Pilgrim’s Pride Corporation (NASDAQ:PPC) Receives Average Rating of “Hold” from Brokerages

Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) have earned an average recommendation of “Hold” from the eight analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $36.50.

Several research analysts have recently weighed in on PPC shares. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Bank of America reduced their price target on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Finally, UBS Group cut their price objective on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, August 7th.

Hedge Funds Weigh In On Pilgrim’s Pride

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new position in shares of Pilgrim’s Pride during the 2nd quarter valued at about $30,000. Carrhae Capital LLP bought a new stake in Pilgrim’s Pride in the 2nd quarter worth approximately $52,185,000. Corient Private Wealth LP lifted its position in Pilgrim’s Pride by 63.3% in the 2nd quarter. Corient Private Wealth LP now owns 91,315 shares of the company’s stock worth $2,567,000 after buying an additional 35,396 shares during the last quarter. California State Teachers Retirement System boosted its stake in Pilgrim’s Pride by 2,640.8% in the second quarter. California State Teachers Retirement System now owns 1,436,365 shares of the company’s stock worth $40,376,000 after buying an additional 1,383,958 shares in the last quarter. Finally, Wedmont Private Capital boosted its stake in Pilgrim’s Pride by 39.4% in the second quarter. Wedmont Private Capital now owns 41,122 shares of the company’s stock worth $1,162,000 after buying an additional 11,622 shares in the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Trading Up 1.0%

NASDAQ PPC opened at $30.24 on Friday. The business’s fifty day moving average is $29.20 and its 200-day moving average is $31.62. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.36 and a quick ratio of 0.62. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 13.15 and a beta of 0.27. Pilgrim’s Pride has a one year low of $25.90 and a one year high of $44.84.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.06). Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.70%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the company posted $1.70 EPS. Pilgrim’s Pride’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts predict that Pilgrim’s Pride will post 2.35 EPS for the current year.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corporation (NASDAQ:PPC) is a food company engaged primarily in the production, processing, marketing and distribution of poultry products. Its offerings include fresh, frozen and prepared chicken, as well as ready-to-eat and ready-to-cook foods sold to retailers, foodservice operators and other commercial customers.

The company markets products under brands that include Pilgrim’s, Just Bare, Gold’n Plump, Country Pride and Pierce. Its portfolio includes whole chickens, chicken parts, breaded and formed products, deli items, sausages and other prepared foods designed for retail and foodservice use.

Pilgrim’s Pride traces its history to 1946, when Lonnie “Bo” Pilgrim and his brother opened a feed and seed store in Pittsburg, Texas.