Pilgrim’s Pride (NASDAQ:PPC) Price Target Raised to $48.00

Pilgrim’s Pride (NASDAQ:PPC) had its price objective upped by BMO Capital Markets from $47.00 to $48.00 in a research note published on Monday morning,Benzinga reports. They currently have a market perform rating on the stock.

Several other brokerages also recently commented on PPC. Santander assumed coverage on Pilgrim’s Pride in a report on Wednesday, March 5th. They set a “neutral” rating on the stock. StockNews.com downgraded Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 2nd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Pilgrim’s Pride has a consensus rating of “Hold” and a consensus target price of $46.33.

Pilgrim’s Pride Stock Performance

Shares of NASDAQ:PPC opened at $50.47 on Monday. The company has a market cap of $11.97 billion, a P/E ratio of 11.07 and a beta of 0.71. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01. Pilgrim’s Pride has a one year low of $33.25 and a one year high of $57.16. The business’s 50-day simple moving average is $49.93 and its 200 day simple moving average is $48.26.

Pilgrim’s Pride Increases Dividend

The firm also recently disclosed a special dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $6.30 per share. This is an increase from Pilgrim’s Pride’s previous special dividend of $2.75.

Institutional Investors Weigh In On Pilgrim’s Pride

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp purchased a new stake in Pilgrim’s Pride during the 4th quarter worth approximately $293,000. Invst LLC bought a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at approximately $508,000. Neo Ivy Capital Management increased its holdings in shares of Pilgrim’s Pride by 175.3% in the 4th quarter. Neo Ivy Capital Management now owns 57,387 shares of the company’s stock valued at $2,604,000 after acquiring an additional 36,545 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at approximately $240,000. Finally, Alpine Global Management LLC bought a new stake in shares of Pilgrim’s Pride in the 4th quarter valued at approximately $298,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

About Pilgrim’s Pride

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.