PNC Financial Services Group Inc. Acquires New Holdings in Smithfield Foods, Inc. $SFD

PNC Financial Services Group Inc. acquired a new stake in Smithfield Foods, Inc. (NASDAQ:SFD) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 1,300 shares of the company’s stock, valued at approximately $27,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Amalgamated Bank acquired a new position in shares of Smithfield Foods in the 1st quarter valued at approximately $28,000. Pacer Advisors Inc. acquired a new position in Smithfield Foods during the 1st quarter worth approximately $34,000. American Capital Advisory LLC acquired a new position in Smithfield Foods during the 1st quarter worth approximately $102,000. New York State Common Retirement Fund acquired a new position in Smithfield Foods during the 1st quarter worth approximately $110,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Smithfield Foods during the 1st quarter worth approximately $213,000.

Smithfield Foods Price Performance

SFD stock opened at $25.94 on Friday. The stock has a market capitalization of $10.20 billion and a price-to-earnings ratio of 11.43. The business’s fifty day moving average price is $24.29 and its two-hundred day moving average price is $22.25. Smithfield Foods, Inc. has a fifty-two week low of $18.43 and a fifty-two week high of $26.07.

Smithfield Foods (NASDAQ:SFD) last posted its quarterly earnings data on Tuesday, August 12th. The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.01). The business had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.62 billion. The company’s revenue was up 11.0% on a year-over-year basis.

Smithfield Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Thursday, August 14th will be given a $0.25 dividend. The ex-dividend date is Thursday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.9%. Smithfield Foods’s dividend payout ratio (DPR) is presently 44.05%.

Wall Street Analyst Weigh In

Several research firms have recently commented on SFD. UBS Group reissued a “buy” rating and issued a $28.50 price objective (up previously from $25.00) on shares of Smithfield Foods in a report on Wednesday, August 13th. Morgan Stanley increased their price objective on Smithfield Foods from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. Barclays increased their price objective on Smithfield Foods from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. Finally, Zacks Research raised Smithfield Foods from a “hold” rating to a “strong-buy” rating in a report on Friday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $28.44.

Smithfield Foods Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.