Berry Global Group (NYSE:BERY) Sets New 52-Week High – Here’s Why

Shares of Berry Global Group, Inc. (NYSE:BERY) hit a new 52-week high on Monday . The stock traded as high as $72.77 and last traded at $72.66, with a volume of 295831 shares traded. The stock had previously closed at $71.71.

Analyst Ratings Changes

A number of research firms have issued reports on BERY. Barclays lifted their target price on Berry Global Group from $64.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday. Morgan Stanley started coverage on shares of Berry Global Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target on the stock. Royal Bank of Canada increased their price objective on shares of Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a research note on Thursday, November 21st. Truist Financial reaffirmed a “hold” rating and set a $72.00 target price (down previously from $74.00) on shares of Berry Global Group in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Monday. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Berry Global Group has an average rating of “Hold” and a consensus price target of $73.73.

Berry Global Group Stock Up 1.2 %

The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 1.42 and a beta of 1.14. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.41 and a quick ratio of 0.26. The stock has a fifty day moving average of $68.37 and a two-hundred day moving average of $64.60.

Berry Global Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.31 dividend. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, December 2nd. This represents a $1.24 annualized dividend and a dividend yield of 1.73%. Berry Global Group’s dividend payout ratio is presently 25.06%.

Insider Buying and Selling

In related news, Director Evan Bayh sold 14,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total value of $981,820.00. Following the transaction, the director now owns 30,228 shares in the company, valued at $2,119,889.64. The trade was a 31.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is owned by insiders.

Institutional Trading of Berry Global Group

A number of large investors have recently bought and sold shares of BERY. EdgePoint Investment Group Inc. grew its position in shares of Berry Global Group by 2.2% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 15,279,107 shares of the industrial products company’s stock worth $1,038,674,000 after buying an additional 336,186 shares during the period. State Street Corp grew its holdings in Berry Global Group by 10.4% in the third quarter. State Street Corp now owns 3,831,824 shares of the industrial products company’s stock worth $260,487,000 after purchasing an additional 360,857 shares during the period. FMR LLC grew its holdings in Berry Global Group by 38.4% in the third quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock worth $258,821,000 after purchasing an additional 1,055,756 shares during the period. Dimensional Fund Advisors LP increased its stake in Berry Global Group by 30.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock valued at $204,365,000 after purchasing an additional 807,211 shares in the last quarter. Finally, Eminence Capital LP raised its holdings in shares of Berry Global Group by 22.2% during the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock valued at $159,751,000 after purchasing an additional 492,793 shares during the period. 95.36% of the stock is currently owned by institutional investors and hedge funds.

About Berry Global Group

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.