Berry Global Group (NYSE:BERY) Reaches New 1-Year High After Dividend Announcement

Berry Global Group, Inc. (NYSE:BERY)’s stock price reached a new 52-week high on Wednesday after the company announced a dividend. The company traded as high as $70.91 and last traded at $70.62, with a volume of 374994 shares. The stock had previously closed at $69.73.

The newly announced dividend which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio is currently 23.50%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BERY. UBS Group cut their target price on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a report on Wednesday. Truist Financial upped their price objective on Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a research note on Tuesday, October 15th. Finally, Morgan Stanley started coverage on Berry Global Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $71.22.

Berry Global Group Stock Performance

The stock has a market cap of $8.09 billion, a P/E ratio of 15.08, a PEG ratio of 1.16 and a beta of 1.15. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08. The company has a fifty day moving average of $67.92 and a 200 day moving average of $63.19.

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

Insider Buying and Selling

In related news, Director Evan Bayh sold 14,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the sale, the director now directly owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.00% of the stock is owned by corporate insiders.

Institutional Trading of Berry Global Group

Several institutional investors and hedge funds have recently bought and sold shares of BERY. Wealth Enhancement Advisory Services LLC boosted its position in shares of Berry Global Group by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,885 shares of the industrial products company’s stock worth $1,021,000 after buying an additional 487 shares during the period. State of Michigan Retirement System boosted its position in Berry Global Group by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 28,500 shares of the industrial products company’s stock worth $1,724,000 after acquiring an additional 200 shares during the period. Norden Group LLC purchased a new position in Berry Global Group during the 1st quarter valued at about $259,000. Commonwealth Equity Services LLC increased its holdings in shares of Berry Global Group by 15.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 9,711 shares of the industrial products company’s stock valued at $587,000 after purchasing an additional 1,302 shares during the period. Finally, Quent Capital LLC lifted its position in shares of Berry Global Group by 18.0% in the first quarter. Quent Capital LLC now owns 6,551 shares of the industrial products company’s stock worth $396,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 95.36% of the company’s stock.

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.