Soroban Capital Partners Lp Lowers stake in Pinnacle Foods Inc (PF)

Pinnacle Foods Inc (PF) : Soroban Capital Partners Lp reduced its stake in Pinnacle Foods Inc by 48.22% during the most recent quarter end. The investment management company now holds a total of 2,552,791 shares of Pinnacle Foods Inc which is valued at $126,490,794 after selling 2,376,828 shares in Pinnacle Foods Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Pinnacle Foods Inc makes up approximately 1.71% of Soroban Capital Partners Lp’s portfolio.

Other Hedge Funds, Including , Point72 Asia (hong Kong) Ltd boosted its stake in PF in the latest quarter, The investment management firm added 2,300 additional shares and now holds a total of 2,400 shares of Pinnacle Foods Inc which is valued at $118,920. Pinnacle Foods Inc makes up approx 0.22% of Point72 Asia (hong Kong) Ltd’s portfolio.State Of Tennessee Treasury Department reduced its stake in PF by selling 557 shares or 0.79% in the most recent quarter. The Hedge Fund company now holds 70,114 shares of PF which is valued at $3,474,149. Pinnacle Foods Inc makes up approx 0.02% of State Of Tennessee Treasury Department’s portfolio. Friess Associates added PF to its portfolio by purchasing 310,000 company shares during the most recent quarter which is valued at $15,360,500. Pinnacle Foods Inc makes up approx 1.48% of Friess Associates’s portfolio.Renaissance Technologies boosted its stake in PF in the latest quarter, The investment management firm added 773,700 additional shares and now holds a total of 1,211,200 shares of Pinnacle Foods Inc which is valued at $60,014,960. Pinnacle Foods Inc makes up approx 0.11% of Renaissance Technologies’s portfolio.Penserra Capital Management boosted its stake in PF in the latest quarter, The investment management firm added 69 additional shares and now holds a total of 208 shares of Pinnacle Foods Inc which is valued at $10,288.

Pinnacle Foods Inc opened for trading at $50.37 and hit $50.86 on the upside on Thursday, eventually ending the session at $50.75, with a gain of 0.20% or 0.1 points. The heightened volatility saw the trading volume jump to 10,00,943 shares. Company has a market cap of $5,987 M.

On the company’s financial health, Pinnacle Foods Inc reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.39. The company had revenue of $756.40 million for the quarter, compared to analysts expectations of $755.62 million. The company’s revenue was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.

Many Wall Street Analysts have commented on Pinnacle Foods Inc. Company shares were Reiterated by DA Davidson on Jul 29, 2016 to “Neutral”, Firm has raised the Price Target to $ 47 from a previous price target of $42 .Stifel Upgraded Pinnacle Foods Inc on Jul 29, 2016 to ” Buy”, Price Target of the shares are set at $55.Company shares were Upgraded by Goldman on Jul 12, 2016 to ” Buy”, Firm has raised the Price Target to $ 57 from a previous price target of $48 .

Pinnacle Foods Inc. is a manufacturer marketer and distributor of food products in North America. The Company’s products are sold through supermarkets grocery wholesalers and distributors mass merchandisers super centers convenience stores dollar stores drug stores and warehouse clubs in the United States and Canada as well as in military channels and foodservice locations. The Company operates through three segments: the Birds Eye Frozen segment the Duncan Hines Grocery segment and the Specialty Foods segment. The Birds Eye Frozen segment and the Duncan Hines Grocery segment which collectively represent its North America Retail operations include Birds Eye Birds Eye Voila! Van de Kamp’s Mrs. Paul’s Lender’s Celeste Hungry-Man and Aunt Jemima brands. The Duncan Hines Grocery Segment includes Duncan Hines Vlasic Log Cabin Armour Brooks and Nalley brand among others. Specialty Foods Segment consists of Snack Products and Foodservice and Private Label.

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