Berry Global Group (NYSE:BERY) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Berry Global Group (NYSE:BERY) from a hold rating to a buy rating in a research note issued to investors on Monday.

A number of other research analysts have also recently commented on the stock. UBS Group cut shares of Berry Global Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $82.00 to $75.00 in a research report on Friday, November 22nd. Morgan Stanley initiated coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 target price on the stock. Royal Bank of Canada lifted their price objective on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a report on Thursday, November 21st. Citigroup restated a “neutral” rating and set a $76.00 target price on shares of Berry Global Group in a report on Monday. Finally, Truist Financial reiterated a “hold” rating and issued a $72.00 price objective (down previously from $74.00) on shares of Berry Global Group in a research report on Wednesday, November 20th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $73.73.

Berry Global Group Price Performance

BERY opened at $71.57 on Monday. The company has a current ratio of 0.41, a quick ratio of 0.26 and a debt-to-equity ratio of 2.57. The stock has a market capitalization of $8.20 billion, a P/E ratio of 16.30, a PEG ratio of 1.42 and a beta of 1.14. The stock has a 50-day moving average price of $68.37 and a 200-day moving average price of $64.60. Berry Global Group has a 12-month low of $54.06 and a 12-month high of $73.31.

Berry Global Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.31 dividend. The ex-dividend date is Monday, December 2nd. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a yield of 1.73%. Berry Global Group’s dividend payout ratio (DPR) is 25.06%.

Insider Transactions at Berry Global Group

In related news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the transaction, the director now directly owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This trade represents a 31.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Berry Global Group

Large investors have recently made changes to their positions in the business. EdgePoint Investment Group Inc. raised its stake in Berry Global Group by 16.7% during the first quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock valued at $819,441,000 after buying an additional 1,934,137 shares during the last quarter. FMR LLC boosted its stake in Berry Global Group by 38.4% in the 3rd quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock worth $258,821,000 after purchasing an additional 1,055,756 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Berry Global Group by 30.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock worth $204,365,000 after purchasing an additional 807,211 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Berry Global Group by 280.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock valued at $46,968,000 after purchasing an additional 588,114 shares during the last quarter. Finally, Eminence Capital LP raised its position in Berry Global Group by 22.2% in the 2nd quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock worth $159,751,000 after buying an additional 492,793 shares during the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

Berry Global Group Company Profile

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.