Robert W. Baird Lowers Pactiv Evergreen (NASDAQ:PTVE) Price Target to $12.00

Pactiv Evergreen (NASDAQ:PTVE) had its price objective reduced by Robert W. Baird from $15.00 to $12.00 in a research note released on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently issued reports on PTVE. UBS Group dropped their target price on shares of Pactiv Evergreen from $19.00 to $16.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Citigroup decreased their price objective 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. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pactiv Evergreen has an average rating of Moderate Buy and a consensus price target of $15.43.

Pactiv Evergreen Price Performance

PTVE stock opened at $9.29 on Friday. Pactiv Evergreen has a one year low of $7.41 and a one year high of $15.84. The company’s fifty day moving average price is $11.86 and its 200-day moving average price is $13.35. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.87 and a current ratio of 2.02. The company has a market capitalization of $1.66 billion, a PE ratio of -20.20, a price-to-earnings-growth ratio of 0.71 and a beta of 1.32.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). The business had revenue of $1.34 billion for 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 13.35%. Pactiv Evergreen’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 company earned $0.20 EPS. On average, equities analysts anticipate that Pactiv Evergreen will post 1.18 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.31%. The ex-dividend date is Friday, August 30th. Pactiv Evergreen’s payout ratio is presently -86.96%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of large investors have recently modified their holdings of PTVE. ICA Group Wealth Management LLC acquired a new position in shares of Pactiv Evergreen during the 4th quarter valued at about $27,000. TFO Wealth Partners LLC increased its stake in Pactiv Evergreen by 111,150.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,225 shares of the company’s stock worth $31,000 after purchasing an additional 2,223 shares during the period. CWM LLC increased its stake in shares of Pactiv Evergreen by 186.8% during the second quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after buying an additional 2,212 shares during the period. Federated Hermes Inc. increased its stake in shares of Pactiv Evergreen by 109.7% during the fourth quarter. Federated Hermes Inc. now owns 3,476 shares of the company’s stock worth $48,000 after buying an additional 1,818 shares during the period. Finally, Innealta Capital LLC purchased a new stake in shares of Pactiv Evergreen during the second quarter worth approximately $83,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.