Legal & General Group Plc purchased a new position in Pilgrim’s Pride Corporation (NASDAQ:PPC – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 64,261 shares of the company’s stock, valued at approximately $1,806,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. MCF Advisors LLC bought a new stake in shares of Pilgrim’s Pride during the 4th quarter valued at about $35,000. Kingdom Financial Group LLC. bought a new position in Pilgrim’s Pride in the fourth quarter worth about $37,000. Bessemer Group Inc. lifted its holdings in Pilgrim’s Pride by 205.4% in the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock worth $39,000 after acquiring an additional 682 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Pilgrim’s Pride in the second quarter valued at approximately $30,000. Finally, Quarry LP boosted its stake in Pilgrim’s Pride by 30.5% in the fourth quarter. Quarry LP now owns 1,248 shares of the company’s stock valued at $49,000 after acquiring an additional 292 shares during the period. 16.64% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have recently weighed in on PPC. UBS Group dropped their price target on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Finally, Bank of America dropped their target price on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pilgrim’s Pride has a consensus rating of “Hold” and an average price target of $36.50.
Pilgrim’s Pride Stock Performance
Shares of PPC stock opened at $30.48 on Monday. The stock has a 50-day simple moving average of $29.05 and a 200 day simple moving average of $31.98. The stock has a market capitalization of $7.26 billion, a P/E ratio of 13.25 and a beta of 0.27. Pilgrim’s Pride Corporation has a fifty-two week low of $25.90 and a fifty-two week high of $44.87. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76.
Pilgrim’s Pride (NASDAQ:PPC – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.06). Pilgrim’s Pride had a return on equity of 21.70% and a net margin of 2.96%.The business had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the firm posted $1.70 earnings per share. Pilgrim’s Pride’s revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts expect that Pilgrim’s Pride Corporation will post 2.35 earnings per share for the current fiscal year.
Pilgrim’s Pride Profile
Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.
The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.
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