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EVANSVILLE, IN – Berry Global Group, Inc. (NYSE:BERY) shareholders voted to approve all proposed items during their Annual Meeting on Monday, as detailed in the company’s recent 8-K filing with the SEC. The meeting, which took place at Bally’s Casino (EPA:CASP) and Hotel in Evansville, Indiana, saw a high turnout with 86.6% of outstanding shares represented.
The election of directors was a key agenda item, with all nominated members receiving a majority of votes. B. Evan Bayh, Jonathan F. Foster, Meredith (NYSE:MDP) R. Harper, Idalene F. Kesner, Kevin J. Kwilinski, Jill A. Rahman, James T. Glerum, Chaney M. Sheffield, Robert A. Steele, Stephen E. Sterrett, and Peter T. Thomas will serve on the board. Votes against and abstentions were minimal, indicating strong shareholder support. The company’s stock has performed well under current leadership, trading near its 52-week high of $73.31, with a 31.5% return over the past year. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
Additionally, the appointment of Ernst & Young LLP as the company’s independent registered public accountants for the fiscal year ending September 27, 2025, was ratified with overwhelming support, receiving 98.5% of votes in favor.
Shareholders also participated in an advisory, non-binding vote on the company’s executive compensation, with a majority of 62.4% voting in favor. However, this item saw a notable number of votes against, at 32.9%.
In another advisory vote regarding the frequency of future executive compensation votes, shareholders expressed a strong preference for annual reviews, with 92.0% voting for a one-year frequency.
The Berry Global Group, a leader in plastics products manufacturing, has thus secured clear shareholder backing for its board composition, auditor selection, and executive compensation practices. This information is based on the company’s SEC filing and reflects the outcomes of the shareholder meeting on February 7, 2025.
In other recent news, Berry Global Group has been making strategic moves that have caught the attention of investors. Berry Global has finalized the sale of its Specialty Tapes business to Nautic Partners, LLC, a move that is part of the company’s efforts to streamline its portfolio and focus on core growth areas. The financial terms of the deal have not been disclosed, but it’s clear that this sale will not affect Berry Global’s role as the sole contributing sponsor for its pension plans.
In addition, Berry Global has announced a quarterly cash dividend of $0.31 per share, reflecting the company’s commitment to delivering value to its shareholders. This financial decision aligns with Berry Global’s regular review of its capital allocation strategy, emphasizing the company’s financial health and positive cash flow.
Furthermore, Berry Global is in the spotlight due to its merger agreement with Amcor (NYSE:AMCR), a global packaging company. Citi has resumed coverage on Berry Global with a Neutral rating, while JPMorgan reinstated coverage with an Overweight rating, both setting a price target of $76.00. RBC Capital Markets has also adjusted its outlook, increasing the price target to $73.00, up from the previous $69.00. These recent developments indicate that Berry Global continues to adapt to evolving market demands.
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