Meritage Portfolio Management Invests $6.60 Million in Nomad Foods Limited $NOMD

Meritage Portfolio Management bought a new position in Nomad Foods Limited (NYSE:NOMD) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 388,430 shares of the company’s stock, valued at approximately $6,599,000. Meritage Portfolio Management owned 0.25% of Nomad Foods at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Boston Partners lifted its position in shares of Nomad Foods by 11.1% in the 1st quarter. Boston Partners now owns 10,209,283 shares of the company’s stock worth $200,615,000 after purchasing an additional 1,019,957 shares during the period. Brown Advisory Inc. increased its stake in shares of Nomad Foods by 0.8% in the 1st quarter. Brown Advisory Inc. now owns 8,442,222 shares of the company’s stock worth $165,890,000 after acquiring an additional 66,060 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Nomad Foods by 3.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 6,824,222 shares of the company’s stock worth $134,096,000 after acquiring an additional 254,314 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Nomad Foods by 17.3% in the 1st quarter. Victory Capital Management Inc. now owns 2,724,866 shares of the company’s stock worth $53,544,000 after acquiring an additional 402,599 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Nomad Foods by 46.2% in the 1st quarter. Ameriprise Financial Inc. now owns 1,851,199 shares of the company’s stock worth $36,376,000 after acquiring an additional 585,054 shares in the last quarter. 75.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NOMD. Weiss Ratings reiterated a “hold (c)” rating on shares of Nomad Foods in a research note on Wednesday. Mizuho decreased their price target on shares of Nomad Foods from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, August 12th. Barclays decreased their price target on shares of Nomad Foods from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. BTIG Research decreased their price target on shares of Nomad Foods from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 17th. Finally, Zacks Research lowered shares of Nomad Foods from a “hold” rating to a “strong sell” rating in a research note on Monday, September 29th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.75.

Nomad Foods Stock Down 2.7%

NYSE:NOMD opened at $12.16 on Friday. The firm has a market cap of $1.86 billion, a P/E ratio of 8.33 and a beta of 0.70. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.63 and a current ratio of 1.02. Nomad Foods Limited has a fifty-two week low of $12.11 and a fifty-two week high of $20.81. The firm has a 50-day simple moving average of $14.39 and a two-hundred day simple moving average of $16.85.

Nomad Foods (NYSE:NOMD) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The business had revenue of $879.27 million during the quarter, compared to analyst estimates of $762.81 million. Nomad Foods had a net margin of 6.93% and a return on equity of 10.26%. Nomad Foods’s revenue was down .8% compared to the same quarter last year. During the same period last year, the business earned $0.44 EPS. Analysts predict that Nomad Foods Limited will post 1.82 earnings per share for the current fiscal year.

Nomad Foods Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Monday, August 11th were paid a $0.17 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 5.6%. Nomad Foods’s payout ratio is currently 46.58%.

About Nomad Foods

Nomad Foods Limited, together with its subsidiaries, manufactures, markets, and distributes a range of frozen food products in the United Kingdom and internationally. The company offers frozen fish products, including fish fingers, coated fish, and natural fish; ready-to-cook vegetable products, such as peas and spinach; and frozen poultry and meat products comprising nuggets, grills, and burgers.