Brokerages Set Pactiv Evergreen Inc. (NASDAQ:PTVE) Target Price at $13.88

Pactiv Evergreen Inc. (NASDAQ:PTVEGet Rating) has received an average recommendation of “Hold” from the nine analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $13.88.

A number of analysts recently commented on PTVE shares. Royal Bank of Canada upgraded shares of Pactiv Evergreen from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $9.00 to $13.00 in a research note on Friday, May 6th. Deutsche Bank Aktiengesellschaft lowered their price target on Pactiv Evergreen from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, February 25th. Citigroup increased their price objective on Pactiv Evergreen from $11.00 to $12.00 in a report on Friday, April 8th. Mizuho decreased their target price on Pactiv Evergreen from $16.00 to $14.00 in a report on Monday, February 28th. Finally, Bank of America downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday, April 14th.

In other Pactiv Evergreen news, insider Eric Wulf purchased 10,000 shares of Pactiv Evergreen stock in a transaction that occurred on Friday, April 1st. The stock was bought at an average price of $10.00 per share, with a total value of $100,000.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Allen Hugli acquired 8,500 shares of the company’s stock in a transaction on Tuesday, March 1st. The stock was acquired at an average cost of $9.23 per share, for a total transaction of $78,455.00. The disclosure for this purchase can be found here. 0.07% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the company. Morgan Stanley increased its holdings in Pactiv Evergreen by 329.2% in the 2nd quarter. Morgan Stanley now owns 14,055 shares of the company’s stock worth $212,000 after acquiring an additional 10,780 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Pactiv Evergreen by 28.5% during the second quarter. Wells Fargo & Company MN now owns 94,738 shares of the company’s stock worth $1,428,000 after purchasing an additional 20,985 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Pactiv Evergreen during the 3rd quarter worth about $366,000. BlackRock Inc. lifted its stake in Pactiv Evergreen by 0.8% in the 3rd quarter. BlackRock Inc. now owns 2,876,767 shares of the company’s stock valued at $36,017,000 after buying an additional 22,357 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in Pactiv Evergreen by 96.7% in the 3rd quarter. Citigroup Inc. now owns 5,627 shares of the company’s stock worth $70,000 after buying an additional 2,767 shares during the last quarter. Hedge funds and other institutional investors own 22.04% of the company’s stock.

Shares of PTVE traded up $0.41 during midday trading on Tuesday, hitting $10.73. 271,398 shares of the company’s stock traded hands, compared to its average volume of 210,006. The company has a current ratio of 2.27, a quick ratio of 1.23 and a debt-to-equity ratio of 3.34. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 23.84 and a beta of 1.84. Pactiv Evergreen has a 1 year low of $8.71 and a 1 year high of $16.49. The firm’s fifty day moving average is $10.00 and its 200-day moving average is $11.29.

Pactiv Evergreen (NASDAQ:PTVEGet Rating) last released its quarterly earnings results on Wednesday, February 23rd. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.29. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Pactiv Evergreen had a return on equity of 15.70% and a net margin of 1.40%. On average, equities research analysts anticipate that Pactiv Evergreen will post 0.77 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date is Friday, May 27th. Pactiv Evergreen’s payout ratio is presently 88.89%.

About Pactiv Evergreen (Get Rating)

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, dinnerware, tableware, service ware, and other products.

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Analyst Recommendations for Pactiv Evergreen (NASDAQ:PTVE)

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