Berry Global Group, Inc. (NYSE:BERY) to Issue Dividend Increase – $0.31 Per Share

Berry Global Group, Inc. (NYSE:BERY) declared a quarterly dividend on Wednesday, October 30th,Zacks Dividends reports. Investors of record on Monday, December 2nd will be paid a dividend of 0.31 per share by the industrial products company on Monday, December 16th. This represents a $1.24 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28.

Berry Global Group has a dividend payout ratio of 18.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Berry Global Group to earn $6.95 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 17.8%.

Berry Global Group Stock Up 1.0 %

Berry Global Group stock opened at $72.31 on Friday. Berry Global Group has a fifty-two week low of $54.06 and a fifty-two week high of $73.31. The company has a market cap of $8.33 billion, a PE ratio of 16.47, a PEG ratio of 1.44 and a beta of 1.14. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.26 and a current ratio of 1.25. The business’s 50-day simple moving average is $68.62 and its two-hundred day simple moving average is $64.82.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Barclays raised their price target on shares of Berry Global Group from $64.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday. UBS Group lowered shares of Berry Global Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $82.00 to $75.00 in a report on Friday, November 22nd. Citigroup restated a “neutral” rating and issued a $76.00 price objective on shares of Berry Global Group in a research report on Monday, November 25th. Royal Bank of Canada lifted their target price on shares of Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a report on Thursday, November 21st. Finally, Morgan Stanley began coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target on the stock. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Berry Global Group presently has an average rating of “Hold” and an average price target of $73.73.

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total value of $981,820.00. Following the completion of the sale, the director now owns 30,228 shares of the company’s stock, valued at approximately $2,119,889.64. This trade represents a 31.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.00% of the company’s stock.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.