Pactiv Evergreen (NASDAQ:PTVE – Get Free Report) had its price target lowered by stock analysts at Royal Bank of Canada from $15.00 to $13.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 33.20% from the company’s previous close.
PTVE has been the subject of a number of other research reports. Robert W. Baird cut their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Citigroup reduced their price target on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, July 8th. Finally, UBS Group decreased their price target on Pactiv Evergreen from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Pactiv Evergreen currently has an average rating of “Moderate Buy” and a consensus price target of $14.57.
Get Our Latest Stock Report on Pactiv Evergreen
Pactiv Evergreen Stock Performance
Pactiv Evergreen (NASDAQ:PTVE – Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.36 billion. Pactiv Evergreen had a return on equity of 13.35% and a net margin of 1.49%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. On average, research analysts forecast that Pactiv Evergreen will post 1.08 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Pactiv Evergreen
Several institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. grew its stake in Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after acquiring an additional 1,474 shares during the period. Wedbush Securities Inc. purchased a new position in shares of Pactiv Evergreen during the 2nd quarter worth about $145,000. Versor Investments LP acquired a new stake in shares of Pactiv Evergreen in the second quarter worth approximately $118,000. Principal Financial Group Inc. grew its holdings in Pactiv Evergreen by 9.0% in the second quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock valued at $236,000 after purchasing an additional 1,726 shares during the period. Finally, Innealta Capital LLC acquired a new position in Pactiv Evergreen during the second quarter worth approximately $83,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.
Pactiv Evergreen Company Profile
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.
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