Berry Global Group (NYSE:BERY) Given New $73.00 Price Target at Royal Bank of Canada

Berry Global Group (NYSE:BERY) had its price target upped by Royal Bank of Canada from $69.00 to $73.00 in a research note issued to investors on Thursday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the industrial products company’s stock.

Several other equities analysts have also recently weighed in on the stock. Morgan Stanley started coverage on shares of Berry Global Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target for the company. Truist Financial reaffirmed a “hold” rating and set a $72.00 price target (down previously from $74.00) on shares of Berry Global Group in a research report on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $72.00.

Berry Global Group Price Performance

Shares of BERY stock opened at $71.71 on Thursday. The firm’s 50 day moving average price is $68.22 and its two-hundred day moving average price is $64.44. The stock has a market cap of $8.22 billion, a PE ratio of 16.33, a PEG ratio of 1.39 and a beta of 1.14. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.08 and a current ratio of 0.41. Berry Global Group has a 52-week low of $54.06 and a 52-week high of $72.50.

Berry Global Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.31 dividend. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Monday, December 2nd. Berry Global Group’s payout ratio is 28.25%.

Insiders Place Their Bets

In related news, Director Evan Bayh sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total transaction of $981,820.00. Following the transaction, the director now directly owns 30,228 shares in the company, valued at $2,119,889.64. This trade represents a 31.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Berry Global Group

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its stake in Berry Global Group by 33.8% in the first quarter. Russell Investments Group Ltd. now owns 37,552 shares of the industrial products company’s stock worth $2,271,000 after acquiring an additional 9,483 shares during the period. Virtu Financial LLC purchased a new stake in Berry Global Group in the 1st quarter worth $691,000. BOKF NA raised its position in shares of Berry Global Group by 26.3% in the first quarter. BOKF NA now owns 79,330 shares of the industrial products company’s stock valued at $4,809,000 after buying an additional 16,497 shares during the last quarter. Vanguard Group Inc. lifted its stake in Berry Global Group by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after purchasing an additional 1,200,021 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Berry Global Group by 4.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 835,334 shares of the industrial products company’s stock valued at $56,786,000 after purchasing an additional 37,242 shares during the period. Hedge funds and other institutional investors own 95.36% of the company’s stock.

About Berry Global Group

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.