Pilgrim’s Pride (NASDAQ:PPC) Stock Price Target Lowered at Barclays

Pilgrim’s Pride (NASDAQ:PPC) had its price target cut by Barclays from $42.00 to $40.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the stock. Bank of America reduced their target price on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Weiss Ratings lowered shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. UBS Group reissued a “neutral” rating on shares of Pilgrim’s Pride in a research report on Tuesday, September 22nd. Finally, BMO Capital Markets reissued a “market perform” rating and set a $31.00 price objective on shares of Pilgrim’s Pride in a research note on Friday. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $34.67.

Pilgrim’s Pride Stock Up 4.0%

Shares of NASDAQ:PPC opened at $28.72 on Friday. The company has a quick ratio of 0.62, a current ratio of 1.55 and a debt-to-equity ratio of 0.88. Pilgrim’s Pride has a 52-week low of $25.00 and a 52-week high of $44.84. The stock’s fifty day simple moving average is $29.10 and its 200-day simple moving average is $32.55. The company has a market capitalization of $6.84 billion, a P/E ratio of 21.27 and a beta of 0.31.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.63 billion. Pilgrim’s Pride had a net margin of 1.75% and a return on equity of 14.72%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.52 EPS. As a group, equities research analysts forecast that Pilgrim’s Pride will post 1.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pilgrim’s Pride

Several institutional investors have recently added to or reduced their stakes in PPC. Bessemer Group Inc. lifted its holdings in shares of Pilgrim’s Pride by 205.4% in the 1st quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock worth $39,000 after purchasing an additional 682 shares during the last quarter. KBC Group NV boosted its position in Pilgrim’s Pride by 2.5% during the 1st quarter. KBC Group NV now owns 36,295 shares of the company’s stock valued at $1,370,000 after purchasing an additional 889 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Pilgrim’s Pride during the 2nd quarter valued at approximately $30,000. Integrated Wealth Concepts LLC acquired a new position in Pilgrim’s Pride during the 2nd quarter valued at approximately $30,000. Finally, Inspire Investing LLC grew its stake in Pilgrim’s Pride by 6.6% during the 3rd quarter. Inspire Investing LLC now owns 18,061 shares of the company’s stock worth $488,000 after buying an additional 1,119 shares during the last quarter. 16.64% of the stock is currently owned by institutional investors and hedge funds.

About Pilgrim’s Pride

Pilgrim’s Pride Corporation is a food company that produces, processes and distributes poultry and prepared foods. Its product portfolio includes fresh, frozen and ready-to-eat chicken products, as well as foodservice, retail and convenience offerings sold under brands such as Pilgrim’s, Just Bare, Gold’n Plump and Del Dia.

Founded in 1946, the company has grown from a regional poultry business into an international food producer. Pilgrim’s Pride serves grocery retailers, restaurants, foodservice distributors and other commercial customers across the United States, Mexico and the United Kingdom and Europe.