Berry Global Group (NYSE:BERY) Reaches New 12-Month High – Should You Buy?

Berry Global Group, Inc. (NYSE:BERY) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $72.77 and last traded at $72.66, with a volume of 295831 shares trading hands. The stock had previously closed at $71.71.

Analysts Set New Price Targets

BERY has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on Berry Global Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 target price on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $76.00 price target (up from $70.00) on shares of Berry Global Group in a report on Monday. StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. UBS Group downgraded Berry Global Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $82.00 to $75.00 in a research note on Friday. Finally, Citigroup reiterated a “neutral” rating and set a $76.00 price target on shares of Berry Global Group in a research report on Monday. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Berry Global Group presently has a consensus rating of “Hold” and an average target price of $72.73.

Berry Global Group Stock Performance

The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.40 and a beta of 1.14. The company’s 50-day simple moving average is $68.22 and its 200-day simple moving average is $64.44. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 2.57.

Berry Global Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a yield of 1.73%. Berry Global Group’s dividend payout ratio is currently 25.06%.

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total value of $981,820.00. Following the completion of the sale, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. This represents a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Berry Global Group

Several large investors have recently made changes to their positions in BERY. EdgePoint Investment Group Inc. raised 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 acquiring an additional 336,186 shares in the last quarter. State Street Corp boosted its holdings in Berry Global Group by 10.4% in the third quarter. State Street Corp now owns 3,831,824 shares of the industrial products company’s stock valued at $260,487,000 after acquiring an additional 360,857 shares during the last quarter. FMR LLC increased its position in Berry Global Group by 38.4% in the third quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock worth $258,821,000 after purchasing an additional 1,055,756 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Berry Global Group by 30.3% in the second 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 during the period. Finally, Eminence Capital LP grew its stake in shares of Berry Global Group by 22.2% during the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock worth $159,751,000 after purchasing an additional 492,793 shares during the period. Institutional investors and hedge funds own 95.36% of the company’s stock.

Berry Global Group Company Profile

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.