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

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Stockholders of record on Friday, May 31st will be given a dividend of 0.10 per share on Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, May 31st.

Pactiv Evergreen has a payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pactiv Evergreen to earn $1.31 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 30.5%.

Pactiv Evergreen Stock Down 12.4 %

PTVE traded down $1.92 during trading hours on Friday, hitting $13.57. 1,743,190 shares of the company's stock were exchanged, compared to its average volume of 315,325. The firm has a market cap of $2.43 billion, a P/E ratio of -29.50, a price-to-earnings-growth ratio of 0.99 and a beta of 1.43. Pactiv Evergreen has a 12-month low of $6.85 and a 12-month high of $15.84. The company has a current ratio of 2.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.69. The firm has a 50 day moving average of $14.22 and a 200 day moving average of $13.14.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.05. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.89% and a negative net margin of 1.50%. The company's revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 earnings per share. Analysts predict that Pactiv Evergreen will post 1.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PTVE shares. Jefferies Financial Group assumed coverage on Pactiv Evergreen in a research note on Friday, January 19th. They issued a "buy" rating and a $18.00 price objective for the company. Citigroup boosted their price target on shares of Pactiv Evergreen from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Thursday, April 4th. UBS Group assumed coverage on shares of Pactiv Evergreen in a report on Tuesday, January 16th. They issued a "buy" rating and a $19.00 price objective on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $18.00 price objective on shares of Pactiv Evergreen in a research report on Monday, March 4th. Finally, Robert W. Baird increased their target price on Pactiv Evergreen from $12.00 to $15.00 and gave the company a "neutral" rating in a report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Pactiv Evergreen presently has an average rating of "Moderate Buy" and an average price target of $16.00.

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.