Envestnet Asset Management Inc. Sells 16,782 Shares of Pilgrim’s Pride Corporation $PPC

Envestnet Asset Management Inc. lowered its stake in Pilgrim’s Pride Corporation (NASDAQ:PPC) by 18.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,521 shares of the company’s stock after selling 16,782 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Pilgrim’s Pride were worth $3,307,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in shares of Pilgrim’s Pride by 25.9% in the first quarter. AQR Capital Management LLC now owns 2,370,927 shares of the company’s stock worth $128,599,000 after purchasing an additional 487,219 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in Pilgrim’s Pride by 77.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 785,098 shares of the company’s stock valued at $42,796,000 after buying an additional 341,517 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Pilgrim’s Pride by 448.0% in the 2nd quarter. Allianz Asset Management GmbH now owns 396,785 shares of the company’s stock worth $17,847,000 after acquiring an additional 324,382 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Pilgrim’s Pride by 26.1% during the 1st quarter. Assetmark Inc. now owns 1,070,893 shares of the company’s stock worth $58,374,000 after acquiring an additional 221,617 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Pilgrim’s Pride by 180.7% during the 1st quarter. Millennium Management LLC now owns 342,774 shares of the company’s stock worth $18,685,000 after acquiring an additional 220,673 shares in the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Trading Down 0.3%

Shares of PPC opened at $37.52 on Friday. The company’s fifty day simple moving average is $39.41 and its 200-day simple moving average is $44.27. The company has a market cap of $8.91 billion, a P/E ratio of 7.27 and a beta of 0.48. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. Pilgrim’s Pride Corporation has a twelve month low of $35.73 and a twelve month high of $57.16.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The company had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.65 billion. Pilgrim’s Pride had a net margin of 6.70% and a return on equity of 37.75%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.63 EPS. As a group, analysts expect that Pilgrim’s Pride Corporation will post 5.13 EPS for the current year.

Wall Street Analysts Forecast Growth

PPC has been the subject of a number of recent research reports. Wall Street Zen lowered shares of Pilgrim’s Pride from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Zacks Research raised shares of Pilgrim’s Pride from a “strong sell” rating to a “hold” rating in a research note on Friday, November 7th. The Goldman Sachs Group reduced their target price on shares of Pilgrim’s Pride from $54.00 to $46.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pilgrim’s Pride in a report on Thursday. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Pilgrim’s Pride presently has a consensus rating of “Hold” and a consensus target price of $47.00.

About Pilgrim’s Pride

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.