State Street Corp boosted its stake in Pinnacle Foods Inc. (NYSE:PF) by 2.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,273,348 shares of the company’s stock after buying an additional 30,596 shares during the period. State Street Corp owned approximately 1.09% of Pinnacle Foods worth $56,899,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Capital World Investors increased its position in shares of Pinnacle Foods by 5.2% in the fourth quarter. Capital World Investors now owns 7,806,050 shares of the company’s stock valued at $331,445,000 after buying an additional 384,000 shares in the last quarter. Maverick Capital Ltd. boosted its stake in Pinnacle Foods by 31.3% in the fourth quarter. Maverick Capital Ltd. now owns 4,849,185 shares of the company’s stock valued at $205,896,000 after buying an additional 1,156,565 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in Pinnacle Foods by 29.5% in the first quarter. TIAA CREF Investment Management LLC now owns 4,704,138 shares of the company’s stock valued at $210,181,000 after buying an additional 1,072,760 shares during the last quarter. RS Investment Management Co. LLC boosted its stake in Pinnacle Foods by 15.7% in the fourth quarter. RS Investment Management Co. LLC now owns 3,941,265 shares of the company’s stock valued at $167,346,000 after buying an additional 534,405 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its stake in Pinnacle Foods by 14.9% in the first quarter. Teachers Advisors Inc. now owns 2,880,214 shares of the company’s stock valued at $128,688,000 after buying an additional 374,167 shares during the last quarter.
Pinnacle Foods Inc. (NYSE:PF) traded down 1.29% during trading on Tuesday, reaching $48.33. The company had a trading volume of 1,212,786 shares. The firm’s 50 day moving average is $45.70 and its 200 day moving average is $43.86. Pinnacle Foods Inc. has a one year low of $38.32 and a one year high of $49.43. The company has a market capitalization of $5.65 billion and a PE ratio of 28.96.
The company also recently announced a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Tuesday, June 7th were given a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Friday, June 3rd.
Several research firms have weighed in on PF. Deutsche Bank AG set a $48.00 price target on Pinnacle Foods and gave the company a “hold” rating in a report on Sunday. Goldman Sachs Group Inc. raised Pinnacle Foods from a “neutral” rating to a “buy” rating and raised their price target for the company from $48.00 to $57.00 in a report on Tuesday, July 12th. Bank of America Corp. reaffirmed a “buy” rating on shares of Pinnacle Foods in a report on Tuesday, May 24th. BMO Capital Markets reiterated a “” rating and set a $56.00 price target (up previously from $50.00) on shares of Pinnacle Foods in a report on Thursday, July 14th. Finally, Zacks Investment Research raised Pinnacle Foods from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, April 19th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $50.50.
In other news, CFO Craig D. Steeneck sold 20,683 shares of the company’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $43.58, for a total transaction of $901,365.14. Following the sale, the chief financial officer now owns 177,014 shares of the company’s stock, valued at $7,714,270.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Kelley Maggs sold 5,000 shares of the company’s stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $44.00, for a total value of $220,000.00. Following the sale, the executive vice president now directly owns 75,951 shares in the company, valued at approximately $3,341,844. The disclosure for this sale can be found here.
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through three segments: the Birds Eye Frozen segment, the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment manages its brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen seafood (Van de Kamp’s and Mrs.
