Pilgrim’s Pride (NASDAQ:PPC) Price Target Increased to $40.00 by Analysts at Bank of America

Pilgrim’s Pride (NASDAQ:PPC) had its price objective hoisted by Bank of America from $36.00 to $40.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

PPC has been the topic of a number of other reports. The Goldman Sachs Group lifted their price target on Pilgrim’s Pride from $29.00 to $32.00 and gave the company a neutral rating in a research note on Tuesday, February 27th. BMO Capital Markets lifted their price target on Pilgrim’s Pride from $32.00 to $35.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. TheStreet upgraded Pilgrim’s Pride from a c+ rating to a b+ rating in a research note on Monday, February 26th. StockNews.com upgraded Pilgrim’s Pride from a hold rating to a buy rating in a research report on Tuesday, February 27th. Finally, Barclays boosted their target price on Pilgrim’s Pride from $29.00 to $35.00 and gave the stock an overweight rating in a research report on Tuesday, February 27th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Pilgrim’s Pride has a consensus rating of Moderate Buy and a consensus target price of $35.50.

Pilgrim’s Pride Trading Up 0.8 %

NASDAQ:PPC opened at $35.43 on Monday. The firm has a market cap of $8.39 billion, a P/E ratio of 26.24, a PEG ratio of 0.42 and a beta of 0.82. The company has a current ratio of 1.68, a quick ratio of 0.89 and a debt-to-equity ratio of 1.00. The stock’s 50 day simple moving average is $32.17 and its 200-day simple moving average is $28.27. Pilgrim’s Pride has a 12-month low of $19.96 and a 12-month high of $36.15.

Pilgrim’s Pride (NASDAQ:PPC) last released its earnings results on Monday, February 26th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.48 billion. Pilgrim’s Pride had a return on equity of 12.90% and a net margin of 1.85%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.49) earnings per share. Equities analysts anticipate that Pilgrim’s Pride will post 2.97 EPS for the current year.

Insider Transactions at Pilgrim’s Pride

In other news, CEO Fabio Sandri sold 40,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $33.32, for a total value of $1,332,800.00. Following the completion of the transaction, the chief executive officer now directly owns 257,065 shares of the company’s stock, valued at $8,565,405.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 82.63% of the company’s stock.

Hedge Funds Weigh In On Pilgrim’s Pride

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Pilgrim’s Pride by 3.8% during the third quarter. Vanguard Group Inc. now owns 6,857,532 shares of the company’s stock worth $157,861,000 after acquiring an additional 250,383 shares during the last quarter. BlackRock Inc. boosted its holdings in Pilgrim’s Pride by 9.9% in the first quarter. BlackRock Inc. now owns 4,464,867 shares of the company’s stock valued at $112,067,000 after purchasing an additional 401,749 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pilgrim’s Pride by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,691,177 shares of the company’s stock valued at $102,097,000 after purchasing an additional 72,446 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Pilgrim’s Pride by 31.4% in the fourth quarter. AQR Capital Management LLC now owns 2,050,308 shares of the company’s stock valued at $48,510,000 after purchasing an additional 490,356 shares during the last quarter. Finally, State Street Corp boosted its holdings in Pilgrim’s Pride by 1.6% in the first quarter. State Street Corp now owns 1,319,356 shares of the company’s stock valued at $30,583,000 after purchasing an additional 20,853 shares during the last quarter. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.