Cadence Capital Management LLC acquired a new stake in Pinnacle Foods, Inc. (NYSE:PF) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 13,457 shares of the company’s stock, valued at approximately $769,000.
Other hedge funds also recently modified their holdings of the company. World Asset Management Inc lifted its holdings in shares of Pinnacle Foods by 0.9% in the 2nd quarter. World Asset Management Inc now owns 4,289 shares of the company’s stock valued at $255,000 after buying an additional 39 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Pinnacle Foods by 7.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,691 shares of the company’s stock valued at $279,000 after buying an additional 317 shares during the period. Town & Country Bank & Trust CO dba First Bankers Trust CO acquired a new position in shares of Pinnacle Foods in the 3rd quarter valued at about $294,000. M&T Bank Corp lifted its holdings in shares of Pinnacle Foods by 34.0% in the 2nd quarter. M&T Bank Corp now owns 5,014 shares of the company’s stock valued at $300,000 after buying an additional 1,271 shares during the period. Finally, Pinnacle Associates Ltd. lifted its holdings in shares of Pinnacle Foods by 5.7% in the 2nd quarter. Pinnacle Associates Ltd. now owns 5,600 shares of the company’s stock valued at $333,000 after buying an additional 300 shares during the period. 95.31% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on PF. BidaskClub raised Pinnacle Foods from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Credit Suisse Group reduced their price target on Pinnacle Foods from $65.00 to $64.00 and set an “outperform” rating for the company in a report on Wednesday, October 4th. Zacks Investment Research raised Pinnacle Foods from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Tuesday, October 17th. UBS reaffirmed a “buy” rating and issued a $65.00 price target on shares of Pinnacle Foods in a report on Monday, August 28th. Finally, Buckingham Research reduced their price target on Pinnacle Foods from $68.00 to $62.00 and set a “buy” rating for the company in a report on Friday, October 27th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $64.25.
Pinnacle Foods (NYSE:PF) last announced its earnings results on Thursday, October 26th. The company reported $0.58 EPS for the quarter, meeting analysts’ consensus estimates of $0.58. Pinnacle Foods had a return on equity of 14.63% and a net margin of 5.65%. The business had revenue of $749.80 million during the quarter, compared to analysts’ expectations of $753.10 million. During the same quarter in the prior year, the firm earned $0.53 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. equities analysts forecast that Pinnacle Foods, Inc. will post 2.55 EPS for the current fiscal year.
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Pinnacle Foods Company Profile
Pinnacle Foods Inc is a manufacturer, marketer and distributor of branded food products in North America. The Company operates through four segments: Frozen segment, the Grocery segment, the Boulder segment and the Specialty segment. Its products are sold through supermarkets, grocery wholesalers and distributors, mass merchandisers, super centers, convenience stores, dollar stores, drug stores and warehouse clubs in the United States and Canada, as well as in military channels and foodservice locations.
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