Pactiv Evergreen Inc. (NASDAQ:PTVE) Receives $14.57 Average Target Price from Brokerages

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have earned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $14.57.

PTVE has been the subject of a number of research reports. Royal Bank of Canada cut their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Citigroup cut their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, July 8th. Robert W. Baird cut their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, UBS Group cut their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PTVE. The Manufacturers Life Insurance Company grew its stake in shares of Pactiv Evergreen by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock worth $303,000 after buying an additional 1,431 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after buying an additional 1,474 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Pactiv Evergreen by 9.0% in the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock worth $236,000 after buying an additional 1,726 shares during the last quarter. Point72 DIFC Ltd raised its holdings in Pactiv Evergreen by 33.2% in the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after purchasing an additional 1,965 shares during the period. Finally, CWM LLC raised its holdings in Pactiv Evergreen by 186.8% in the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after purchasing an additional 2,212 shares during the period. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $11.45 on Thursday. Pactiv Evergreen has a 52 week low of $7.70 and a 52 week high of $15.84. The business has a 50-day simple moving average of $11.19 and a 200 day simple moving average of $12.40. The company has a quick ratio of 0.93, a current ratio of 2.04 and a debt-to-equity ratio of 2.72. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -24.89, a PEG ratio of 1.16 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE) last posted its earnings results on Wednesday, July 31st. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.06). Pactiv Evergreen had a return on equity of 13.34% and a net margin of 1.49%. The business had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Pactiv Evergreen’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts forecast that Pactiv Evergreen will post 0.98 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s payout ratio is -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.