Pactiv Evergreen (NASDAQ:PTVE) Earns Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Pactiv Evergreen (NASDAQ:PTVE - Free Report) in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a $18.00 target price on the stock, up from their previous target price of $14.00.

A number of other equities research analysts have also recently weighed in on PTVE. Jefferies Financial Group restated a "hold" rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday. Citigroup restated a "neutral" rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $15.86.

Pactiv Evergreen Stock Performance

Shares of PTVE traded up $0.04 during mid-day trading on Thursday, reaching $17.27. 3,130,175 shares of the company's stock traded hands, compared to its average volume of 527,552. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The business's 50-day moving average price is $13.32 and its 200-day moving average price is $12.14. The stock has a market capitalization of $3.10 billion, a P/E ratio of -18.77, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period last year, the firm earned $0.32 EPS. The firm's revenue was down 3.3% compared to the same quarter last year. Equities analysts predict that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen's dividend payout ratio (DPR) is presently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

Large investors have recently made changes to their positions in the business. Rubric Capital Management LP boosted its stake in shares of Pactiv Evergreen by 3.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company's stock worth $64,825,000 after acquiring an additional 185,190 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Pactiv Evergreen by 11.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company's stock valued at $26,890,000 after purchasing an additional 243,098 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Pactiv Evergreen by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company's stock valued at $12,535,000 after purchasing an additional 10,158 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Pactiv Evergreen by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company's stock worth $11,310,000 after purchasing an additional 16,029 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Pactiv Evergreen by 17.3% in the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company's stock worth $8,534,000 after purchasing an additional 109,513 shares in the last quarter. Institutional investors own 22.23% of the company's stock.

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.