Smithfield Foods, Inc. (NASDAQ:SFD) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Smithfield Foods, Inc. (NASDAQ:SFD) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $28.3125.

Several brokerages have recently commented on SFD. Weiss Ratings lowered Smithfield Foods from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday. Zacks Research downgraded Smithfield Foods from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th. UBS Group restated a “buy” rating and set a $28.50 price objective (up from $25.00) on shares of Smithfield Foods in a research report on Wednesday, August 13th. Morgan Stanley set a $29.00 price objective on Smithfield Foods and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Bank of America cut their price objective on Smithfield Foods from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, October 8th.

Smithfield Foods Price Performance

Shares of NASDAQ:SFD opened at $21.51 on Monday. The business’s 50 day simple moving average is $23.65 and its 200-day simple moving average is $23.27. Smithfield Foods has a 12 month low of $18.43 and a 12 month high of $26.07.

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

Smithfield Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Thursday, August 14th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Thursday, August 14th.

Insider Activity

In related news, insider Donovan Owens acquired 12,000 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was purchased at an average cost of $23.25 per share, for a total transaction of $279,000.00. Following the transaction, the insider directly owned 77,000 shares of the company’s stock, valued at approximately $1,790,250. This trade represents a 18.46% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Long Wan acquired 1,800,000 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The shares were bought at an average price of $23.25 per share, with a total value of $41,850,000.00. Following the completion of the transaction, the director directly owned 5,060,000 shares in the company, valued at approximately $117,645,000. The trade was a 55.21% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 1,831,753 shares of company stock worth $42,588,257. 0.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. increased its holdings in shares of Smithfield Foods by 88.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock worth $26,000 after buying an additional 515 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Smithfield Foods during the 2nd quarter worth $29,000. CWM LLC acquired a new stake in shares of Smithfield Foods during the 2nd quarter worth $30,000. PNC Financial Services Group Inc. acquired a new stake in shares of Smithfield Foods during the 1st quarter worth $27,000. Finally, Amalgamated Bank acquired a new stake in shares of Smithfield Foods during the 1st quarter worth $28,000.

About Smithfield Foods

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.