Royal Bank of Canada Boosts Berry Global Group (NYSE:BERY) Price Target to $73.00

Berry Global Group (NYSE:BERY) had its price objective increased by Royal Bank of Canada from $69.00 to $73.00 in a research note published on Thursday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the industrial products company’s stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley assumed coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 target price for the company. Truist Financial restated a “hold” rating and issued a $72.00 price target (down from $74.00) on shares of Berry Global Group in a research report on Wednesday, November 20th. Finally, StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $72.00.

Berry Global Group Trading Up 1.1 %

NYSE:BERY opened at $71.71 on Thursday. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 1.39 and a beta of 1.14. The company has a quick ratio of 1.08, a current ratio of 0.41 and a debt-to-equity ratio of 2.57. Berry Global Group has a 52 week low of $54.06 and a 52 week high of $72.50. The firm has a 50 day moving average of $68.22 and a 200 day moving average of $64.44.

Berry Global Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.31 per share. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, December 2nd. Berry Global Group’s payout ratio is presently 28.25%.

Insider Buying and Selling

In other news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the transaction, the director now owns 30,228 shares in the company, valued at approximately $2,119,889.64. This represents a 31.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.00% of the company’s stock.

Institutional Trading of Berry Global Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in Berry Global Group by 33.8% during the 1st quarter. Russell Investments Group Ltd. now owns 37,552 shares of the industrial products company’s stock valued at $2,271,000 after purchasing an additional 9,483 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Berry Global Group by 39.9% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 19,172 shares of the industrial products company’s stock valued at $1,162,000 after buying an additional 5,466 shares in the last quarter. Vanguard Group Inc. raised its position in Berry Global Group by 10.2% during the first quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock valued at $782,070,000 after acquiring an additional 1,200,021 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in Berry Global Group by 49.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 37,268 shares of the industrial products company’s stock worth $2,254,000 after acquiring an additional 12,295 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of Berry Global Group during the 1st quarter worth $100,000. 95.36% of the stock is owned by institutional investors and hedge funds.

About Berry Global Group

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.