As of June 9, 2023, Geode Capital Management LLC increased its stake in Berry Global Group, Inc. (NYSE:BERRY) by 2.8% during the fourth quarter, according to the company’s most recent disclosure with the Securities and Exchange Commission (SEC). The industrial products company’s stock is now owned by Geode Capital Management LLC at a quantity of 1,694,872 shares after acquiring an additional 46,588 shares during the quarter. At the end of the fiscal year reporting period on December 31st, 2022, this position was worth $102,421,000.
Additionally, Berry Global Group announced a quarterly dividend for its shareholders. On Thursday, June 15th, those who are stockholders of record on Thursday, June 1st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Wednesday May 31st while the payout ratio currently sits at a percentage rate of around 17.54%.
Elsewhere within Berry Global Group’s business dealings took place as CFO Mark W Miles recently parted with a portion of his Berry Global Group stock holdings through the sale of over thirty-one-thousand shares.In total he relinquished ownership totaling to $4 million accompanied by records filed with SEC publicly available.
It is worth noting that approximately three percent plus or minus such value fluctuations is owned in part by some insiders whose identities may vary with regularity over time spans long to short or not at all.
In conclusion,the movement made public resides within eight digits of dollars invested across twelve digits in equities under management by Geode Capital Management LLC concerning their valued contribution to their continuous financial success.Please perform individual research before making any investment decisions regarding Stock purchases or related matters potentially affecting your sense of financial status or any statements in this text.
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Berry Global Group Attracts Interest from Investors and Analysts Alike
Berry Global Group, a leading industrial products company, has seen recent changes in its holdings by hedge funds and institutional investors. Spears Abacus Advisors LLC increased its stake in the company by 1.2%, while Fuller & Thaler Asset Management Inc., CIBC Private Wealth Group LLC, Capital Fund Management S.A., and Teacher Retirement System of Texas also all grew their holdings in BERY during the fourth quarter. In fact, 94.02% of the stock is owned by institutional investors and hedge funds.
The popularity of BERY among investors is also reflected in recent research reports. StockNews.com began coverage on Berry Global Group with a “buy” rating, while UBS Group lowered their price target on the stock from $75.00 to $73.00 on May 8th. Mizuho raised their price target from $64.00 to $65.00 on May 5th, and Truist Financial upgraded BERY from a “hold” rating to a “buy” rating, increasing their price objective for the company from $69.00 to $73.00 on May 24th.
The company will also pay a quarterly dividend of $0.25 per share on June 15th to shareholders of record as of June 1st. This represents an annualized dividend yield of 1.62%. Bloomberg reports that Berry Global Group has an average rating of “Moderate Buy” and an average target price of $72.00.
As of market open on June 9th, NYSE BERY opened at $61.60 per share, with a fifty-two week low of $44.52 and a fifty-two week high of $66.21 per share. The company has a debt-to-equity ratio of 2.82, reflecting its financial leverage position.
Berry Global Group reported Q1 earnings results above analysts’ forecasts, with EPS at $1.96, compared to a consensus estimate of $1.85. The company’s revenue for the quarter was reported at $3.29 billion, while analysts expected $3.47 billion in sales. Despite this lower than expected revenue, Berry Global Group’s return on equity for the quarter was 29.37% and a net margin of 5.34%. Over the past year, BERY has experienced a decline of 12.9% in revenue.
Overall, Berry Global Group seems poised for continued growth and investor interest, with high stakes from institutional investors and hedge funds, positive research reports, and solid earnings results.
