Allspring Global Investments Holdings LLC Grows Stock Position in Pilgrim’s Pride Corporation (NASDAQ:PPC)

Allspring Global Investments Holdings LLC increased its holdings in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 18.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 56,066 shares of the company’s stock after acquiring an additional 8,638 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pilgrim’s Pride were worth $3,154,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Pilgrim’s Pride by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,113,888 shares of the company’s stock worth $232,119,000 after buying an additional 33,965 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Pilgrim’s Pride by 44.1% during the 4th quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company’s stock worth $85,502,000 after purchasing an additional 576,438 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Pilgrim’s Pride by 26.8% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,845,480 shares of the company’s stock worth $83,766,000 after purchasing an additional 389,967 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Pilgrim’s Pride by 15.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company’s stock worth $62,513,000 after purchasing an additional 180,164 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Pilgrim’s Pride by 11.9% during the 4th quarter. Invesco Ltd. now owns 1,125,329 shares of the company’s stock worth $51,079,000 after purchasing an additional 119,555 shares during the last quarter. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim’s Pride Stock Performance

Shares of PPC stock opened at $45.77 on Monday. The company has a current ratio of 1.35, a quick ratio of 0.88 and a debt-to-equity ratio of 1.02. The firm has a fifty day moving average price of $47.42 and a 200 day moving average price of $49.18. The company has a market cap of $10.85 billion, a P/E ratio of 9.03 and a beta of 0.45. Pilgrim’s Pride Corporation has a 12 month low of $37.28 and a 12 month high of $57.16.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, April 30th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.05. Pilgrim’s Pride had a net margin of 6.72% and a return on equity of 36.95%. The company had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Pilgrim’s Pride’s revenue for the quarter was up 2.3% on a year-over-year basis. Sell-side analysts predict that Pilgrim’s Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PPC shares. The Goldman Sachs Group started coverage on shares of Pilgrim’s Pride in a research report on Monday, June 23rd. They set a “neutral” rating and a $50.00 price target on the stock. Wall Street Zen raised shares of Pilgrim’s Pride from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 21st. Finally, BMO Capital Markets lifted their price target on shares of Pilgrim’s Pride from $47.00 to $48.00 and gave the company a “market perform” rating in a research report on Monday, March 17th. Six research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Pilgrim’s Pride presently has a consensus rating of “Hold” and a consensus target price of $48.67.

Pilgrim’s Pride Company Profile

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