Berry Global Group, Inc. (NYSE:BERY) Raises Dividend to $0.31 Per Share

Berry Global Group, Inc. (NYSE:BERY - Get Free Report) declared a quarterly dividend on Wednesday, October 30th, Zacks reports. Investors of record on Monday, December 2nd will be given a dividend of 0.31 per share by the industrial products company on Monday, December 16th. This represents a $1.24 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Monday, December 2nd. This is an increase from Berry Global Group's previous quarterly dividend of $0.28.

Berry Global Group has a payout ratio of 13.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Berry Global Group to earn $8.19 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 13.4%.

Berry Global Group Price Performance

Berry Global Group stock traded up $0.01 during mid-day trading on Thursday, hitting $70.74. 692,152 shares of the company traded hands, compared to its average volume of 979,986. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.08 and a current ratio of 1.82. Berry Global Group has a one year low of $54.06 and a one year high of $71.10. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 1.10 and a beta of 1.15. The stock has a fifty day moving average price of $67.83 and a 200-day moving average price of $63.14.

Berry Global Group (NYSE:BERY - Get Free Report) last announced its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.02 by $0.16. Berry Global Group had a return on equity of 27.32% and a net margin of 4.55%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the company earned $1.90 EPS. The company's revenue was down 2.1% on a year-over-year basis. On average, equities analysts predict that Berry Global Group will post 7.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Evan Bayh sold 14,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the sale, the director now owns 30,228 shares of the company's stock, valued at $2,119,889.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on BERY. Morgan Stanley initiated coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They issued an "equal weight" rating and a $76.00 price objective on the stock. Truist Financial lifted their price objective on Berry Global Group from $68.00 to $74.00 and gave the stock a "hold" rating in a research report on Tuesday, October 15th. StockNews.com upgraded Berry Global Group from a "hold" rating to a "buy" rating in a report on Wednesday. Finally, UBS Group reduced their price objective on shares of Berry Global Group from $89.00 to $77.00 and set a "buy" rating on the stock in a research report on Wednesday, July 17th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $71.22.

About Berry Global Group

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.