Analysts Set Pactiv Evergreen Inc. (NASDAQ:PTVE) Price Target at $11.86

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Rating) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $11.86.

Several equities analysts have commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $14.00 target price on shares of Pactiv Evergreen in a research report on Wednesday, March 8th. Deutsche Bank Aktiengesellschaft dropped their target price on Pactiv Evergreen from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, March 8th. Citigroup dropped their target price on Pactiv Evergreen from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, March 8th. Finally, Mizuho lowered their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, March 8th.

Institutional Investors Weigh In On Pactiv Evergreen

A number of hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. increased its holdings in Pactiv Evergreen by 17.0% in the fourth quarter. Alliancebernstein L.P. now owns 33,736 shares of the company’s stock worth $383,000 after purchasing an additional 4,900 shares in the last quarter. State of Wyoming acquired a new stake in Pactiv Evergreen in the fourth quarter valued at approximately $30,000. Belvedere Trading LLC acquired a new stake in Pactiv Evergreen in the fourth quarter valued at approximately $153,000. Lazard Asset Management LLC acquired a new stake in Pactiv Evergreen in the fourth quarter valued at approximately $31,000. Finally, Morgan Stanley grew its stake in Pactiv Evergreen by 4,426.3% in the fourth quarter. Morgan Stanley now owns 3,456,929 shares of the company’s stock valued at $39,271,000 after acquiring an additional 3,380,554 shares during the period. 21.48% of the stock is currently owned by institutional investors.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $7.65 on Thursday. The company has a current ratio of 2.43, a quick ratio of 1.27 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $1.36 billion, a PE ratio of 4.32 and a beta of 1.44. Pactiv Evergreen has a 12 month low of $7.56 and a 12 month high of $12.46. The stock has a 50-day moving average price of $10.71 and a two-hundred day moving average price of $10.72.

Pactiv Evergreen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 17th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $0.40 dividend on an annualized basis and a yield of 5.23%. Pactiv Evergreen’s payout ratio is currently 22.60%.

Pactiv Evergreen Company Profile

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Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, dinnerware, tableware, service ware, and other products.