Berry Global Group (NYSE:BERY) Upgraded to “Buy” at Truist Financial

Truist Financial upgraded shares of Berry Global Group (NYSE:BERY – Get Rating) from a hold rating to a buy rating in a research report report published on Wednesday, The Fly reports. They currently have $73.00 price objective on the industrial products company’s stock, up from their previous price objective of $69.00.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada lifted their target price on shares of Berry Global Group from $70.00 to $74.00 and gave the company an outperform rating in a research note on Tuesday, February 7th. Citigroup lifted their target price on shares of Berry Global Group from $75.00 to $81.00 and gave the company a buy rating in a research note on Sunday, February 5th. Mizuho boosted their price target on shares of Berry Global Group from $64.00 to $65.00 in a research note on Friday, May 5th. Barclays boosted their price target on shares of Berry Global Group from $60.00 to $67.00 and gave the stock an equal weight rating in a research note on Monday, February 6th. Finally, Wells Fargo & Company boosted their price target on shares of Berry Global Group from $68.00 to $75.00 in a research note on Monday, February 6th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $72.00.

Berry Global Group Trading Up 2.5 %

NYSE:BERY opened at $59.99 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.15 and a debt-to-equity ratio of 2.82. Berry Global Group has a 12 month low of $44.52 and a 12 month high of $66.21. The company has a market cap of $7.15 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 0.79 and a beta of 1.16. The company has a 50 day simple moving average of $57.63 and a two-hundred day simple moving average of $58.88.

Berry Global Group (NYSE:BERY – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The industrial products company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.11. The business had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.47 billion. Berry Global Group had a net margin of 5.34% and a return on equity of 29.37%. The company’s revenue was down 12.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 EPS. Research analysts forecast that Berry Global Group will post 7.43 earnings per share for the current year.

Berry Global Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.00 annualized dividend and a yield of 1.67%. Berry Global Group’s payout ratio is 17.54%.

Insider Activity at Berry Global Group

In related news, CFO Mark W. Miles sold 37,942 shares of the company’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $61.27, for a total transaction of $2,324,706.34. Following the transaction, the chief financial officer now directly owns 47,058 shares in the company, valued at approximately $2,883,243.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Berry Global Group

Several hedge funds have recently modified their holdings of BERY. Venturi Wealth Management LLC purchased a new stake in Berry Global Group during the first quarter valued at approximately $25,000. BerganKDV Wealth Management LLC purchased a new stake in Berry Global Group during the fourth quarter valued at approximately $26,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Berry Global Group during the first quarter valued at approximately $29,000. Quarry LP lifted its position in Berry Global Group by 150.9% during the first quarter. Quarry LP now owns 537 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 323 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new stake in Berry Global Group during the first quarter valued at approximately $38,000. Hedge funds and other institutional investors own 94.02% of the company’s stock.

Berry Global Group Company Profile

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Berry Global Group, Inc engages in the provision of innovative rigid, flexible, and non-woven products. It operates through the following segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene and Specialties. The Consumer Packaging International segment consists of rigid products that primarily service non-North American markets.