Victory Capital Management Inc. Makes New $2.07 Million Investment in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Victory Capital Management Inc. acquired a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 180,175 shares of the company’s stock, valued at approximately $2,074,000. Victory Capital Management Inc. owned 0.10% of Pactiv Evergreen as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after purchasing an additional 243,098 shares in the last quarter. Edgestream Partners L.P. raised its holdings in Pactiv Evergreen by 182.3% during the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after buying an additional 208,409 shares during the last quarter. Rubric Capital Management LP lifted its stake in shares of Pactiv Evergreen by 3.3% in the second 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 in the last quarter. Vanguard Group Inc. grew its holdings in shares of Pactiv Evergreen by 3.9% during the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock valued at $54,257,000 after buying an additional 143,776 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after buying an additional 121,400 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PTVE. Royal Bank of Canada dropped their price target on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. UBS Group lowered their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Robert W. Baird cut their target price on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.57.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $13.20 on Monday. The stock has a market cap of $2.37 billion, a P/E ratio of -14.35, a P/E/G ratio of 1.28 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The company’s 50 day moving average price is $11.82 and its two-hundred day moving average price is $11.78. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business’s revenue was down 3.3% on a year-over-year basis. On average, equities analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio is currently -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.