Pilgrim’s Pride Corp. (PPC) Price Target Cut to $21.00 by Analysts at Jefferies Group
Pilgrim’s Pride Corp. (NASDAQ:PPC) had its target price lowered by investment analysts at Jefferies Group from $23.00 to $21.00 in a note issued to investors on Wednesday. The firm presently has a “hold” rating on the stock. Jefferies Group’s target price points to a potential downside of 0.05% from the company’s current price.
A number of other brokerages also recently weighed in on PPC. Zacks Investment Research upgraded Pilgrim’s Pride Corp. from a “hold” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Tuesday, June 28th. BMO Capital Markets restated a “hold” rating and issued a $27.00 target price on shares of Pilgrim’s Pride Corp. in a research note on Friday, July 29th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $26.71.
Shares of Pilgrim’s Pride Corp. (NASDAQ:PPC) traded down 0.90% during trading on Wednesday, hitting $20.82. The stock had a trading volume of 170,896 shares. The stock’s 50-day moving average price is $21.73 and its 200-day moving average price is $24.02. The company has a market cap of $5.30 billion, a P/E ratio of 11.30 and a beta of 0.29. Pilgrim’s Pride Corp. has a one year low of $17.39 and a one year high of $27.79.
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Pilgrim’s Pride Corp. (NASDAQ:PPC) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by $0.06. Pilgrim’s Pride Corp. had a net margin of 5.85% and a return on equity of 40.35%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts forecast that Pilgrim’s Pride Corp. will post $1.98 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC increased its stake in Pilgrim’s Pride Corp. by 283.3% in the second quarter. Acrospire Investment Management LLC now owns 4,600 shares of the company’s stock valued at $117,000 after buying an additional 3,400 shares during the period. Huntington National Bank bought a new stake in Pilgrim’s Pride Corp. during the second quarter valued at about $121,000. Legal & General Group Plc increased its stake in Pilgrim’s Pride Corp. by 3.4% in the first quarter. Legal & General Group Plc now owns 4,950 shares of the company’s stock valued at $126,000 after buying an additional 162 shares during the period. New York State Teachers Retirement System bought a new stake in Pilgrim’s Pride Corp. during the second quarter valued at about $143,000. Finally, Pacer Advisors Inc. increased its stake in Pilgrim’s Pride Corp. by 505.6% in the second quarter. Pacer Advisors Inc. now owns 7,085 shares of the company’s stock valued at $181,000 after buying an additional 5,915 shares during the period. Institutional investors own 27.17% of the company’s stock.
Pilgrim’s Pride Corp. Company Profile
Pilgrim’s Pride Corporation (Pilgrim’s) is a retail food store. The Company is a producer and seller of chicken products with operations in the United States, Mexico and Puerto Rico. The Company is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.
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