Pilgrim’s Pride Corporation (PPC) Price Target Raised to $32.00 at Morgan Stanley

Pilgrim’s Pride Corporation (NASDAQ:PPC) had its price target boosted by Morgan Stanley from $30.00 to $32.00 in a research note released on Friday. Morgan Stanley currently has an equal weight rating on the stock.

Other equities research analysts also recently issued research reports about the company. BidaskClub raised Pilgrim’s Pride Corporation from a hold rating to a buy rating in a research report on Saturday, August 5th. ValuEngine raised Pilgrim’s Pride Corporation from a hold rating to a buy rating in a research report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a hold rating and issued a $25.00 price objective on shares of Pilgrim’s Pride Corporation in a research report on Friday, July 14th. Vertical Group downgraded Pilgrim’s Pride Corporation from a buy rating to a hold rating in a research report on Tuesday, September 5th. They noted that the move was a valuation call. Finally, Vertical Research downgraded Pilgrim’s Pride Corporation from a buy rating to a hold rating in a research report on Tuesday, September 5th. Six investment analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $29.20.

Pilgrim’s Pride Corporation (NASDAQ PPC) traded down $0.49 during trading on Friday, reaching $34.04. The company’s stock had a trading volume of 1,060,600 shares, compared to its average volume of 1,291,101. The company has a quick ratio of 0.81, a current ratio of 1.65 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $8,589.42, a P/E ratio of 13.38 and a beta of 0.21. Pilgrim’s Pride Corporation has a one year low of $17.15 and a one year high of $35.00.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.21. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.32 billion. Pilgrim’s Pride Corporation had a return on equity of 53.62% and a net margin of 7.03%. Pilgrim’s Pride Corporation’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. research analysts anticipate that Pilgrim’s Pride Corporation will post 2.77 earnings per share for the current fiscal year.

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A number of hedge funds have recently bought and sold shares of the business. Legal & General Group Plc grew its position in Pilgrim’s Pride Corporation by 1.9% during the second quarter. Legal & General Group Plc now owns 18,769 shares of the company’s stock valued at $412,000 after acquiring an additional 347 shares during the period. Horrell Capital Management Inc. grew its position in Pilgrim’s Pride Corporation by 2.5% during the second quarter. Horrell Capital Management Inc. now owns 27,941 shares of the company’s stock valued at $612,000 after acquiring an additional 681 shares during the period. First Midwest Bank Trust Division grew its position in Pilgrim’s Pride Corporation by 2.4% during the second quarter. First Midwest Bank Trust Division now owns 30,961 shares of the company’s stock valued at $679,000 after acquiring an additional 738 shares during the period. The Manufacturers Life Insurance Company grew its position in Pilgrim’s Pride Corporation by 9.5% during the second quarter. The Manufacturers Life Insurance Company now owns 9,203 shares of the company’s stock valued at $201,000 after acquiring an additional 798 shares during the period. Finally, Voya Investment Management LLC grew its position in Pilgrim’s Pride Corporation by 4.3% during the second quarter. Voya Investment Management LLC now owns 19,808 shares of the company’s stock valued at $434,000 after acquiring an additional 813 shares during the period. 24.50% of the stock is owned by hedge funds and other institutional investors.

About Pilgrim’s Pride Corporation

Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.

Analyst Recommendations for Pilgrim`s Pride Corporation (NASDAQ:PPC)

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