Goldman Sachs Upgrades Pinnacle Foods Inc to Buy with Price Target $57.00

Brokerage firm Goldman Sachs Upgrades its rating on Pinnacle Foods Inc(NYSE:PF). In a research note issued to the investors, the brokerage major Raises the price-target to $57.00 per share. The shares have been rated Buy. Previously, the analysts had a Neutral rating on the shares. The rating by Goldman Sachs was issued on Jul 12, 2016.

Pinnacle Foods Inc (PF) shares turned negative on Fridays trading session with the shares closing down -0.28 points or -0.58% at a volume of 14,85,859. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $48.93. The peak price level was also seen at $48.93 while the days lowest was $48.195. Finally the shares closed at $48.38. The 52-week high of the shares is $48.93 while the 52-week low is $38.32. According to the latest information available, the market cap of the company is $5,652 M.

Pinnacle Foods Inc(PF) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $754.25M. Analysts had an estimated revenue of $774.72M. Earnings per share were $0.40. Analysts had estimated an EPS of $0.40.

Several Insider Transactions has been reported to the SEC. On Jul 5, 2016, Michael Kelley Maggs (EVP, Secretary, GC) sold 5,000 shares at $46.34 per share price.Also, On Jun 10, 2016, Craig D. Steeneck (EVP, CFO) sold 20,683 shares at $43.58 per share price.On Mar 21, 2016, Mark L. Schiller (EVP, Div. Pres – NA Retail) sold 7,823 shares at $46.00 per share price, according to the Form-4 filing with the securities and exchange commission.

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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