Swiss National Bank Cuts Position in Berry Global Group, Inc. (NYSE:BERY)

Posted by Defense World Staff on May 13th, 2023

Swiss National Bank decreased its position in Berry Global Group, Inc. (NYSE:BERY – Get Rating) by 2.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 302,018 shares of the industrial products company’s stock after selling 7,000 shares during the quarter. Swiss National Bank owned 0.25% of Berry Global Group worth $18,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of BERY. Dakota Wealth Management increased its position in Berry Global Group by 2.4% in the fourth quarter. Dakota Wealth Management now owns 16,233 shares of the industrial products company’s stock worth $981,000 after purchasing an additional 378 shares during the last quarter. Boston Partners increased its holdings in shares of Berry Global Group by 2.4% in the 4th quarter. Boston Partners now owns 29,394 shares of the industrial products company’s stock worth $1,776,000 after buying an additional 680 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Berry Global Group by 3.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,734 shares of the industrial products company’s stock valued at $588,000 after buying an additional 289 shares in the last quarter. Benjamin Edwards Inc. lifted its holdings in shares of Berry Global Group by 16.8% in the 4th quarter. Benjamin Edwards Inc. now owns 16,911 shares of the industrial products company’s stock valued at $1,022,000 after acquiring an additional 2,432 shares during the last quarter. Finally, WMS Partners LLC purchased a new position in Berry Global Group in the fourth quarter worth about $230,000. 94.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BERY. Wells Fargo & Company raised their price objective on Berry Global Group from $68.00 to $75.00 in a research note on Monday, February 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Berry Global Group from $70.00 to $75.00 in a research note on Friday, February 3rd. Barclays increased their target price on shares of Berry Global Group from $60.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, February 6th. Robert W. Baird lifted their price target on shares of Berry Global Group from $68.00 to $74.00 in a research note on Friday, February 3rd. Finally, Truist Financial reduced their price objective on shares of Berry Global Group from $70.00 to $69.00 and set a “hold” rating on the stock in a research report on Tuesday, April 11th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.67.

Berry Global Group Price Performance

NYSE BERY opened at $57.46 on Friday. The company has a market cap of $6.85 billion, a PE ratio of 10.08, a P/E/G ratio of 0.78 and a beta of 1.16. The firm’s 50 day moving average price is $57.63 and its 200-day moving average price is $58.16. The company has a debt-to-equity ratio of 2.82, a quick ratio of 1.15 and a current ratio of 1.95. Berry Global Group, Inc. has a 52-week low of $44.52 and a 52-week high of $66.21.

Berry Global Group (NYSE:BERY – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The industrial products company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.85 by $0.11. Berry Global Group had a return on equity of 29.37% and a net margin of 5.34%. The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same period in the previous year, the company posted $1.93 EPS. The business’s revenue for the quarter was down 12.9% compared to the same quarter last year. Sell-side analysts forecast that Berry Global Group, Inc. will post 7.4 EPS for the current fiscal year.

Berry Global Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Wednesday, May 31st. Berry Global Group’s payout ratio is currently 17.54%.

Insider Buying and Selling

In other Berry Global Group news, CFO Mark W. Miles sold 37,942 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $61.27, for a total value of $2,324,706.34. Following the completion of the sale, the chief financial officer now directly owns 47,058 shares in the company, valued at $2,883,243.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.30% of the stock is currently owned by company insiders.

Berry Global Group Company Profile

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Berry Global Group, Inc engages in the provision of innovative rigid, flexible, and non-woven products. It operates through the following segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene and Specialties. The Consumer Packaging International segment consists of rigid products that primarily service non-North American markets.