Pactiv Evergreen (NASDAQ:PTVE) PT Lowered to $13.00 at Royal Bank of Canada

Pactiv Evergreen (NASDAQ:PTVE) had its price objective trimmed by Royal Bank of Canada from $15.00 to $13.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also recently issued reports on PTVE. Robert W. Baird decreased their target price on shares of Pactiv Evergreen from $15.00 to $12.00 and set a neutral rating for the company in a research note on Friday, August 2nd. Citigroup decreased their target price on shares of Pactiv Evergreen from $16.00 to $14.00 and set a buy rating for the company in a research note on Monday, July 8th. Finally, UBS Group decreased their target price on shares of Pactiv Evergreen from $19.00 to $16.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $14.57.

Pactiv Evergreen Stock Performance

Shares of PTVE stock traded down $0.35 during trading hours on Wednesday, hitting $9.69. The company’s stock had a trading volume of 238,768 shares, compared to its average volume of 348,113. The company has a 50 day moving average of $11.68 and a 200 day moving average of $13.23. The stock has a market cap of $1.74 billion, a PE ratio of -21.07, a price-to-earnings-growth ratio of 1.01 and a beta of 1.32. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72. Pactiv Evergreen has a 12-month low of $7.41 and a 12-month high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.06). The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. On average, sell-side analysts forecast that Pactiv Evergreen will post 0.98 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Friday, August 30th. Pactiv Evergreen’s dividend payout ratio is presently -86.96%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of large investors have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. raised its position in shares of Pactiv Evergreen by 182.3% in the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after buying an additional 208,409 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Pactiv Evergreen by 25.9% in the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after buying an additional 121,400 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pactiv Evergreen by 11.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after buying an additional 243,098 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Pactiv Evergreen by 69.2% in the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after buying an additional 1,474 shares during the last quarter. Finally, Wedbush Securities Inc. acquired a new stake in shares of Pactiv Evergreen in the second quarter valued at about $145,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

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.