Pilgrim’s Pride (PPC) Shares Down 5.8%

Pilgrim’s Pride Co. (NASDAQ:PPC) dropped 5.8% during mid-day trading on Wednesday . The stock traded as low as $25.03 and last traded at $25.34. Approximately 3,123,538 shares traded hands during trading, an increase of 197% from the average daily volume of 1,051,877 shares. The stock had previously closed at $26.91.

PPC has been the subject of several research analyst reports. BMO Capital Markets raised their price target on shares of Pilgrim’s Pride to $31.00 and gave the stock an “in-line” rating in a research note on Friday, May 3rd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Pilgrim’s Pride from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. BidaskClub upgraded shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Jefferies Financial Group restated a “hold” rating and set a $19.00 price target on shares of Pilgrim’s Pride in a research note on Sunday, February 17th. Finally, ValuEngine upgraded shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $24.75.

The company has a market capitalization of $6.38 billion, a PE ratio of 19.98 and a beta of 0.90. The company has a current ratio of 1.68, a quick ratio of 0.83 and a debt-to-equity ratio of 1.19.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.76 billion. Pilgrim’s Pride had a net margin of 1.95% and a return on equity of 14.13%. Pilgrim’s Pride’s revenue for the quarter was down .8% on a year-over-year basis. During the same period last year, the firm earned $0.53 EPS. On average, analysts forecast that Pilgrim’s Pride Co. will post 1.65 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Coastal Investment Advisors Inc. bought a new position in Pilgrim’s Pride in the 1st quarter valued at $45,000. Pearl River Capital LLC bought a new position in Pilgrim’s Pride in the 4th quarter valued at $48,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Pilgrim’s Pride in the 4th quarter valued at $64,000. Great West Life Assurance Co. Can bought a new position in Pilgrim’s Pride in the 4th quarter valued at $107,000. Finally, Creative Planning bought a new position in Pilgrim’s Pride in the 4th quarter valued at $157,000. 18.88% of the stock is owned by institutional investors.

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About Pilgrim’s Pride (NASDAQ:PPC)

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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