Berry Global Group (NYSE:BERY) Price Target Raised to $74.00 at Truist Financial

Berry Global Group (NYSE:BERY) had its price target lifted by Truist Financial from $68.00 to $74.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a hold rating on the industrial products company’s stock.

Several other research analysts have also recently weighed in on the company. StockNews.com cut Berry Global Group from a buy rating to a hold rating in a research report on Friday, October 11th. UBS Group cut their price target on shares of Berry Global Group from $89.00 to $77.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, Morgan Stanley assumed coverage on shares of Berry Global Group in a report on Wednesday, September 4th. They set an equal weight rating and a $76.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Berry Global Group presently has a consensus rating of Hold and a consensus target price of $72.40.

Berry Global Group Price Performance

Shares of NYSE:BERY opened at $69.97 on Tuesday. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57. The stock has a market cap of $8.00 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.10 and a beta of 1.15. The stock’s fifty day simple moving average is $66.49 and its two-hundred day simple moving average is $62.30. Berry Global Group has a 1-year low of $53.92 and a 1-year high of $70.60.

Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.16. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the firm earned $1.90 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. As a group, analysts forecast that Berry Global Group will post 7.6 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a $0.275 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.10 annualized dividend and a yield of 1.57%. Berry Global Group’s dividend payout ratio is currently 26.13%.

Institutional Investors Weigh In On Berry Global Group

Several hedge funds and other institutional investors have recently modified their holdings of BERY. EdgePoint Investment Group Inc. boosted 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 period. Vanguard Group Inc. boosted its position in shares of Berry Global Group by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock valued at $782,070,000 after acquiring an additional 1,200,021 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Berry Global Group by 30.3% during the second 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 increased its position in shares of Berry Global Group by 280.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock worth $46,968,000 after purchasing an additional 588,114 shares during the last quarter. Finally, Eminence Capital LP raised its stake in Berry Global Group by 22.2% in the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock valued at $159,751,000 after purchasing an additional 492,793 shares in the last quarter. 95.36% of the stock is currently owned by institutional investors.

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.