Pilgrim’s Pride (NASDAQ:PPC) Given New $34.00 Price Target at Mizuho

Pilgrim’s Pride (NASDAQ:PPC) had its price objective lifted by investment analysts at Mizuho from $30.00 to $34.00 in a research note issued on Friday, The Fly reports. The firm presently has a “buy” rating on the stock. Mizuho’s price target would indicate a potential upside of 17.93% from the stock’s current price.

Several other research analysts have also recently commented on the stock. Cleveland Research upgraded shares of Pilgrim’s Pride from a “neutral” rating to a “buy” rating in a report on Wednesday, May 22nd. BMO Capital Markets boosted their price target on shares of Pilgrim’s Pride to $31.00 and gave the stock an “in-line” rating in a report on Friday, May 3rd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Pilgrim’s Pride from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. TheStreet upgraded shares of Pilgrim’s Pride from a “c” rating to a “b-” rating in a report on Tuesday, May 28th. Finally, BidaskClub upgraded shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a report on Friday, July 26th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $25.94.

NASDAQ PPC traded down $0.47 on Friday, hitting $28.83. 11,739 shares of the stock were exchanged, compared to its average volume of 756,402. The company has a current ratio of 1.68, a quick ratio of 0.83 and a debt-to-equity ratio of 1.19. Pilgrim’s Pride has a fifty-two week low of $14.83 and a fifty-two week high of $29.73. The firm has a market cap of $6.81 billion, a P/E ratio of 22.52 and a beta of 0.80. The firm has a 50-day simple moving average of $26.38.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.60 by $0.09. Pilgrim’s Pride had a net margin of 1.95% and a return on equity of 14.13%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the business posted $0.53 EPS. The firm’s revenue was up .2% on a year-over-year basis. Analysts forecast that Pilgrim’s Pride will post 1.83 EPS for the current fiscal year.

Several large investors have recently modified their holdings of PPC. Destination Wealth Management purchased a new stake in shares of Pilgrim’s Pride during the 2nd quarter worth approximately $53,000. Great West Life Assurance Co. Can purchased a new stake in Pilgrim’s Pride in the 4th quarter valued at $107,000. New York State Teachers Retirement System purchased a new stake in Pilgrim’s Pride in the 2nd quarter valued at $119,000. NEXT Financial Group Inc purchased a new stake in Pilgrim’s Pride in the 2nd quarter valued at $176,000. Finally, Parametrica Management Ltd purchased a new stake in Pilgrim’s Pride in the 1st quarter valued at $202,000. Institutional investors and hedge funds own 18.97% of the company’s stock.

About Pilgrim’s Pride

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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