Pactiv Evergreen Inc. Declares Quarterly Dividend of $0.10 (NASDAQ:PTVE)

Pactiv Evergreen Inc. (NASDAQ:PTVE) announced a quarterly dividend on Tuesday, November 12th,Zacks Dividends reports. Shareholders of record on Monday, December 2nd will be paid a dividend of 0.10 per share on Friday, December 13th. This represents a $0.40 annualized dividend and a yield of 3.29%. The ex-dividend date is Monday, December 2nd.

Pactiv Evergreen has a dividend payout ratio of 31.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Pactiv Evergreen to earn $1.22 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 32.8%.

Pactiv Evergreen Trading Up 5.5 %

PTVE stock traded up $0.63 during midday trading on Wednesday, hitting $12.16. The company’s stock had a trading volume of 231,355 shares, compared to its average volume of 380,958. The company has a quick ratio of 0.93, a current ratio of 2.04 and a debt-to-equity ratio of 2.72. Pactiv Evergreen has a twelve month low of $8.83 and a twelve month high of $15.84. The company’s fifty day moving average price is $11.58 and its 200 day moving average price is $11.88.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 13.73%. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. As a group, sell-side analysts anticipate that Pactiv Evergreen will post 0.98 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PTVE. UBS Group lowered their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada lowered their price objective on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Robert W. Baird lowered their price objective on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.57.

Pactiv Evergreen Company Profile

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.