Pilgrim’s Pride (NASDAQ:PPC) Upgraded to Strong-Buy by BidaskClub

Pilgrim’s Pride (NASDAQ:PPC) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, March 30th, BidAskClub reports.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $19.00 price objective on shares of Pilgrim’s Pride in a report on Sunday, February 17th. ValuEngine upgraded Pilgrim’s Pride from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Zacks Investment Research upgraded Pilgrim’s Pride from a “strong sell” rating to a “hold” rating in a research report on Monday, January 7th. Finally, Stephens initiated coverage on Pilgrim’s Pride in a report on Monday, March 4th. They issued an “overweight” rating and a $19.75 target price for the company. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Pilgrim’s Pride has a consensus rating of “Buy” and a consensus price target of $22.63.

Shares of Pilgrim’s Pride stock traded up $0.59 on Friday, hitting $26.71. 725,599 shares of the company traded hands, compared to its average volume of 1,013,383. The company has a market capitalization of $6.51 billion, a PE ratio of 20.87 and a beta of 0.81. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.83 and a current ratio of 1.72. Pilgrim’s Pride has a 52 week low of $14.83 and a 52 week high of $26.78.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings data on Wednesday, February 13th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.09). The company had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Pilgrim’s Pride had a net margin of 2.27% and a return on equity of 16.52%. Pilgrim’s Pride’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm earned $0.54 earnings per share. On average, analysts forecast that Pilgrim’s Pride will post 1.52 earnings per share for the current year.

In other Pilgrim’s Pride news, CEO William W. Lovette sold 86,425 shares of Pilgrim’s Pride stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $20.30, for a total value of $1,754,427.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 78.73% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in Pilgrim’s Pride in the 4th quarter valued at $15,841,000. Millennium Management LLC increased its stake in shares of Pilgrim’s Pride by 88.9% during the fourth quarter. Millennium Management LLC now owns 1,710,763 shares of the company’s stock valued at $26,534,000 after acquiring an additional 805,336 shares during the period. JPMorgan Chase & Co. boosted its holdings in Pilgrim’s Pride by 12.6% during the third quarter. JPMorgan Chase & Co. now owns 2,917,939 shares of the company’s stock worth $52,785,000 after buying an additional 327,140 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pilgrim’s Pride by 27.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,390,571 shares of the company’s stock worth $21,568,000 after buying an additional 298,710 shares in the last quarter. Finally, QS Investors LLC boosted its holdings in Pilgrim’s Pride by 3,404.2% during the fourth quarter. QS Investors LLC now owns 266,318 shares of the company’s stock worth $4,131,000 after buying an additional 258,718 shares in the last quarter. 19.08% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.

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Analyst Recommendations for Pilgrim`s Pride (NASDAQ:PPC)

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