Pilgrim’s Pride (NASDAQ:PPC) Raised to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Pilgrim’s Pride (NASDAQ:PPC) from a market perform rating to an outperform rating in a research note published on Tuesday morning, BenzingaRatingsTable reports. They currently have $36.00 price target on the stock, up from their previous price target of $31.00.

PPC has been the subject of a number of other research reports. BidaskClub upgraded Pilgrim’s Pride from a buy rating to a strong-buy rating in a research report on Wednesday, August 14th. Cleveland Research upgraded Pilgrim’s Pride from a neutral rating to a buy rating in a research report on Wednesday, May 22nd. Mizuho boosted their target price on Pilgrim’s Pride from $30.00 to $34.00 and gave the stock a buy rating in a research report on Friday, August 2nd. TheStreet upgraded Pilgrim’s Pride from a c rating to a b- rating in a research report on Tuesday, May 28th. Finally, Barclays restated a buy rating on shares of Pilgrim’s Pride in a research report on Sunday, May 5th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $27.19.

PPC stock opened at $30.63 on Tuesday. The company has a market cap of $7.60 billion, a P/E ratio of 23.93 and a beta of 0.81. Pilgrim’s Pride has a twelve month low of $14.83 and a twelve month high of $30.86. The company has a quick ratio of 0.93, a current ratio of 1.78 and a debt-to-equity ratio of 1.11. The business has a fifty day moving average of $27.78 and a 200-day moving average of $24.89.

Pilgrim’s Pride (NASDAQ:PPC) last released its earnings results on Wednesday, July 31st. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.09. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.86 billion. Pilgrim’s Pride had a return on equity of 15.58% and a net margin of 2.53%. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 earnings per share. As a group, equities research analysts anticipate that Pilgrim’s Pride will post 1.99 earnings per share for the current fiscal year.

In other Pilgrim’s Pride news, CEO Jayson Penn sold 51,222 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $28.29, for a total value of $1,449,070.38. Following the completion of the transaction, the chief executive officer now directly owns 204,408 shares of the company’s stock, valued at $5,782,702.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Fabio Sandri sold 74,710 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $28.27, for a total value of $2,112,051.70. Following the completion of the transaction, the chief financial officer now directly owns 326,363 shares of the company’s stock, valued at $9,226,282.01. The disclosure for this sale can be found here. Corporate insiders own 78.73% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Ladenburg Thalmann Financial Services Inc. grew its stake in Pilgrim’s Pride by 52.0% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,118 shares of the company’s stock valued at $282,000 after acquiring an additional 3,803 shares during the period. Amundi Pioneer Asset Management Inc. grew its stake in Pilgrim’s Pride by 1,203.4% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 128,552 shares of the company’s stock valued at $3,263,000 after acquiring an additional 118,689 shares during the period. United Services Automobile Association grew its stake in Pilgrim’s Pride by 38.0% in the second quarter. United Services Automobile Association now owns 12,538 shares of the company’s stock valued at $318,000 after acquiring an additional 3,452 shares during the period. ClariVest Asset Management LLC acquired a new position in Pilgrim’s Pride in the second quarter valued at about $169,000. Finally, Voloridge Investment Management LLC acquired a new position in Pilgrim’s Pride in the second quarter valued at about $1,515,000. 17.57% of the stock is 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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