Piper Jaffray Companies Initiates Coverage on Pinnacle Foods (PF)

Stock analysts at Piper Jaffray Companies initiated coverage on shares of Pinnacle Foods (NYSE:PF) in a report issued on Tuesday. The brokerage set an “overweight” rating and a $64.00 price target on the stock. Piper Jaffray Companies’ price objective indicates a potential upside of 11.93% from the company’s previous close.

PF has been the subject of several other reports. Zacks Investment Research lowered Pinnacle Foods from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Credit Suisse Group set a $64.00 price objective on Pinnacle Foods and gave the stock a “buy” rating in a research note on Friday, March 2nd. Morgan Stanley reduced their price objective on Pinnacle Foods from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, March 2nd. Jefferies Group reaffirmed a “buy” rating and issued a $67.00 target price on shares of Pinnacle Foods in a research report on Thursday, March 1st. Finally, JPMorgan Chase & Co. raised their target price on Pinnacle Foods from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Pinnacle Foods currently has an average rating of “Buy” and an average target price of $64.58.

Pinnacle Foods (NYSE PF) traded down $0.52 on Tuesday, hitting $57.18. The stock had a trading volume of 346,575 shares, compared to its average volume of 1,729,003. The company has a market cap of $6,849.14, a price-to-earnings ratio of 12.97, a PEG ratio of 2.48 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 has a 1-year low of $52.81 and a 1-year high of $66.67.

Pinnacle Foods (NYSE:PF) last released its quarterly earnings data on Thursday, March 1st. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $883.51 million for the quarter, compared to the consensus estimate of $896.53 million. Pinnacle Foods had a return on equity of 14.75% and a net margin of 16.92%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.79 earnings per share. equities research analysts expect that Pinnacle Foods will post 2.9 EPS for the current fiscal year.

In other Pinnacle Foods news, Director Muktesh Pant bought 20,000 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The stock was acquired at an average price of $56.93 per share, with a total value of $1,138,600.00. Following the completion of the transaction, the director now directly owns 49,706 shares in the company, valued at approximately $2,829,762.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.34% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Assetmark Inc. raised its holdings in shares of Pinnacle Foods by 476.8% during the fourth quarter. Assetmark Inc. now owns 1,840 shares of the company’s stock worth $109,000 after acquiring an additional 1,521 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of Pinnacle Foods during the fourth quarter worth $133,000. American International Group Inc. purchased a new stake in shares of Pinnacle Foods during the fourth quarter worth $147,000. Fortaleza Asset Management Inc. purchased a new stake in shares of Pinnacle Foods during the fourth quarter worth $166,000. Finally, Miles Capital Inc. purchased a new stake in shares of Pinnacle Foods during the fourth quarter worth $204,000. Institutional investors and hedge funds own 96.89% of the company’s stock.

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About Pinnacle Foods

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.

Analyst Recommendations for Pinnacle Foods (NYSE:PF)

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