Berry Global Group, Inc. (NYSE:BERY) Plans Dividend Increase – $0.31 Per Share

Berry Global Group, Inc. (NYSE:BERY) announced a quarterly dividend on Wednesday, October 30th,Zacks Dividends reports. Stockholders of record on Monday, December 2nd will be paid a dividend of 0.31 per share by the industrial products company on Monday, December 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.71%. 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.

Berry Global Group has a dividend payout ratio of 18.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Berry Global Group to earn $6.95 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 17.8%.

Berry Global Group Stock Up 1.1 %

Shares of Berry Global Group stock opened at $72.35 on Friday. Berry Global Group has a twelve month low of $54.06 and a twelve month high of $73.31. The company has a quick ratio of 0.26, a current ratio of 1.25 and a debt-to-equity ratio of 2.08. The company’s 50 day moving average is $68.62 and its 200 day moving average is $64.79. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 1.43 and a beta of 1.14.

Insider Activity

In other news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total value of $981,820.00. Following the completion of the transaction, the director now owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This represents a 31.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.00% of the company’s stock.

Analyst Upgrades and Downgrades

BERY has been the topic of a number of research reports. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research note on Monday, November 25th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $76.00 target price (up from $70.00) on shares of Berry Global Group in a research report on Monday, November 25th. UBS Group lowered shares of Berry Global Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $82.00 to $75.00 in a research report on Friday, November 22nd. Citigroup reissued a “neutral” rating and issued a $76.00 price objective on shares of Berry Global Group in a report on Monday, November 25th. Finally, Truist Financial reaffirmed a “hold” rating and set a $72.00 target price (down from $74.00) on shares of Berry Global Group in a report on Wednesday, November 20th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Berry Global Group currently has a consensus rating of “Hold” and a consensus price target of $73.73.

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.