Verition Fund Management LLC Invests $4.59 Million in Berry Global Group, Inc. (NYSE:BERY)

Posted by on Jun 13th, 2023

Verition Fund Management LLC acquired a new position in Berry Global Group, Inc. (NYSE:BERY – Get Rating) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 76,026 shares of the industrial products company’s stock, valued at approximately $4,594,000. Verition Fund Management LLC owned 0.06% of Berry Global Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in BERY. BerganKDV Wealth Management LLC bought a new position in shares of Berry Global Group in the fourth quarter worth about $26,000. Brown Brothers Harriman & Co. acquired a new stake in Berry Global Group during the first quarter worth about $38,000. Lansing Street Advisors acquired a new stake in Berry Global Group during the fourth quarter worth about $46,000. Belpointe Asset Management LLC acquired a new stake in Berry Global Group during the fourth quarter worth about $50,000. Finally, Ronald Blue Trust Inc. grew its position in Berry Global Group by 78.1% during the fourth quarter. Ronald Blue Trust Inc. now owns 1,653 shares of the industrial products company’s stock worth $76,000 after buying an additional 725 shares in the last quarter. 94.02% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Berry Global Group news, CFO Mark W. Miles sold 31,602 shares of the company’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $61.34, for a total transaction of $1,938,466.68. Following the transaction, the chief financial officer now owns 65,456 shares of the company’s stock, valued at approximately $4,015,071.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.30% of the stock is owned by corporate insiders.

Berry Global Group Stock Up 1.1 %

NYSE BERY opened at $61.99 on Tuesday. The firm has a market cap of $7.39 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 0.83 and a beta of 1.18. Berry Global Group, Inc. has a one year low of $44.52 and a one year high of $66.21. The stock’s 50 day simple moving average is $58.44 and its 200 day simple moving average is $59.57. The company has a debt-to-equity ratio of 2.82, a current ratio of 1.95 and a quick ratio of 1.15.

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 analysts’ consensus estimates of $1.85 by $0.11. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.47 billion. Berry Global Group had a return on equity of 29.37% and a net margin of 5.34%. Berry Global Group’s revenue for the quarter was down 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.93 EPS. As a group, sell-side analysts forecast that Berry Global Group, Inc. will post 7.42 earnings per share for the current fiscal year.

Berry Global Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.00 dividend on an annualized basis and a yield of 1.61%. Berry Global Group’s dividend payout ratio (DPR) is presently 17.54%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Truist Financial raised Berry Global Group from a “hold” rating to a “buy” rating and lifted their target price for the stock from $69.00 to $73.00 in a research report on Wednesday, May 24th. StockNews.com assumed coverage on Berry Global Group in a research report on Thursday, May 18th. They set a “buy” rating on the stock. UBS Group decreased their target price on Berry Global Group from $75.00 to $73.00 in a research report on Monday, May 8th. Finally, Mizuho upped their price objective on Berry Global Group from $64.00 to $65.00 in a research note on Friday, May 5th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Berry Global Group has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Berry Global Group 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.

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Institutional Ownership by Quarter for Berry Global Group (NYSE:BERY)

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