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

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have been assigned a consensus recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $15.83.

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

Pactiv Evergreen Stock Up 0.5 %

PTVE stock opened at $17.52 on Friday. The firm 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. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $17.61. The company has a fifty day simple moving average of $14.66 and a 200 day simple moving average of $12.63. 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 (NASDAQ:PTVE) last posted its earnings results 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. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business’s revenue was down 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.32 earnings per share. Sell-side analysts anticipate that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC bought a new position in shares of Pactiv Evergreen in the third quarter worth about $3,899,000. Dimensional Fund Advisors LP increased its holdings in shares of Pactiv Evergreen by 11.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after purchasing an additional 243,098 shares in the last quarter. Edgestream Partners L.P. raised its position in Pactiv Evergreen by 182.3% in the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after purchasing an additional 208,409 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Pactiv Evergreen by 70.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock worth $5,579,000 after buying an additional 200,873 shares in the last quarter. Finally, Rubric Capital Management LP boosted its position in Pactiv Evergreen by 3.3% in the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock valued at $64,825,000 after buying an additional 185,190 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

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.