Charles Schwab Investment Management Inc. decreased its position in Berry Global Group, Inc. (NYSE:BERY – Free Report) by 1.3% during the first quarter, Holdings Channel.com reports. The fund owned 784,194 shares of the industrial products company’s stock after selling 10,653 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Berry Global Group were worth $46,189,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC bought a new stake in shares of Berry Global Group during the 1st quarter valued at about $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in Berry Global Group in the first quarter worth about $29,000. Brown Brothers Harriman & Co. purchased a new position in Berry Global Group in the first quarter worth about $38,000. Belpointe Asset Management LLC purchased a new position in Berry Global Group in the fourth quarter worth about $50,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Berry Global Group by 101.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,095 shares of the industrial products company’s stock worth $66,000 after buying an additional 551 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have issued reports on the stock. Citigroup lifted their target price on shares of Berry Global Group from $79.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Bank of America boosted their price objective on shares of Berry Global Group from $70.00 to $75.00 in a report on Monday, July 10th. Wells Fargo & Company decreased their price objective on shares of Berry Global Group from $78.00 to $74.00 and set an “overweight” rating for the company in a report on Thursday, August 10th. StockNews.com cut shares of Berry Global Group from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Finally, Truist Financial raised shares of Berry Global Group from a “hold” rating to a “buy” rating and upped their target price for the company from $69.00 to $73.00 in a report on Wednesday, May 24th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Berry Global Group presently has a consensus rating of “Moderate Buy” and an average price target of $73.54.
Insider Transactions at Berry Global Group
In related news, President Michael Edward Hill sold 28,369 shares of the stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $66.57, for a total value of $1,888,524.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Berry Global Group news, President William J. Norman sold 9,000 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $66.48, for a total transaction of $598,320.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Michael Edward Hill sold 28,369 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $66.57, for a total value of $1,888,524.33. The disclosure for this sale can be found here. Insiders sold 67,520 shares of company stock valued at $4,430,448 in the last quarter. 3.30% of the stock is currently owned by corporate insiders.
Berry Global Group Trading Down 2.6 %
BERY stock opened at $61.07 on Friday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.87 and a quick ratio of 1.12. Berry Global Group, Inc. has a 12 month low of $44.52 and a 12 month high of $68.01. The firm’s 50-day moving average is $64.59 and its 200 day moving average is $61.16. The company has a market capitalization of $7.21 billion, a PE ratio of 11.52, a P/E/G ratio of 0.86 and a beta of 1.19.
Berry Global Group (NYSE:BERY – Get Free Report) last issued its earnings results on Wednesday, August 9th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.97 by ($0.07). Berry Global Group had a return on equity of 27.67% and a net margin of 5.05%. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the previous year, the company earned $2.03 earnings per share. The firm’s revenue was down 13.3% on a year-over-year basis. On average, research analysts anticipate that Berry Global Group, Inc. will post 7.29 EPS for the current year.
Berry Global Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, August 31st. Berry Global Group’s payout ratio is presently 18.87%.
About Berry Global Group
Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments. The Consumer Packaging International segment offers closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, containers, and technical components.
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