Massachusetts Financial Services Co. MA Decreases Position in Pilgrim’s Pride Corporation (PPC)

Massachusetts Financial Services Co. MA lowered its position in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) by 93.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,869 shares of the company’s stock after selling 655,180 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Pilgrim’s Pride Corporation were worth $1,010,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Pilgrim’s Pride Corporation by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,668 shares of the company’s stock worth $105,000 after buying an additional 267 shares during the period. TrimTabs Asset Management LLC raised its stake in shares of Pilgrim’s Pride Corporation by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 5,016 shares of the company’s stock worth $113,000 after buying an additional 2,360 shares during the period. Pacer Advisors Inc. raised its stake in shares of Pilgrim’s Pride Corporation by 41.6% in the first quarter. Pacer Advisors Inc. now owns 11,777 shares of the company’s stock worth $265,000 after buying an additional 3,457 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Pilgrim’s Pride Corporation during the fourth quarter worth $298,000. Finally, Numeric Investors LLC acquired a new stake in shares of Pilgrim’s Pride Corporation during the fourth quarter worth $310,000. Hedge funds and other institutional investors own 26.56% of the company’s stock.

Pilgrim’s Pride Corporation (PPC) opened at 22.40 on Tuesday. The stock has a 50 day moving average price of $24.04 and a 200 day moving average price of $21.53. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 13.58 and a beta of 0.04. Pilgrim’s Pride Corporation has a 12 month low of $17.15 and a 12 month high of $26.22.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by $0.02. Pilgrim’s Pride Corporation had a net margin of 5.21% and a return on equity of 46.08%. The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the firm earned $0.46 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts expect that Pilgrim’s Pride Corporation will post $2.22 earnings per share for the current fiscal year.

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A number of brokerages have weighed in on PPC. Vertical Group upgraded Pilgrim’s Pride Corporation from a “hold” rating to a “buy” rating in a research note on Monday, April 24th. Vertical Research upgraded Pilgrim’s Pride Corporation from a “hold” rating to a “buy” rating in a research note on Friday, April 21st. They noted that the move was a valuation call. BidaskClub lowered Pilgrim’s Pride Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and set a $24.00 price objective on shares of Pilgrim’s Pride Corporation in a research note on Tuesday, May 16th. Finally, Zacks Investment Research lowered Pilgrim’s Pride Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, March 21st. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Pilgrim’s Pride Corporation has a consensus rating of “Hold” and an average target price of $21.25.

About Pilgrim’s Pride Corporation

Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It 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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Institutional Ownership by Quarter for Pilgrim`s Pride Corporation (NASDAQ:PPC)

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