RBC Boosts Stake in Packaging Corporation of America by 25.2%
According to MarketBeat, Royal Bank of Canada (RBC) has significantly increased its stake in Packaging Corporation of America (PKG). In the first quarter, RBC acquired an additional 467,590 shares, bringing its total holdings to 2,323,010 shares. This represents a 25.2% increase from the previous quarter and accounts for approximately 2.61% of PKG's outstanding stock.
The company's market value is now around $492.99 million. Packaging Corporation of America is a leading North American manufacturer of containerboard and corrugated packaging products, with operations across the United States and serving customers throughout North America in various industries.
Analysts have been upgrading their price targets for PKG, with Truist Financial raising its target from $258 to $270, Deutsche Bank Aktiengesellschaft increasing its rating from 'hold' to 'buy', and JPMorgan Chase & Co. boosting its target from $269 to $271.