Pilgrim’s Pride (NASDAQ:PPC) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Pilgrim’s Pride (NASDAQ:PPCGet Rating) from a buy rating to a strong-buy rating in a report released on Tuesday morning.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group dropped their target price on Pilgrim’s Pride from $32.00 to $28.00 and set a neutral rating on the stock in a report on Tuesday, October 18th. Barclays decreased their target price on shares of Pilgrim’s Pride from $36.00 to $29.00 and set an overweight rating for the company in a research note on Tuesday, October 25th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Pilgrim’s Pride currently has a consensus rating of Moderate Buy and an average target price of $32.00.

Pilgrim’s Pride Price Performance

NASDAQ:PPC opened at $25.98 on Tuesday. Pilgrim’s Pride has a 12 month low of $20.23 and a 12 month high of $34.66. The stock has a 50 day moving average of $24.92 and a two-hundred day moving average of $26.11. The company has a current ratio of 1.55, a quick ratio of 0.80 and a debt-to-equity ratio of 1.16. The firm has a market cap of $6.14 billion, a P/E ratio of 6.70, a price-to-earnings-growth ratio of 2.35 and a beta of 0.96.

Pilgrim’s Pride (NASDAQ:PPCGet Rating) last released its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.22. The company had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Pilgrim’s Pride had a return on equity of 38.44% and a net margin of 5.40%. The firm’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 earnings per share. On average, analysts expect that Pilgrim’s Pride will post 3.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pilgrim’s Pride

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. lifted its holdings in Pilgrim’s Pride by 527.9% in the 2nd quarter. Prudential Financial Inc. now owns 1,366,446 shares of the company’s stock worth $42,674,000 after buying an additional 1,148,829 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Pilgrim’s Pride by 168.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,155,615 shares of the company’s stock valued at $35,974,000 after buying an additional 724,873 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Pilgrim’s Pride by 207.6% during the 2nd quarter. Renaissance Technologies LLC now owns 980,513 shares of the company’s stock valued at $30,621,000 after buying an additional 661,700 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Pilgrim’s Pride by 89.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 990,020 shares of the company’s stock worth $30,918,000 after purchasing an additional 467,270 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Pilgrim’s Pride by 71.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,077,050 shares of the company’s stock worth $27,034,000 after purchasing an additional 447,019 shares during the last quarter. Institutional investors and hedge funds own 16.81% of the company’s stock.

About Pilgrim’s Pride

(Get Rating)

Pilgrim’s Pride Corp. is engaged in the production, processing, marketing and distribution of fresh, frozen, and value-added chicken products to retailers, distributors and foodservice operators. It operates through the following segments: U.S., U.K. & Europe and Mexico. The company was founded by Lonnie A.

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

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