Pilgrim’s Pride (NASDAQ:PPC) Downgraded by ValuEngine to Hold

Pilgrim’s Pride (NASDAQ:PPC) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Wednesday, ValuEngine reports.

A number of other equities analysts have also issued reports on the company. BMO Capital Markets raised Pilgrim’s Pride from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $31.00 to $36.00 in a report on Tuesday, August 20th. Stephens increased their price objective on Pilgrim’s Pride from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, September 19th. Mizuho increased their price objective on Pilgrim’s Pride from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Zacks Investment Research lowered Pilgrim’s Pride from a “strong-buy” rating to a “hold” rating and set a $37.00 price objective for the company. in a report on Tuesday, October 1st. Finally, BidaskClub raised Pilgrim’s Pride from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $32.20.

PPC stock traded up $0.28 on Wednesday, reaching $30.97. The company’s stock had a trading volume of 632,763 shares, compared to its average volume of 1,698,822. Pilgrim’s Pride has a 52 week low of $14.83 and a 52 week high of $32.71. The company has a market capitalization of $7.65 billion, a P/E ratio of 24.20 and a beta of 0.75. The firm has a fifty day moving average of $30.69 and a two-hundred day moving average of $27.15. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.78 and a quick ratio of 0.93.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.09. Pilgrim’s Pride had a return on equity of 15.58% and a net margin of 2.53%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same period in the prior year, the company posted $0.53 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. As a group, equities analysts expect that Pilgrim’s Pride will post 1.97 EPS for the current fiscal year.

In other Pilgrim’s Pride news, CFO Fabio Sandri sold 74,710 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $28.27, for a total transaction of $2,112,051.70. Following the completion of the transaction, the chief financial officer now directly owns 326,363 shares of the company’s stock, valued at approximately $9,226,282.01. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayson Penn sold 51,222 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $28.29, for a total value of $1,449,070.38. Following the transaction, the chief executive officer now directly owns 204,408 shares of the company’s stock, valued at $5,782,702.32. The disclosure for this sale can be found here. Company insiders own 78.73% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Pilgrim’s Pride by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,967,489 shares of the company’s stock valued at $126,124,000 after purchasing an additional 132,150 shares in the last quarter. AQR Capital Management LLC boosted its stake in Pilgrim’s Pride by 11.3% during the 2nd quarter. AQR Capital Management LLC now owns 2,966,753 shares of the company’s stock valued at $73,724,000 after purchasing an additional 301,692 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Pilgrim’s Pride by 14.2% during the 2nd quarter. BlackRock Inc. now owns 2,742,638 shares of the company’s stock worth $69,637,000 after acquiring an additional 341,062 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Pilgrim’s Pride by 23.5% during the 2nd quarter. Prudential Financial Inc. now owns 2,225,706 shares of the company’s stock worth $56,511,000 after acquiring an additional 423,761 shares in the last quarter. Finally, Man Group plc boosted its stake in shares of Pilgrim’s Pride by 1,850.8% during the 2nd quarter. Man Group plc now owns 1,745,958 shares of the company’s stock worth $44,330,000 after acquiring an additional 1,656,458 shares in the last quarter. 19.75% of the stock is owned by hedge funds and other institutional investors.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.

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

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