Berry Global Group, Inc. (NYSE:BERY) Increases Dividend to $0.31 Per Share

Berry Global Group, Inc. (NYSE:BERY) declared a quarterly dividend on Wednesday, October 30th, Zacks 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 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Monday, December 2nd. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28.

Berry Global Group has a dividend payout ratio of 13.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Berry Global Group to earn $8.19 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 13.4%.

Berry Global Group Price Performance

Berry Global Group stock opened at $70.45 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57. The stock has a market cap of $8.07 billion, a P/E ratio of 15.05, a PEG ratio of 1.10 and a beta of 1.15. The company has a 50-day moving average price of $67.83 and a 200 day moving average price of $63.14. Berry Global Group has a 12-month low of $54.06 and a 12-month high of $71.17.

Berry Global Group (NYSE:BERY) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.16. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm earned $1.90 EPS. The business’s revenue was down 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Berry Global Group will post 7.6 earnings per share for the current year.

Insider Buying and Selling

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.00% of the stock is owned by insiders.

Analysts Set New Price Targets

BERY has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on Berry Global Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target for the company. UBS Group dropped their price target on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Truist Financial increased their price objective on shares of Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, October 15th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Berry Global Group has an average rating of “Hold” and an average target price of $71.22.

About Berry Global Group

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.