Brokerages Set Pilgrim’s Pride Corporation (PPC) Target Price at $23.71

Pilgrim’s Pride Corporation (NASDAQ:PPC) has received an average rating of “Hold” from the eight brokerages that are currently covering the firm. Five equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $23.71.

A number of equities research analysts have recently issued reports on the company. Jefferies Group LLC dropped their price target on Pilgrim’s Pride Corporation from $21.00 to $19.00 and set a “hold” rating for the company in a research report on Wednesday, November 30th. KeyCorp initiated coverage on Pilgrim’s Pride Corporation in a report on Thursday, December 1st. They issued an “overweight” rating and a $21.00 price objective on the stock. TheStreet cut Pilgrim’s Pride Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, October 26th. Finally, Zacks Investment Research cut Pilgrim’s Pride Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, December 27th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bridgeway Capital Management Inc. boosted its position in Pilgrim’s Pride Corporation by 9.5% in the second quarter. Bridgeway Capital Management Inc. now owns 1,154,500 shares of the company’s stock worth $29,417,000 after buying an additional 99,800 shares during the period. Spark Investment Management LLC boosted its position in Pilgrim’s Pride Corporation by 32.3% in the third quarter. Spark Investment Management LLC now owns 211,100 shares of the company’s stock worth $4,458,000 after buying an additional 51,500 shares during the period. LSV Asset Management boosted its position in Pilgrim’s Pride Corporation by 16.5% in the third quarter. LSV Asset Management now owns 5,659,066 shares of the company’s stock worth $119,519,000 after buying an additional 800,444 shares during the period. Denali Advisors LLC boosted its position in Pilgrim’s Pride Corporation by 50.4% in the third quarter. Denali Advisors LLC now owns 856,310 shares of the company’s stock worth $18,085,000 after buying an additional 286,910 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in Pilgrim’s Pride Corporation by 34.0% in the third quarter. BNP Paribas Arbitrage SA now owns 11,907 shares of the company’s stock worth $251,000 after buying an additional 3,021 shares during the period. Institutional investors own 24.01% of the company’s stock.

Pilgrim’s Pride Corporation (NASDAQ:PPC) opened at 20.43 on Wednesday. The stock has a 50 day moving average price of $18.99 and a 200-day moving average price of $20.45. The stock has a market capitalization of $5.07 billion, a P/E ratio of 11.81 and a beta of 0.05. Pilgrim’s Pride Corporation has a one year low of $17.15 and a one year high of $27.79.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last posted its quarterly earnings results on Wednesday, February 8th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by $0.09. The company earned $1.91 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Pilgrim’s Pride Corporation had a net margin of 5.55% and a return on equity of 44.02%. Pilgrim’s Pride Corporation’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.26 earnings per share. Analysts anticipate that Pilgrim’s Pride Corporation will post $2.07 earnings per share for the current year.

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About Pilgrim’s Pride Corporation

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.

5 Day Chart for NASDAQ:PPC

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