Analysts Set Pactiv Evergreen Inc. (NASDAQ:PTVE) Target Price at $14.57

by · The Cerbat Gem

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Free Report) have earned an average rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $14.57.

PTVE has been the topic of several research analyst reports. Citigroup reduced their target price on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. Royal Bank of Canada dropped their target price on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird reduced their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, UBS Group lowered their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th.

Get Our Latest Research Report on PTVE

Pactiv Evergreen Price Performance

Shares of Pactiv Evergreen stock opened at $11.62 on Thursday. The company’s fifty day simple moving average is $11.12 and its two-hundred day simple moving average is $12.38. Pactiv Evergreen has a 12-month low of $7.70 and a 12-month high of $15.84. The firm has a market cap of $2.08 billion, a PE ratio of -25.26, a price-to-earnings-growth ratio of 1.16 and a beta of 1.30. The company has a quick ratio of 0.93, a current ratio of 2.04 and a debt-to-equity ratio of 2.72.

Pactiv Evergreen (NASDAQ:PTVE – Get Free Report) last posted its earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (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 the consensus estimate of $1.36 billion. Pactiv Evergreen had a return on equity of 13.34% and a net margin of 1.49%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. As a group, equities analysts expect that Pactiv Evergreen will post 0.98 EPS for the current year.

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s payout ratio is -86.96%.

Hedge Funds Weigh In On Pactiv Evergreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its holdings in shares of Pactiv Evergreen by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock valued at $303,000 after purchasing an additional 1,431 shares in the last quarter. Federated Hermes Inc. lifted its stake in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after acquiring an additional 1,474 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Pactiv Evergreen by 9.0% during the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock valued at $236,000 after acquiring an additional 1,726 shares during the last quarter. Point72 DIFC Ltd grew its stake in shares of Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after acquiring an additional 1,965 shares during the period. Finally, CWM LLC raised its holdings in shares of Pactiv Evergreen by 186.8% during the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after purchasing an additional 2,212 shares during the last quarter. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Company Profile

(Get Free Report

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.

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