Brokerages Set Pactiv Evergreen Inc. (NASDAQ:PTVE) Target Price at $15.83

Pactiv Evergreen Inc. (NASDAQ:PTVE) has earned an average recommendation of “Hold” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $15.83.

Several research analysts recently issued reports on PTVE shares. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Citigroup reissued a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP boosted its stake in Pactiv Evergreen by 3.3% in the second quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock valued at $64,825,000 after acquiring an additional 185,190 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after purchasing an additional 243,098 shares during the period. Geode Capital Management LLC boosted its position in shares of Pactiv Evergreen by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after purchasing an additional 10,158 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Pactiv Evergreen by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after purchasing an additional 16,029 shares during the period. Finally, Empowered Funds LLC increased its holdings in Pactiv Evergreen by 17.3% in the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after purchasing an additional 109,513 shares during the last quarter. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Stock Performance

NASDAQ:PTVE opened at $17.54 on Friday. The stock has a market capitalization of $3.15 billion, a P/E ratio of -19.07, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $17.65. The firm has a 50 day moving average of $14.90 and a 200-day moving average of $12.70.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. As a group, sell-side analysts anticipate that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -43.48%.

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.