Berry Global Group, Inc. (NYSE:BERY) Shares Sold by Synovus Financial Corp

Synovus Financial Corp reduced its stake in Berry Global Group, Inc. (NYSE:BERY) by 25.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,431 shares of the industrial products company’s stock after selling 2,552 shares during the period. Synovus Financial Corp’s holdings in Berry Global Group were worth $505,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. EdgePoint Investment Group Inc. increased its holdings in Berry Global Group by 2.2% in 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 purchasing an additional 336,186 shares in the last quarter. State Street Corp increased its holdings in Berry Global Group by 10.4% in 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 purchasing an additional 360,857 shares in the last quarter. FMR LLC increased its holdings 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 valued at $258,821,000 after purchasing an additional 1,055,756 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings 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 valued at $204,365,000 after purchasing an additional 807,211 shares in the last quarter. Finally, Eminence Capital LP increased its holdings 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 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 and hedge funds.

Berry Global Group Stock Performance

Shares of BERY stock opened at $66.66 on Wednesday. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.80 and a current ratio of 1.25. Berry Global Group, Inc. has a one year low of $54.06 and a one year high of $73.31. The company’s 50-day simple moving average is $69.07 and its 200-day simple moving average is $65.63. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 1.38 and a beta of 1.14.

Berry Global Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.31 per share. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.24 annualized dividend and a dividend yield of 1.86%. Berry Global Group’s dividend payout ratio (DPR) is presently 28.25%.

Insider Transactions at Berry Global Group

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total value of $981,820.00. Following the transaction, the director now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.00% of the company’s stock.

Wall Street Analyst Weigh In

BERY has been the subject of several recent research reports. Morgan Stanley initiated coverage on Berry Global Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price target for the company. Royal Bank of Canada raised their target price on Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a research note on Thursday, November 21st. UBS Group downgraded Berry Global Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $82.00 to $75.00 in a research note on Friday, November 22nd. StockNews.com started coverage on Berry Global Group in a research note on Wednesday, December 11th. They set a “buy” rating for the company. Finally, Citigroup restated a “neutral” rating and set a $76.00 target price on shares of Berry Global Group in a research note on Monday, November 25th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $73.73.

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.