Moran Wealth Management LLC Makes New Investment in Pilgrim’s Pride Co. (NASDAQ:PPC)

Moran Wealth Management LLC purchased a new stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,354 shares of the company’s stock, valued at approximately $247,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Pilgrim’s Pride by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 4,233,961 shares of the company’s stock worth $145,310,000 after acquiring an additional 136,970 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Pilgrim’s Pride during the first quarter worth $323,000. Quadrature Capital Ltd acquired a new stake in Pilgrim’s Pride in the first quarter valued at $904,000. Price T Rowe Associates Inc. MD raised its position in Pilgrim’s Pride by 16.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,225 shares of the company’s stock worth $317,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Bayesian Capital Management LP grew its position in shares of Pilgrim’s Pride by 2.6% in the 1st quarter. Bayesian Capital Management LP now owns 11,382 shares of the company’s stock valued at $391,000 after buying an additional 290 shares during the last quarter. 16.64% of the stock is currently owned by institutional investors.

Pilgrim’s Pride Trading Down 1.0 %

NASDAQ PPC opened at $51.71 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.75. Pilgrim’s Pride Co. has a 52 week low of $25.23 and a 52 week high of $55.50. The business has a 50 day moving average price of $47.28 and a 200-day moving average price of $42.37. The company has a market cap of $12.26 billion, a price-to-earnings ratio of 12.49, a P/E/G ratio of 0.22 and a beta of 0.81.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.36. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The business had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.69 billion. During the same quarter in the previous year, the business posted $0.58 EPS. Pilgrim’s Pride’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts expect that Pilgrim’s Pride Co. will post 4.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Bank of America lowered Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research note on Thursday, August 15th. BMO Capital Markets lifted their target price on shares of Pilgrim’s Pride from $42.00 to $43.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Stephens initiated coverage on shares of Pilgrim’s Pride in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 price target on the stock. Barclays boosted their price objective on Pilgrim’s Pride from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Finally, Argus boosted their price target on Pilgrim’s Pride from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Pilgrim’s Pride currently has an average rating of “Hold” and an average price target of $45.50.

Pilgrim’s Pride 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.