Pilgrim’s Pride Co. (PPC) Receives $29.00 Consensus Target Price from Brokerages

Shares of Pilgrim’s Pride Co. (NASDAQ:PPC) have been given a consensus recommendation of “Hold” by the eleven research firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $29.00.

PPC has been the subject of several research reports. BMO Capital Markets decreased their price objective on shares of Pilgrim’s Pride to $31.00 and set a “market perform” rating for the company in a report on Friday, February 16th. Morgan Stanley set a $25.00 price objective on shares of Pilgrim’s Pride and gave the company a “hold” rating in a report on Tuesday, February 27th. Vertical Group raised shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a report on Wednesday, March 14th. Zacks Investment Research raised shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Thursday, March 15th. Finally, Mizuho initiated coverage on shares of Pilgrim’s Pride in a report on Wednesday, March 28th. They set a “buy” rating and a $29.00 price objective for the company.

Shares of Pilgrim’s Pride traded down $0.04, hitting $20.66, during mid-day trading on Friday, according to MarketBeat Ratings. 1,152,800 shares of the company traded hands, compared to its average volume of 1,333,277. The company has a quick ratio of 0.94, a current ratio of 1.80 and a debt-to-equity ratio of 1.29. Pilgrim’s Pride has a 1 year low of $19.25 and a 1 year high of $38.39. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 7.15 and a beta of 0.11.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Thursday, May 10th. The company reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. Pilgrim’s Pride had a net margin of 6.84% and a return on equity of 44.25%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. analysts expect that Pilgrim’s Pride will post 3.04 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in PPC. LSV Asset Management boosted its position in shares of Pilgrim’s Pride by 1.6% in the first quarter. LSV Asset Management now owns 10,555,266 shares of the company’s stock worth $259,765,000 after purchasing an additional 164,600 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Pilgrim’s Pride by 165.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,940,271 shares of the company’s stock worth $60,265,000 after purchasing an additional 1,209,046 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Pilgrim’s Pride by 97.4% in the fourth quarter. TIAA CREF Investment Management LLC now owns 1,281,715 shares of the company’s stock worth $39,810,000 after purchasing an additional 632,491 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Pilgrim’s Pride by 42.7% in the fourth quarter. Allianz Asset Management GmbH now owns 981,839 shares of the company’s stock worth $30,496,000 after purchasing an additional 293,568 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Pilgrim’s Pride by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 963,569 shares of the company’s stock worth $23,713,000 after purchasing an additional 33,114 shares during the period. 24.17% of the stock is owned by institutional investors and hedge funds.

About Pilgrim’s Pride

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.

Analyst Recommendations for Pilgrim`s Pride (NASDAQ:PPC)

Receive News & Ratings for Pilgrim's Pride Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pilgrim's Pride and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply