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

Pactiv Evergreen Inc. (NASDAQ:PTVE) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders 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 yield of 2.95%. The ex-dividend date is Friday, May 31st.

Pactiv Evergreen has a payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Research 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 %

NASDAQ PTVE traded down $1.92 during midday trading on Friday, hitting $13.57. 1,743,190 shares of the company traded hands, compared to its average volume of 315,325. The company has a debt-to-equity ratio of 2.69, a current ratio of 2.00 and a quick ratio of 0.93. The company has a market cap of $2.43 billion, a PE ratio of -29.50, a price-to-earnings-growth ratio of 0.99 and a beta of 1.43. The company’s 50-day simple moving average is $14.22 and its 200-day simple moving average is $13.14. Pactiv Evergreen has a 52 week low of $6.85 and a 52 week high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) 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 firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.89% and a negative net margin of 1.50%. The business’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 EPS. As a group, equities research analysts forecast that Pactiv Evergreen will post 1.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PTVE. Citigroup lifted their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Robert W. Baird lifted their price objective on Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. UBS Group initiated coverage on Pactiv Evergreen in a report on Tuesday, January 16th. They set a “buy” rating and a $19.00 target price on the stock. The Goldman Sachs Group upped their price objective on Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price objective on shares of Pactiv Evergreen in a report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.