Brokerages Set Pactiv Evergreen Inc. (NASDAQ:PTVE) PT at $16.00

Pactiv Evergreen Inc. (NASDAQ:PTVE) has received a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $16.00.

Several analysts have commented on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price objective on shares of Pactiv Evergreen in a report on Monday, March 4th. Jefferies Financial Group began coverage on Pactiv Evergreen in a research note on Friday, January 19th. They issued a “buy” rating and a $18.00 price target on the stock. Bank of America raised Pactiv Evergreen from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $16.00 in a research note on Tuesday, January 2nd. Robert W. Baird lifted their price target on Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Finally, The Goldman Sachs Group lifted their price target on Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th.

Hedge Funds Weigh In On Pactiv Evergreen

A number of institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in Pactiv Evergreen by 0.8% during the third quarter. Invesco Ltd. now owns 124,691 shares of the company’s stock worth $1,014,000 after buying an additional 994 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Pactiv Evergreen by 10.0% during the third quarter. Janney Montgomery Scott LLC now owns 13,155 shares of the company’s stock worth $107,000 after buying an additional 1,196 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Pactiv Evergreen by 59.0% in the first quarter. Tower Research Capital LLC TRC now owns 4,570 shares of the company’s stock valued at $37,000 after purchasing an additional 1,695 shares during the period. Federated Hermes Inc. raised its position in Pactiv Evergreen by 109.7% in the fourth quarter. Federated Hermes Inc. now owns 3,476 shares of the company’s stock valued at $48,000 after purchasing an additional 1,818 shares during the period. Finally, Swiss National Bank raised its position in Pactiv Evergreen by 2.1% in the third quarter. Swiss National Bank now owns 97,900 shares of the company’s stock valued at $796,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Stock Down 2.5 %

Shares of PTVE opened at $14.24 on Thursday. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.69. Pactiv Evergreen has a 12 month low of $6.85 and a 12 month high of $15.51. The stock’s 50 day moving average is $14.16 and its two-hundred day moving average is $12.59. The firm has a market cap of $2.54 billion, a P/E ratio of -11.30, a PEG ratio of 0.91 and a beta of 1.50.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Friday, March 1st. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.14 by $0.19. Pactiv Evergreen had a positive return on equity of 13.24% and a negative net margin of 4.05%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company earned $0.18 earnings per share. Pactiv Evergreen’s quarterly revenue was down 13.7% compared to the same quarter last year. Analysts predict that Pactiv Evergreen will post 1.13 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.81%. Pactiv Evergreen’s payout ratio is -31.75%.

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.