Pactiv Evergreen Inc. (NASDAQ:PTVE) Receives $15.83 Average Target Price from Analysts

Pactiv Evergreen Inc. (NASDAQ:PTVE) has been given an average recommendation of “Hold” by the six brokerages that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $15.83.

A number of research firms have recently weighed in on PTVE. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Citigroup restated a “neutral” rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in shares of Pactiv Evergreen by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after purchasing an additional 200,873 shares during the period. Geode Capital Management LLC lifted its stake in Pactiv Evergreen by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after buying an additional 10,158 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Pactiv Evergreen by 43.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock valued at $447,000 after buying an additional 11,670 shares during the period. Clearline Capital LP increased its position in shares of Pactiv Evergreen by 15.6% during the third quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock worth $1,929,000 after acquiring an additional 22,569 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Pactiv Evergreen during the third quarter worth $178,000. 22.23% of the stock is currently owned by institutional investors.

Pactiv Evergreen Stock Performance

Pactiv Evergreen stock opened at $17.52 on Friday. The company has a market cap of $3.14 billion, a PE ratio of -19.04, a PEG ratio of 1.70 and a beta of 1.24. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $17.61. The company’s 50-day moving average is $14.66 and its two-hundred day moving average is $12.63.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted $0.32 earnings per share. Pactiv Evergreen’s revenue was down 3.3% compared to the same quarter last year. Equities analysts anticipate that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.28%. Pactiv Evergreen’s dividend payout ratio is presently -43.48%.

Pactiv Evergreen Company Profile

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.