Pactiv Evergreen Inc. (NASDAQ:PTVE) Receives $16.00 Consensus Price Target from Analysts

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $16.00.

PTVE has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price objective on shares of Pactiv Evergreen in a research note on Monday, March 4th. Citigroup increased their price target on Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. UBS Group started coverage on Pactiv Evergreen in a research note on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price target for the company. The Goldman Sachs Group increased their price target on Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Finally, Robert W. Baird increased their price target on Pactiv Evergreen from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, March 4th.

Pactiv Evergreen Trading Down 1.3 %

Shares of NASDAQ PTVE opened at $12.93 on Monday. The company has a debt-to-equity ratio of 2.69, a current ratio of 2.00 and a quick ratio of 0.93. The stock has a market capitalization of $2.32 billion, a P/E ratio of -28.11, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. Pactiv Evergreen has a 1-year low of $6.86 and a 1-year high of $15.84. The business has a fifty day moving average price of $14.14 and a 200 day moving average price of $13.28.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.89% and a negative net margin of 1.50%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 EPS. Equities research analysts expect that Pactiv Evergreen will post 1.13 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, May 31st. Pactiv Evergreen’s dividend payout ratio is presently -86.96%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in Pactiv Evergreen during the first quarter worth about $4,608,000. Dimensional Fund Advisors LP grew its holdings in Pactiv Evergreen by 23.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,613,830 shares of the company’s stock worth $22,126,000 after acquiring an additional 307,239 shares during the period. Rubric Capital Management LP grew its holdings in Pactiv Evergreen by 3.8% during the third quarter. Rubric Capital Management LP now owns 5,000,000 shares of the company’s stock worth $40,650,000 after acquiring an additional 184,217 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Pactiv Evergreen during the fourth quarter worth about $2,478,000. Finally, Bridgeway Capital Management LLC grew its holdings in Pactiv Evergreen by 11.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,253,850 shares of the company’s stock worth $17,190,000 after acquiring an additional 133,619 shares during the period. 22.23% of the stock is 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.