Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 40.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,566 shares of the company’s stock after selling 5,738 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pactiv Evergreen were worth $117,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PTVE. Greenwich Wealth Management LLC purchased a new position in Pactiv Evergreen during the third quarter worth approximately $84,000. Cable Hill Partners LLC acquired a new position in Pactiv Evergreen in the third quarter valued at $87,000. Janney Montgomery Scott LLC grew its position in Pactiv Evergreen by 10.0% during the third quarter. Janney Montgomery Scott LLC now owns 13,155 shares of the company’s stock valued at $107,000 after acquiring an additional 1,196 shares during the period. SG Americas Securities LLC acquired a new stake in Pactiv Evergreen during the third quarter worth about $146,000. Finally, Covestor Ltd raised its holdings in shares of Pactiv Evergreen by 12.2% in the 3rd quarter. Covestor Ltd now owns 21,762 shares of the company’s stock worth $177,000 after purchasing an additional 2,371 shares during the period. 22.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on PTVE. Robert W. Baird raised their price target on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of Pactiv Evergreen in a report on Monday, March 4th. UBS Group assumed coverage on Pactiv Evergreen in a research report on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price objective on the stock. Jefferies Financial Group initiated coverage on Pactiv Evergreen in a research report on Friday, January 19th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Citigroup boosted their price target on Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.00.

Pactiv Evergreen Trading Up 4.1 %

NASDAQ:PTVE opened at $13.46 on Friday. Pactiv Evergreen Inc. has a one year low of $6.86 and a one year high of $15.84. The business’s 50-day simple moving average is $14.11 and its 200 day simple moving average is $13.28. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.93 and a current ratio of 2.00. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -29.26, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.89%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the company earned $0.13 earnings per share. The business’s quarterly revenue was down 12.5% compared to the same quarter last year. As a group, sell-side analysts predict that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Friday, May 31st. Pactiv Evergreen’s dividend payout ratio is currently -86.96%.

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.