capital Management LLC increased its stake in shares of Pinnacle Foods by 137.5% in the second quarter. Wellington Shields Capital Management LLC now owns 12,350 shares of the company’s stock worth $734,000 after buying an additional 7,150 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Pinnacle Foods by 12.2% in the second quarter. Russell Investments Group Ltd. now owns 1,129,499 shares of the company’s stock worth $67,086,000 after buying an additional 123,245 shares during the period. Finally, Quantitative Systematic Strategies LLC increased its stake in shares of Pinnacle Foods by 35.8% in the second quarter. Quantitative Systematic Strategies LLC now owns 43,983 shares of the company’s stock worth $2,638,000 after buying an additional 11,606 shares during the period. 97.00% of the stock is currently owned by institutional investors and hedge funds.
Pinnacle Foods, Inc. (NYSE:PF) opened at 59.49 on Tuesday. Pinnacle Foods, Inc. has a 12-month low of $46.36 and a 12-month high of $66.67. The stock has a market capitalization of $7.07 billion, a P/E ratio of 38.76 and a beta of 0.34. The firm’s 50-day moving average is $60.21 and its 200 day moving average is $58.27.
Pinnacle Foods (NYSE:PF) last issued its earnings results on Thursday, July 27th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $744.61 million for the quarter, compared to analyst estimates of $764.41 million. Pinnacle Foods had a net margin of 5.82% and a return on equity of 14.47%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. Equities analysts expect that Pinnacle Foods, Inc. will post $2.56 EPS for the current year.
A number of analysts recently issued reports on PF shares. Credit Suisse Group set a $62.00 price target on shares of Pinnacle Foods and gave the stock a “buy” rating in a report on Thursday, April 20th. Jefferies Group LLC started coverage on shares of Pinnacle Foods in a report on Tuesday, April 11th. They set a “buy” rating and a $67.00 price target on the stock. Deutsche Bank AG increased their price target on shares of Pinnacle Foods from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Royal Bank Of Canada reissued a “buy” rating and set a $66.00 price target on shares of Pinnacle Foods in a report on Friday, April 28th. Finally, Zacks Investment Research raised shares of Pinnacle Foods from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a report on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $64.36.
In other Pinnacle Foods news, EVP Michael J. Barkley sold 24,962 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $59.30, for a total transaction of $1,480,246.60. Following the sale, the executive vice president now directly owns 17,802 shares in the company, valued at approximately $1,055,658.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark L. Schiller sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $59.37, for a total transaction of $2,968,500.00. Following the sale, the executive vice president now owns 96,377 shares in the company, valued at $5,721,902.49. The disclosure for this sale can be found here. Insiders have sold a total of 134,739 shares of company stock worth $7,996,311 over the last 90 days. Insiders own 1.34% of the company’s stock.
Pinnacle Foods Company 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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