Pilgrim’s Pride (NASDAQ:PPC) Hits New 12-Month High at $41.87

Pilgrim’s Pride Co. (NASDAQ:PPC)’s share price reached a new 52-week high on Tuesday . The company traded as high as $41.87 and last traded at $41.83, with a volume of 73548 shares traded. The stock had previously closed at $41.24.

Wall Street Analysts Forecast Growth

PPC has been the subject of a number of recent research reports. StockNews.com raised Pilgrim’s Pride from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 3rd. Barclays increased their target price on Pilgrim’s Pride from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. Bank of America increased their target price on Pilgrim’s Pride from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Argus increased their target price on Pilgrim’s Pride from $41.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group increased their target price on Pilgrim’s Pride from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $40.60.

Pilgrim’s Pride Trading Up 2.4 %

The business has a fifty day simple moving average of $37.45 and a 200 day simple moving average of $34.35. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.01 and a current ratio of 1.83. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 0.27 and a beta of 0.78.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.35. Pilgrim’s Pride had a return on equity of 17.35% and a net margin of 2.80%. The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.62 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. As a group, equities analysts anticipate that Pilgrim’s Pride Co. will post 4.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc acquired a new position in shares of Pilgrim’s Pride during the second quarter worth approximately $255,000. Convergence Investment Partners LLC boosted its position in shares of Pilgrim’s Pride by 95.0% during the second quarter. Convergence Investment Partners LLC now owns 27,891 shares of the company’s stock worth $1,074,000 after buying an additional 13,586 shares during the period. nVerses Capital LLC boosted its position in shares of Pilgrim’s Pride by 372.2% during the second quarter. nVerses Capital LLC now owns 8,500 shares of the company’s stock worth $327,000 after buying an additional 6,700 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Pilgrim’s Pride by 4,284.2% during the second quarter. Farther Finance Advisors LLC now owns 5,831 shares of the company’s stock worth $223,000 after buying an additional 5,698 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Pilgrim’s Pride during the second quarter worth approximately $62,000. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.