Pilgrim’s Pride Corporation $PPC Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 56.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,665 shares of the company’s stock after selling 120,607 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pilgrim’s Pride were worth $3,863,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in Pilgrim’s Pride by 59.3% during the 2nd quarter. AQR Capital Management LLC now owns 3,776,178 shares of the company’s stock valued at $169,852,000 after purchasing an additional 1,405,251 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Pilgrim’s Pride by 22.9% during the 2nd quarter. Bank of America Corp DE now owns 2,171,836 shares of the company’s stock valued at $97,689,000 after purchasing an additional 404,915 shares in the last quarter. State Street Corp increased its holdings in shares of Pilgrim’s Pride by 21.5% during the 2nd quarter. State Street Corp now owns 1,584,740 shares of the company’s stock valued at $71,282,000 after purchasing an additional 280,745 shares in the last quarter. Invesco Ltd. raised its position in shares of Pilgrim’s Pride by 48.6% in the second quarter. Invesco Ltd. now owns 1,459,203 shares of the company’s stock worth $65,635,000 after acquiring an additional 477,216 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Pilgrim’s Pride by 15.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,243,039 shares of the company’s stock worth $67,758,000 after purchasing an additional 166,967 shares during the period. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Price Performance

PPC stock opened at $37.14 on Thursday. Pilgrim’s Pride Corporation has a twelve month low of $35.73 and a twelve month high of $57.16. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $8.82 billion, a P/E ratio of 7.20 and a beta of 0.43. The business has a 50 day simple moving average of $38.51 and a 200-day simple moving average of $41.93.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.11. The company had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Pilgrim’s Pride had a net margin of 6.70% and a return on equity of 38.17%. Pilgrim’s Pride’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. As a group, equities analysts anticipate that Pilgrim’s Pride Corporation will post 5.13 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PPC shares. Weiss Ratings restated a “hold (c)” rating on shares of Pilgrim’s Pride in a research report on Monday, December 29th. Zacks Research upgraded shares of Pilgrim’s Pride from a “strong sell” rating to a “hold” rating in a report on Friday, November 7th. The Goldman Sachs Group lowered their price target on Pilgrim’s Pride from $54.00 to $46.00 and set a “neutral” rating for the company in a report on Monday, October 13th. Santander raised shares of Pilgrim’s Pride from a “neutral” rating to an “outperform” rating in a research report on Thursday, December 11th. Finally, Barclays dropped their target price on Pilgrim’s Pride from $49.00 to $45.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 9th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Pilgrim’s Pride presently has an average rating of “Hold” and a consensus price target of $46.33.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.