Pilgrim’s Pride (PPC) Raised to Hold at ValuEngine

ValuEngine upgraded shares of Pilgrim’s Pride (NASDAQ:PPC) from a sell rating to a hold rating in a report issued on Tuesday.

PPC has been the subject of several other research reports. BidaskClub upgraded shares of Pilgrim’s Pride from a strong sell rating to a sell rating in a research note on Saturday, August 18th. Mizuho set a $27.00 target price on shares of Pilgrim’s Pride and gave the stock a buy rating in a research report on Wednesday, July 25th. Finally, BMO Capital Markets decreased their price objective on shares of Pilgrim’s Pride to $20.00 and set a market perform rating on the stock in a research report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $24.40.

Shares of Pilgrim’s Pride stock opened at $19.76 on Tuesday. Pilgrim’s Pride has a 12-month low of $16.01 and a 12-month high of $38.39. The firm has a market cap of $4.92 billion, a PE ratio of 6.84 and a beta of 0.16. The company has a current ratio of 1.73, a quick ratio of 0.83 and a debt-to-equity ratio of 1.11.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings data on Wednesday, October 31st. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.34). The business had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.72 billion. Pilgrim’s Pride had a return on equity of 22.95% and a net margin of 3.53%. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 EPS. Equities research analysts predict that Pilgrim’s Pride will post 1.55 EPS for the current fiscal year.

Pilgrim’s Pride announced that its board has approved a share repurchase program on Wednesday, October 31st that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

A number of institutional investors and hedge funds have recently bought and sold shares of PPC. LSV Asset Management increased its holdings in Pilgrim’s Pride by 0.9% in the 2nd quarter. LSV Asset Management now owns 10,655,398 shares of the company’s stock worth $214,493,000 after acquiring an additional 100,132 shares in the last quarter. Millennium Management LLC lifted its position in Pilgrim’s Pride by 33.4% in the second quarter. Millennium Management LLC now owns 3,547,393 shares of the company’s stock valued at $71,409,000 after buying an additional 888,156 shares during the last quarter. BlackRock Inc. lifted its position in Pilgrim’s Pride by 18.5% in the second quarter. BlackRock Inc. now owns 3,148,493 shares of the company’s stock valued at $63,379,000 after buying an additional 490,930 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Pilgrim’s Pride by 12.6% during the third quarter. JPMorgan Chase & Co. now owns 2,917,939 shares of the company’s stock worth $52,785,000 after purchasing an additional 327,140 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Pilgrim’s Pride by 1.5% during the third quarter. AQR Capital Management LLC now owns 2,403,598 shares of the company’s stock worth $43,481,000 after buying an additional 35,385 shares during the period. 20.42% of the stock is owned by 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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