Type
|
Public |
---|---|
Traded as | NYSE: PF |
Industry | Food processing |
Founded | 1998 (as Vlasic Foods International) |
Headquarters | Parsippany, New Jersey, U.S. |
Key people
|
Roger Deromedi, Chairman Mark A. Clouse (CEO) Craig Steenek, CFO Christopher Boever, EVP, CCO Mary Beth DeNooyer, EVP, CHRO D. Michael Wittman, EVP, CSCO M. Kelley Maggs, Secretary, General Counsel Mark Schiller, EVP, President North America Retail |
Products | Frozen food, Condiments, Baking mixes, Packaged meat |
Revenue | $2.5 billion USD(2010) |
Number of employees
|
4,000 |
Website | www.pinnaclefoods.com |
Pinnacle Foods, Inc., is a packaged foods company, headquartered in Parsippany, New Jersey, that specializes in the shelf stable and frozen food categories.
The company was founded in 1998 as Vlasic Foods International, acquiring the Swanson TV dinners, Open Pit and Vlasic Pickles brands from the Campbell Soup Company. In March 2004, it acquired Aurora Foods of St. Louis, Missouri. In 2009, Pinnacle Foods acquired Birds Eye Foods, Inc.
Aurora Foods was founded by Ian Wilson, a former executive with Coca-Cola and Dole, in 1995. Wilson eventually used Aurora to purchase the Van de Kamp seafood brand from Pillsbury and several other brands.These brands were in many cases market leaders, but the parent companies no longer considered them a part of their core marketing strategy, and refused to spend any more money on new marketing and development.
In 2001, Wilson and other Aurora executives pleaded guilty to securities fraud for misrepresenting its financial statements. Wilson was sentenced to 33 months in prison and fined US$1 million.
In 2000, Jim Smith, a former executive with ConAgra, was named CEO and was charged with restoring Aurora Foods to health. He remained until 2002, which set events in motion leading to Aurora's acquisition. After the 2004 merger with Pinnacle Foods, Pinnacle closed the St. Louis offices, moving its operation to Cherry Hill, New Jersey.
In 2007, Pinnacle Foods was acquired by the Blackstone Group, a private equity firm based in New York City, for $2.16 billion.
In 2009, the Swanson brand was discontinued in the U.S., but remained use in Canada; also, Pinnacle Foods acquired Birds Eye Foods, Inc. adding a mix of frozen and specialty brands to its portfolio.
In 2013, Pinnacle Foods' Parsippany office was named Inc. Magazine's World's Coolest Office. That year, Pinnacle Foods had its IPO on the New York Stock Exchange, raising approximately $580 million for its owners, the private equity Blackstone Group. Shares began trading under the ticker symbol PF on April 4 at the upper range of its offering, $20 per share, thereby valuing Pinnacle Foods with a market capitalization of $2.3 billion.
Pinnacle was in Fortune Magazine's 2011 Top 1000 companies list.
In May 2014, Hillshire Brands announced it was buying Pinnacle Foods for $4.23 billion in a cash and stock deal. Hillshire Brands' portfolio includes Jimmy Dean, Ball Park, and Sara Lee.
On June 30, 2014, it was announced that Pinnacle Foods had scrapped its sale to Hillshire Brands, which would allow Hillshire to be acquired by Tyson Foods. Pinnacle will receive a $163 million payment as part of the breakup from Hillshire, and Pinnacle will also receive an expected $25 million in one-time costs connected to the scotched sale.
In November 2014, Pinnacle Foods announced it would acquire the plant-based protein food maker Garden Protein International Inc for a fee of $154 million. Its primary product is known by the brand name, Gardein (http://www.gardein.com), a selection of frozen plant-based entrees.
In November 2015, Pinnacle Foods announced it would be acquiring Boulder Brands for around $710 million, as part of the company’s strategy to expand its health and wellness services.
In March 2016, it was announced that CEO Robert Gamgort would be leaving Pinnacle to be the new CEO of Keurig Green Mountain. Mark Clouse, formerly of Mondalez, joined as the most recent CEO of the company.
2016-05-24 | Reiterated Rating | Bank of America | Buy | |
2016-05-24 | Reiterated Rating | Bank of America Corp. | Buy | |
2016-03-24 | Reiterated Rating | DA Davidson | Hold | |
2016-03-23 | Reiterated Rating | RBC Capital | Buy | $52.00 |
2016-03-23 | Reiterated Rating | Royal Bank Of Canada | Buy | $52.00 |
2016-03-02 | Upgrade | Buckingham Research | Neutral to Buy | $46.00 to $50.00 |
2016-02-26 | Upgrade | Stephens | Equal Weight to Buy | |
2016-02-24 | Reiterated Rating | RBC Capital | Outperform | $49.00 to $52.00 |
2016-02-16 | Lower Price Target | Deutsche Bank | $46.00 to $44.00 | |
2016-02-16 | Lower Price Target | Deutsche Bank AG | $46.00 to $44.00 | |
2016-01-11 | Upgrade | BMO Capital Markets | Market Perform to Outperform | $50.00 |
2016-01-07 | Reiterated Rating | Deutsche Bank | Hold | $45.00 to $46.00 |
2015-12-11 | Initiated Coverage | DA Davidson | Neutral | $47.00 |
2015-11-25 | Boost Price Target | RBC Capital | Outperform | $45.00 to $49.00 |
2015-11-25 | Reiterated Rating | Morgan Stanley | Equal Weight | $45.00 |
2015-10-30 | Boost Price Target | BMO Capital Markets | Market Perform | $40.00 to $42.00 |
2015-10-19 | Initiated Coverage | Buckingham Research | Neutral | $46.00 |
2015-07-16 | Downgrade | Deutsche Bank | Buy to Hold | $45.00 |
2015-06-01 | Boost Price Target | Deutsche Bank | Buy | $44.00 to $45.00 |
2015-05-10 | Reiterated Rating | Morgan Stanley | Equal Weight | |
2015-04-28 | Boost Price Target | RBC Capital | Outperform to Outperform | $39.00 to $45.00 |
2015-04-13 | Boost Price Target | Deutsche Bank | Buy | $42.00 to $44.00 |
2015-03-16 | Reiterated Rating | Deutsche Bank | Buy | $39.00 to $42.00 |
2015-03-16 | Boost Price Target | Bank of America | $45.00 | |
2015-02-25 | Reiterated Rating | RBC Capital | Outperform | |
2015-01-12 | Downgrade | Stephens | Overweight to Equal Weight | $35.00 |
2015-01-07 | Boost Price Target | Deutsche Bank | Buy | $37.00 to $39.00 |
2014-11-17 | Upgrade | Deutsche Bank | Hold to Buy | $34.00 to $37.00 |
2014-11-13 | Reiterated Rating | Credit Suisse | Outperform | $36.00 to $37.00 |
2014-11-13 | Reiterated Rating | Credit Suisse Group AG | Outperform | $36.00 to $37.00 |
2014-11-05 | Reiterated Rating | Deutsche Bank | Hold | $33.00 to $34.00 |
2014-10-02 | Initiated Coverage | ING Group | Buy | |
2014-10-02 | Initiated Coverage | Tigress Financial | Buy | |
2014-08-14 | Reiterated Rating | BMO Capital Markets | Market Perform | $36.00 to $32.00 |
2014-08-14 | Upgrade | Stephens | Equal Weight to Overweight | |
2014-08-11 | Reiterated Rating | Deutsche Bank | Hold | $35.00 to $33.00 |
2014-07-15 | Initiated Coverage | Morgan Stanley | Equal Weight | $36.00 to $32.00 |
2014-07-15 | Initiated Coverage | Goldman Sachs | Neutral | $34.00 |
2014-07-15 | Initiated Coverage | Goldman Sachs Group Inc. | Neutral | $34.00 |
2014-06-26 | Upgrade | RBC Capital | Sector Perform to Outperform | $36.00 |
2014-06-13 | Upgrade | Credit Suisse | Neutral to Outperform | $36.00 |
2014-06-02 | Reiterated Rating | Deutsche Bank | Hold | $36.00 to $35.00 |
2014-05-14 | Boost Price Target | RBC Capital | Sector Perform | $31.00 to $36.00 |
2014-05-13 | Downgrade | Credit Suisse | Outperform to Neutral | $33.00 to $36.00 |
2014-05-13 | Downgrade | BMO Capital Markets | Outperform to Market Perform | $31.00 to $38.00 |
2014-05-13 | Downgrade | Stifel Nicolaus | Buy to Hold | $35.88 to $18.00 |
2014-05-12 | Downgrade | Deutsche Bank | Buy to Hold | $32.00 to $37.00 |
2014-04-08 | Initiated Coverage | Deutsche Bank | Buy | $32.00 |
2014-03-07 | Boost Price Target | Stifel Nicolaus | Buy | $29.00 to $31.00 |
2013-11-25 | Initiated Coverage | RBC Capital | Sector Perform | $31.00 |
2013-11-22 | Boost Price Target | Janney Montgomery Scott | Buy to Fair Value | $30.00 to $33.00 |
2013-11-14 | Initiated Coverage | BMO Capital Markets | Outperform | $31.00 |
2013-10-16 | Initiated Coverage | Goldman Sachs | Neutral to Buy | $31.00 |
2013-10-10 | Reiterated Rating | Morgan Stanley | Hold | $27.00 |
2013-10-10 | Boost Price Target | Stifel Nicolaus | Buy | $27.00 to $29.00 |
2016-05-24 | Reiterated Rating | Bank of America | Buy | |
2016-05-24 | Reiterated Rating | Bank of America Corp. | Buy | |
2016-03-24 | Reiterated Rating | DA Davidson | Hold | |
2016-03-23 | Reiterated Rating | RBC Capital | Buy | $52.00 |
2016-03-23 | Reiterated Rating | Royal Bank Of Canada | Buy | $52.00 |
There is presents forecasts of rating agencies and recommendations for investors about this ticker
In PF 31 funds of 2213 total. Show all
Fund name | Ticker shares |
---|---|
RS INVESTMENT MANAGEMENT CO LLC | 5.03M |
BlackRock Institutional Trust Company, N.A. | 3.02M |
RUSSELL FRANK CO/ | 1.50M |
BlackRock Fund Advisors | 1.22M |
BLACKROCK ADVISORS LLC | 0.38M |
AHL Partners LLP | 0.22M |
EverPoint Asset Management, LLC | 0.20M |
BAIRD ROBERT W & CO INC /WI/ | 0.19M |
CORNERSTONE CAPITAL MANAGEMENT LLC | 0.19M |
MANAGED ACCOUNT ADVISORS LLC | 0.19M |
BlackRock Group LTD | 0.16M |
RHJ International SA | 0.13M |
JANUS CAPITAL MANAGEMENT LLC | 0.12M |
BlackRock Investment Management, LLC | 85448 |
RAINIER INVESTMENT MANAGEMENT LLC | 73280 |
Name Relationship | Total Shares | Holding stocks |
---|---|---|
Gamgort Robert James Chief Executive Officer | 0.69% (811125) | PF / W / |
DEROMEDI ROGER K | 0.40% (464444) | PF / |
Steeneck Craig D. EVP, CFO | 0.17% (196561) | PF / |
Misericordia Lynne M. See Remarks | 0.09% (110370) | PF / |
Clouse Mark A. Chief Executive Officer | 0.08% (95057) | MDLZ / PF / |
SILCOCK RAYMOND | 0.08% (93540) | DMND / PF / UST / |
Fernandez Antonio F. See Remarks | 0.06% (74824) | LPT / PF / |
Schiller Mark L. See Remarks | 0.05% (58533) | PF / |
Maggs Michael Kelley See Remarks | 0.05% (54958) | PF / |
Pant Muktesh | 0.04% (49706) | PF / YUM / |
Kroeger John F. See Remarks | 0.04% (48737) | PF / |
Boever Christopher J. EVP and Chief Customer Officer | 0.03% (39614) | PF / |
Poland Daniel EVP, CSC Officer | 0.02% (24185) | PF / |
Fandozzi Ann | 0.01% (16670) | PF / |
DeNooyer Mary Beth See Remarks | 0.01% (13868) | PF / |
Barkley Michael J EVP, CMO | 0.01% (12851) | PF / |
Nielsen Jane | 0.01% (12089) | COH / PF / RL / |
Skoufalos Ioannis | 0.01% (8719) | PF / PG / |
JUNG MARK | 0.01% (6161) | PF / YDLE / |