Brokerages Set Pactiv Evergreen Inc. (NASDAQ:PTVE) Target Price at $16.71

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have earned a consensus rating of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $16.71.

A number of research analysts have issued reports on PTVE shares. The Goldman Sachs Group upped their target price on shares of Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 price objective on shares of Pactiv Evergreen in a report on Monday, March 4th. Robert W. Baird increased their price objective on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. Finally, Citigroup increased their price objective on shares of Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, April 4th.

Institutional Trading of Pactiv Evergreen

A number of hedge funds have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Pactiv Evergreen during the first quarter valued at approximately $172,000. Bridgeway Capital Management LLC grew its position in shares of Pactiv Evergreen by 3.5% during the first quarter. Bridgeway Capital Management LLC now owns 1,298,224 shares of the company’s stock worth $18,591,000 after buying an additional 44,374 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Pactiv Evergreen by 164.5% during the first quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock worth $105,000 after buying an additional 4,541 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Pactiv Evergreen during the first quarter worth approximately $164,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Pactiv Evergreen during the first quarter worth approximately $186,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $11.24 on Tuesday. Pactiv Evergreen has a 52 week low of $7.14 and a 52 week high of $15.84. The company has a quick ratio of 0.87, a current ratio of 2.02 and a debt-to-equity ratio of 2.69. The firm’s 50-day simple moving average is $12.94 and its 200 day simple moving average is $13.67. The firm has a market capitalization of $2.01 billion, a PE ratio of -24.43, a P/E/G ratio of 0.77 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.09 by $0.05. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.29 billion. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.79%. The business’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.13 EPS. On average, equities research analysts predict that Pactiv Evergreen will post 1.18 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a dividend of $0.10 per share. The ex-dividend date was Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.56%. Pactiv Evergreen’s dividend payout ratio is currently -86.96%.

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.