24,380 Shares in Pilgrim’s Pride Corporation $PPC Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,380 shares of the company’s stock, valued at approximately $685,000.

Several other large investors have also recently added to or reduced their stakes in the stock. MCF Advisors LLC acquired a new stake in shares of Pilgrim’s Pride during the 4th quarter valued at $35,000. Kingdom Financial Group LLC. acquired a new position in shares of Pilgrim’s Pride in the fourth quarter worth $37,000. Bessemer Group Inc. increased its stake in shares of Pilgrim’s Pride by 205.4% in the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company’s stock worth $39,000 after acquiring an additional 682 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Pilgrim’s Pride during the second quarter worth $30,000. Finally, Quarry LP raised its holdings in shares of Pilgrim’s Pride by 30.5% during the fourth quarter. Quarry LP now owns 1,248 shares of the company’s stock worth $49,000 after acquiring an additional 292 shares in the last quarter. Institutional investors and hedge funds own 16.64% of the company’s stock.

Pilgrim’s Pride Price Performance

NASDAQ PPC opened at $30.48 on Monday. Pilgrim’s Pride Corporation has a fifty-two week low of $25.90 and a fifty-two week high of $44.87. The stock’s 50-day moving average is $29.05 and its two-hundred day moving average is $31.98. The firm has a market cap of $7.26 billion, a P/E ratio of 13.25 and a beta of 0.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.36 and a quick ratio of 0.62.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.06). Pilgrim’s Pride had a net margin of 2.96% and a return on equity of 21.70%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the company posted $1.70 EPS. The business’s revenue was down 2.8% on a year-over-year basis. On average, analysts anticipate that Pilgrim’s Pride Corporation will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on PPC. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. UBS Group reduced their price target on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Finally, Bank of America lowered their price target on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $36.50.

Pilgrim’s Pride Company 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.