Pilgrim’s Pride (NASDAQ:PPC) Downgraded to “Hold” at ValuEngine

ValuEngine downgraded shares of Pilgrim’s Pride (NASDAQ:PPC) from a buy rating to a hold rating in a report released on Wednesday morning, ValuEngine reports.

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

Shares of PPC traded up $0.28 during midday trading on Wednesday, reaching $30.97. The stock had a trading volume of 632,763 shares, compared to its average volume of 1,698,822. Pilgrim’s Pride has a 1-year low of $14.83 and a 1-year high of $32.71. The company’s fifty day simple moving average is $30.69 and its two-hundred day simple moving average is $27.15. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 24.20 and a beta of 0.75. 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 announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.09. Pilgrim’s Pride had a net margin of 2.53% and a return on equity of 15.58%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period last year, the business earned $0.53 EPS. The company’s revenue was up .2% on a year-over-year basis. On average, sell-side analysts forecast that Pilgrim’s Pride will post 1.97 earnings per share for the current year.

In other Pilgrim’s Pride news, CEO Jayson Penn sold 51,222 shares of Pilgrim’s Pride 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 in the company, valued at $5,782,702.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Fabio Sandri sold 74,710 shares of Pilgrim’s Pride stock in a transaction on Tuesday, August 6th. The shares were 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 owns 326,363 shares in the company, valued at $9,226,282.01. The disclosure for this sale can be found here. 78.73% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Destination Wealth Management acquired a new position in Pilgrim’s Pride in the second quarter valued at $53,000. Point72 Hong Kong Ltd acquired a new position in Pilgrim’s Pride in the second quarter valued at $82,000. New York State Teachers Retirement System acquired a new position in Pilgrim’s Pride in the second quarter valued at $119,000. Meeder Asset Management Inc. acquired a new position in Pilgrim’s Pride in the second quarter valued at $138,000. Finally, ClariVest Asset Management LLC acquired a new position in Pilgrim’s Pride in the second quarter valued at $169,000. Institutional investors own 19.75% of the company’s stock.

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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