Hsbc Holdings PLC Increases Stock Position in Pilgrim’s Pride Corporation $PPC

Hsbc Holdings PLC lifted its position in Pilgrim’s Pride Corporation (NASDAQ:PPC) by 32.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 147,091 shares of the company’s stock after purchasing an additional 36,099 shares during the quarter. Hsbc Holdings PLC’s holdings in Pilgrim’s Pride were worth $5,777,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Pilgrim’s Pride by 6.3% in the first quarter. Royal Bank of Canada now owns 100,493 shares of the company’s stock valued at $5,479,000 after purchasing an additional 5,950 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Pilgrim’s Pride by 136.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,881 shares of the company’s stock worth $157,000 after buying an additional 1,663 shares during the period. Millennium Management LLC boosted its stake in shares of Pilgrim’s Pride by 180.7% during the first quarter. Millennium Management LLC now owns 342,774 shares of the company’s stock worth $18,685,000 after buying an additional 220,673 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Pilgrim’s Pride by 15.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,243,039 shares of the company’s stock worth $67,758,000 after buying an additional 166,967 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Pilgrim’s Pride by 1.3% during the second quarter. New York State Common Retirement Fund now owns 17,817 shares of the company’s stock worth $801,000 after buying an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Stock Up 6.9%

Shares of NASDAQ PPC opened at $28.61 on Friday. The firm’s 50-day moving average is $29.64 and its two-hundred day moving average is $36.18. The company has a market capitalization of $6.81 billion, a PE ratio of 7.67 and a beta of 0.28. Pilgrim’s Pride Corporation has a 12-month low of $26.50 and a 12-month high of $50.56. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.48 and a quick ratio of 0.73.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.18). The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.43 billion. Pilgrim’s Pride had a net margin of 4.78% and a return on equity of 28.57%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.31 EPS. Equities analysts anticipate that Pilgrim’s Pride Corporation will post 3.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PPC has been the subject of a number of recent research reports. BMO Capital Markets decreased their price objective on Pilgrim’s Pride from $42.00 to $40.00 and set a “market perform” rating for the company in a research report on Wednesday, March 25th. UBS Group initiated coverage on Pilgrim’s Pride in a report on Tuesday, May 19th. They issued a “neutral” rating and a $30.00 target price on the stock. Stephens set a $40.00 price target on Pilgrim’s Pride in a research note on Wednesday, April 15th. The Goldman Sachs Group decreased their price target on Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Pilgrim’s Pride in a research report on Friday, June 12th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.20.

Pilgrim’s Pride Profile

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.