Analysts Set Pactiv Evergreen Inc. (NASDAQ:PTVE) Target Price at $16.71

Pactiv Evergreen Inc. (NASDAQ:PTVE) has earned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $16.71.

PTVE has been the subject of several analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 target price on shares of Pactiv Evergreen in a research report on Monday, March 4th. Citigroup lifted their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. The Goldman Sachs Group lifted their price objective on Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Finally, Robert W. Baird raised their target price on Pactiv Evergreen from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, March 4th.

Hedge Funds Weigh In On Pactiv Evergreen

A number of hedge funds have recently added to or reduced their stakes in PTVE. Assenagon Asset Management S.A. acquired a new position in Pactiv Evergreen during the 1st quarter valued at about $4,608,000. Dimensional Fund Advisors LP boosted its stake in shares of Pactiv Evergreen by 23.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,613,830 shares of the company’s stock worth $22,126,000 after buying an additional 307,239 shares during the last quarter. Rubric Capital Management LP boosted its stake in shares of Pactiv Evergreen by 3.8% in the 3rd quarter. Rubric Capital Management LP now owns 5,000,000 shares of the company’s stock worth $40,650,000 after buying an additional 184,217 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Pactiv Evergreen in the 4th quarter worth approximately $2,478,000. Finally, Vanguard Group Inc. boosted its stake in shares of Pactiv Evergreen by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after buying an additional 143,776 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

Pactiv Evergreen Stock Up 0.7 %

Shares of PTVE opened at $11.32 on Tuesday. Pactiv Evergreen has a 52 week low of $7.14 and a 52 week high of $15.84. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -24.61, a PEG ratio of 0.75 and a beta of 1.35. 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 stock has a fifty day moving average of $12.87 and a 200-day moving average of $13.68.

Pactiv Evergreen (NASDAQ:PTVE) last announced its earnings results on Thursday, May 2nd. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.79% and a negative net margin of 1.50%. Pactiv Evergreen’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same period last year, the company earned $0.13 EPS. As a group, sell-side analysts anticipate that Pactiv Evergreen will post 1.18 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a yield of 3.53%. Pactiv Evergreen’s dividend payout ratio (DPR) is currently -86.96%.

About Pactiv Evergreen

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.