Smithfield Foods (NASDAQ:SFD) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Smithfield Foods (NASDAQ:SFD) from a hold rating to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on SFD. Wall Street Zen cut Smithfield Foods from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings upgraded shares of Smithfield Foods from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Finally, Morgan Stanley boosted their target price on shares of Smithfield Foods from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $29.38.

Smithfield Foods Price Performance

Shares of NASDAQ:SFD opened at $25.83 on Wednesday. Smithfield Foods has a one year low of $18.55 and a one year high of $26.10. The company has a market cap of $10.16 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 1.25 and a beta of 0.12. The firm has a 50 day simple moving average of $24.18 and a 200 day simple moving average of $23.02.

Smithfield Foods (NASDAQ:SFD) last posted its earnings results on Tuesday, March 24th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.16. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.19 billion. During the same period in the previous year, the firm posted $0.52 EPS. The business’s quarterly revenue was up 7.0% compared to the same quarter last year.

Smithfield Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Tuesday, April 7th will be given a dividend of $0.3125 per share. This represents a $1.25 dividend on an annualized basis and a dividend yield of 4.8%. This is a positive change from Smithfield Foods’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, April 7th. Smithfield Foods’s dividend payout ratio is 45.05%.

Institutional Trading of Smithfield Foods

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SFD. Strs Ohio lifted its position in shares of Smithfield Foods by 76.5% in the 3rd quarter. Strs Ohio now owns 1,080 shares of the company’s stock worth $25,000 after purchasing an additional 468 shares during the period. Harbor Capital Advisors Inc. raised its stake in Smithfield Foods by 88.2% during the third quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock worth $26,000 after buying an additional 515 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in Smithfield Foods in the fourth quarter valued at $25,000. Raymond James Financial Inc. acquired a new position in Smithfield Foods in the second quarter valued at $29,000. Finally, Oakworth Capital Inc. bought a new stake in Smithfield Foods during the fourth quarter valued at $31,000.

About Smithfield Foods

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.