Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 9.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,856 shares of the company’s stock after acquiring an additional 1,726 shares during the period. Principal Financial Group Inc.’s holdings in Pactiv Evergreen were worth $236,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. ICA Group Wealth Management LLC acquired a new stake in shares of Pactiv Evergreen in the fourth quarter valued at $27,000. TFO Wealth Partners LLC raised its stake in shares of Pactiv Evergreen by 111,150.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,225 shares of the company’s stock valued at $31,000 after acquiring an additional 2,223 shares in the last quarter. CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after acquiring an additional 2,212 shares in the last quarter. Innealta Capital LLC acquired a new stake in Pactiv Evergreen in the second quarter valued at $83,000. Finally, Public Employees Retirement System of Ohio raised its stake in Pactiv Evergreen by 164.5% in the first quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock valued at $105,000 after buying an additional 4,541 shares in the last quarter. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Pactiv Evergreen Stock Performance

Shares of PTVE stock opened at $11.18 on Monday. The stock’s 50-day moving average is $11.43 and its two-hundred day moving average is $12.60. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of -24.30, a PEG ratio of 1.13 and a beta of 1.31. Pactiv Evergreen Inc. has a 1 year low of $7.58 and a 1 year high of $15.84. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.93 and a current ratio of 2.04.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data 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 firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Pactiv Evergreen had a return on equity of 13.34% and a net margin of 1.49%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS. Analysts predict that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Friday, August 30th. Pactiv Evergreen’s dividend payout ratio is currently -86.96%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. UBS Group cut their price target on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada cut their price target on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird cut their price target on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup cut their price target on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.57.

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.