Smithfield Foods (NASDAQ:SFD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Smithfield Foods (NASDAQ:SFD) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Several other equities analysts have also issued reports on SFD. Bank of America cut their price target on Smithfield Foods from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Zacks Research downgraded shares of Smithfield Foods from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Smithfield Foods in a research report on Monday, December 29th. Finally, Morgan Stanley set a $29.00 price target on shares of Smithfield Foods and gave the stock an “overweight” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.31.

Smithfield Foods Price Performance

Shares of Smithfield Foods stock opened at $24.20 on Friday. The firm has a 50 day simple moving average of $22.54 and a 200 day simple moving average of $23.12. Smithfield Foods has a fifty-two week low of $18.43 and a fifty-two week high of $26.07. The firm has a market cap of $9.51 billion and a P/E ratio of 10.90.

Smithfield Foods Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Thursday, November 13th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, November 13th. Smithfield Foods’s dividend payout ratio is presently 45.05%.

Hedge Funds Weigh In On Smithfield Foods

Institutional investors and hedge funds have recently made changes to their positions in the company. Prudential Financial Inc. lifted its holdings in shares of Smithfield Foods by 1,029.5% in the second quarter. Prudential Financial Inc. now owns 172,420 shares of the company’s stock valued at $4,057,000 after purchasing an additional 157,155 shares in the last quarter. Magnetar Financial LLC bought a new position in shares of Smithfield Foods during the second quarter worth about $419,000. Fourth Sail Capital LP acquired a new stake in Smithfield Foods in the 2nd quarter valued at approximately $18,424,000. Total Clarity Wealth Management Inc. bought a new stake in Smithfield Foods in the 2nd quarter valued at approximately $418,000. Finally, DAVENPORT & Co LLC lifted its stake in Smithfield Foods by 129.2% in the 2nd quarter. DAVENPORT & Co LLC now owns 290,734 shares of the company’s stock valued at $6,798,000 after acquiring an additional 163,860 shares in the last quarter.

Smithfield Foods Company Profile

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.