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.
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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