Pilgrim’s Pride Corporation (NASDAQ:PPC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 3.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415,337 shares of the company’s stock after selling 14,103 shares during the period. Bank of New York Mellon Corp owned 0.17% of Pilgrim’s Pride worth $22,640,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Point72 Asset Management L.P. increased its holdings in Pilgrim’s Pride by 102.0% during the 4th quarter. Point72 Asset Management L.P. now owns 16,381 shares of the company’s stock valued at $744,000 after acquiring an additional 827,381 shares in the last quarter. AQR Capital Management LLC lifted its position in Pilgrim’s Pride by 44.1% during the fourth quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company’s stock valued at $85,502,000 after buying an additional 576,438 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Pilgrim’s Pride by 26.8% during the fourth 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 in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in Pilgrim’s Pride by 156.4% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 333,077 shares of the company’s stock valued at $15,118,000 after acquiring an additional 203,192 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Pilgrim’s Pride by 15.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company’s stock valued at $62,513,000 after purchasing an additional 180,164 shares during the last quarter. Institutional investors and hedge funds own 16.64% of the company’s stock.

Pilgrim’s Pride Stock Performance

Shares of NASDAQ PPC opened at $45.06 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.35 and a quick ratio of 0.88. The stock’s fifty day moving average price is $46.66 and its two-hundred day moving average price is $49.07. Pilgrim’s Pride Corporation has a one year low of $38.78 and a one year high of $57.16. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 8.89 and a beta of 0.45.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PPC. Wall Street Zen raised shares of Pilgrim’s Pride from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 21st. 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 objective on the stock. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Pilgrim’s Pride has an average rating of “Hold” and a consensus price target of $48.67.

Pilgrim’s Pride 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.