Royal Bank of Canada Boosts Berry Global Group (NYSE:BERY) Price Target to $73.00

Berry Global Group (NYSE:BERY) had its price target boosted by Royal Bank of Canada from $69.00 to $73.00 in a report released on Thursday,Benzinga reports. The firm currently has a sector perform rating on the industrial products company’s stock.

BERY has been the topic of several other reports. Morgan Stanley began 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 price objective on the stock. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $72.00 target price (down previously from $74.00) on shares of Berry Global Group in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $72.00.

Berry Global Group Price Performance

Shares of BERY stock traded up $0.53 during trading on Thursday, hitting $71.46. The company had a trading volume of 103,985 shares, compared to its average volume of 1,063,618. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 2.57. The stock’s 50-day moving average is $67.99 and its two-hundred day moving average is $64.27. The stock has a market capitalization of $8.19 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 1.09 and a beta of 1.14. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio is currently 25.06%.

Insiders Place Their Bets

In related news, Director Evan Bayh sold 14,000 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. EdgePoint Investment Group Inc. lifted its position in shares of Berry Global Group by 2.2% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 15,279,107 shares of the industrial products company’s stock valued at $1,038,674,000 after buying an additional 336,186 shares in the last quarter. Vanguard Group Inc. lifted 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 buying an additional 1,200,021 shares in the last quarter. State Street Corp lifted its position in shares of Berry Global Group by 10.4% during the 3rd quarter. State Street Corp now owns 3,831,824 shares of the industrial products company’s stock valued at $260,487,000 after buying an additional 360,857 shares in the last quarter. FMR LLC lifted its position in shares of Berry Global Group by 38.4% during the 3rd quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock valued at $258,821,000 after buying an additional 1,055,756 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Berry Global Group by 30.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock valued at $204,365,000 after buying an additional 807,211 shares in the last quarter. 95.36% of the stock is owned by hedge funds and other 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.