A recent disclosure from the Securities and Exchange Commission has revealed that Bank of Nova Scotia, a prominent Canadian bank, has purchased a new stake in shares of Berry Global Group, Inc. (NYSE:BERY) during the fourth quarter of this year.
The disclosed purchase was for 22,700 shares of industrial products company stock which were valued at approximately $1,372,000. This move by Bank of Nova Scotia marks a significant investment in Berry Global Group and underscores the potential that the company holds in today’s marketplace.
Research analysts have also taken notice of Berry Global Group in recent months; these researchers have issued reports that suggest that now is an optimal time to invest in this company.
Wells Fargo & Company recently lifted their price target on BERY shares from $68.00 to $75.00. Similarly, Deutsche Bank Aktiengesellschaft upped their price target on shares from $70.00 to $75.00. Meanwhile, Barclays lifted their price objective on the company’s shares from $60.00 to $67.00 and gave Berry a rating of “equal weight.” Citigroup also increased their target price on Berry Global Group shares from $75.00 to $81.00 while giving them a “buy” rating.
Despite these positive reports, Truist Financial lowered their price target on Berry Global Group from $70.00 to $69.00 and set a rating of “hold” for the company.
In terms of risk and reward potential for investors, Bloomberg.com reports that four research analysts have rated BERY stock as “hold,” while six others have issued it a “buy” rating; resulting in an overall consensus rating of “moderate buy.” The high degree of variance between ratings signals significant differences between investors’ viewpoints with regards to Berry Global Group’s future potential as well as its current market position.
Currently opening at just over sixty dollars per share ($59.01), Berry Global Group has a market capitalization of around $7.03 billion and boasts a PE ratio of 10.35, an attractive P/E/G value of 0.78, and a beta of 1.16.
The company’s recent performance has shown positive growth with shares opening at $44.52 over the past 52 weeks while hitting a high of $66.21, giving rise to confidence in its long-term ability to provide investors with a solid ROI.
Overall, Bank of Nova Scotia’s purchase of Berry Global Group stock coupled with research analyst reports indicate that now is the right time to invest in the company despite any potential risk that may be involved – making Berry Global Group a highly attractive investment option for interested parties searching for profitable investment opportunities in today’s market.
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Berry Global Group experiences surge in investment interest from hedge funds and institutional investors
Berry Global Group, a leading manufacturer of consumer packaging and engineered materials, has experienced a recent surge in interest from hedge funds and institutional investors. Several investors have recently purchased new positions in the company, indicating confidence in its financial performance. William Blair Investment Management LLC reportedly invested $14.5 million during Q4 2020, Mirae Asset Global Investments Co. Ltd added an additional 243 shares to its portfolio, First Trust Advisors LP raised its holdings by 8.3%, and Dimensional Fund Advisors LP boosted its holdings by 4.4%. Overall, hedge funds and institutional investors now own 94.02% of the company’s stock.
Despite this recent surge of investment activity in Berry Global Group’s stock, insiders have sold off some of their shares. CFO Mark W. Miles sold nearly $2.3 million worth of BERY shares on March 7th at an average price of $61.27 per share.
Research analysts have also been keeping an eye on Berry Global Group’s performance, with some issuing reports that positively reflect the company’s growth potential. Wells Fargo & Company lifted their price target on BERY shares from $68 to $75 on February 6th, while Citigroup increased their target price from $75 to $81 on February 5th.
Berry Global Group announced robust earnings results for Q1 2021 with earnings per share of $1.96 and revenue of approximately $3.29 billion during the quarter beating analyst estimates by $0.11 per share but falling slightly short regarding revenue expectations.
Investors can expect dividends from Berry Global Group as well since it recently announced a quarterly dividend of $0.25 per share on record since June 1st; scheduled payment is on June 15th representing an annualized payout ratio of just over 17%. With its solid financial performance over the past year and favorable indicators from research analysts, Berry Global Group may be poised for further growth in the coming months.
