May 17, 2023 – Mercer Global Advisors Inc. ADV has recently announced that it had grown its holdings in Berry Global Group, Inc. (NYSE:BERY) by 23.6% during the fourth quarter. The institutional investor owned 26,213 shares of the industrial products company’s stock after purchasing an additional 5,001 shares during the quarter. The total worth of Mercer Global Advisors’ holdings in Berry Global Group stood at $1,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Berry Global Group last reported its earnings results on Thursday, May 4th, which showed a significant beat on EPS estimates for the current year. The industrial products company reported $1.96 EPS for the quarter compared to the consensus estimate of $1.85 by $0.11. Alongside this, Berry Global Group witnessed a return on equity of 29.37% and a net margin of 5.34% for FY23-Q2.
During Q1 FY23-24, Berry Global Group generated revenue worth $3.29 billion compared to analyst expectations of $3.47 billion attributed to the impact of Covid-19 pandemic-related supply chain disruptions across regions worldwide and a challenging market environment.
Despite challenges faced by Berry Global Group due to pandemic-related uncertainties and macroeconomic headwinds over recent quarters, Wall Street analysts remain optimistic regarding its outlook amidst hopes for a swift global economic recovery post-pandemic.
Several research reports have recognized Berry Global Group’s inherent value proposition and potential for robust growth going forward while maintaining their recommendations on holding or buying shares in the stock as per Bloomberg.com data.
Truist Financial decreased their price target on Berry Global Group from $70.00 to $69.00 while keeping the rating ‘hold’ earlier this year in April. Robert W Baird raised their price target from $68.00 to $74.00 and rated the stock as ‘buy’ in February.
StocksNews.com also upgraded the company from a ‘hold’ rating to ‘buy.’ Similarly, Barclays boosted its price target on BERY from $60.00 to $67.00 in February while maintaining an ‘equal weight’ rating.
In light of these varied perspectives, Berry Global Group’s consensus rating stands at Moderate Buy with a consensus price target of $71.67, indicating significant growth potential in the long-term if realized by shareholders.
Berry Global Group (NYSE:BERY) contributed significantly to America’s manufacturing and industrial landscape while focusing on sustainable operations and responsible resource utilization in production processes. Mercer Global Advisors Inc.’s strengthened investment in Berry Global Group, coupled with Wall Street analysts’ positive outlook, may lead investors to believe that the plastics firm is likely to take advantage of current market headwinds toward commendable growth prospects going forward.
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Investment in Berry Global Group, Inc. Grows Among Hedge Funds and Institutions, Despite Fluctuations in Share Price
Investment in Berry Global Group, Inc. has grown significantly in recent times with hedge funds and institutional investors purchasing and selling shares. Financial advisors such as BerganKDV Wealth Management LLC, Wipfli Financial Advisors LLC, Brown Brothers Harriman & Co., Lansing Street Advisors, and Belpointe Asset Management LLC have all acquired new positions in the company over the past year. Hedge funds and institutional investors now own 94.02% of the company’s stock.
Berry Global Group is a public trade company listed on NYSE BERY with a PE ratio of 10.13, a market capitalization of $6.88 billion and a beta of 1.16. On May 17th, it opened at $57.74 per share, having had a 12-month low of $44.52 and a 12-month high of $66.21.
A number of research reports have been released regarding BERY in recent times with both positive and negative information being disclosed about the company’s financials going forward. These reports have caused fluctuations in the company’s share price as investors digest this information.
Despite some instability remaining in BERY stock investment, the corporation recently released details about its quarterly dividend payment for their shareholders on record as at June 1st with payment set to be paid out on June 15th to these shareholders who will receive $0.25 per share held by them – which represents an annualized dividend payout ratio (DPR) rate of 17.54%.
The CFO also sold shares to the value of over two million dollars back in March this year indicating confidence internally among top members of staff on stability returning to Berry Global post-COVID-19 related turbulence from last year.
Overall Berry Global Group remains an attractive investment option for both retail investors and high net worth individuals alike due to its strong financial performance over time when measured against similar businesses within its sector.
