Pactiv Evergreen Inc. (NASDAQ:PTVE) Plans Quarterly Dividend of $0.10

Pactiv Evergreen Inc. (NASDAQ:PTVE) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Investors of record on Friday, May 31st will be paid a dividend of 0.10 per share on Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, May 31st.

Pactiv Evergreen has a dividend payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pactiv Evergreen to earn $1.31 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 30.5%.

Pactiv Evergreen Stock Performance

Pactiv Evergreen stock traded down $1.92 during midday trading on Friday, reaching $13.57. 1,743,190 shares of the stock traded hands, compared to its average volume of 315,325. The firm has a fifty day moving average price of $14.22 and a two-hundred day moving average price of $13.14. Pactiv Evergreen has a fifty-two week low of $6.85 and a fifty-two week high of $15.84. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -29.50, a PEG ratio of 0.99 and a beta of 1.43. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.69.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05. Pactiv Evergreen had a positive return on equity of 13.89% and a negative net margin of 1.50%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm posted $0.13 earnings per share. The business’s revenue was down 12.5% on a year-over-year basis. On average, equities research analysts forecast that Pactiv Evergreen will post 1.13 earnings per share for the current year.

Analyst Ratings Changes

PTVE has been the subject of several recent analyst reports. The Goldman Sachs Group increased their price target on Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Jefferies Financial Group assumed coverage on shares of Pactiv Evergreen in a research report on Friday, January 19th. They issued a “buy” rating and a $18.00 target price for the company. UBS Group began coverage on shares of Pactiv Evergreen in a research report on Tuesday, January 16th. They set a “buy” rating and a $19.00 price target on the stock. Robert W. Baird upped their price target on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Finally, Citigroup raised their price objective on shares of Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Pactiv Evergreen presently has an average rating of “Moderate Buy” and an average target price of $16.00.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.