BMO Capital Markets Downgrades Pilgrim’s Pride (NASDAQ:PPC) to Market Perform

BMO Capital Markets downgraded shares of Pilgrim’s Pride (NASDAQ:PPC) from an outperform rating to a market perform rating in a report published on Monday, BenzingaRatingsTable reports. The firm currently has $21.00 price target on the stock, down from their previous price target of $36.00.

A number of other analysts also recently issued reports on PPC. Barclays lowered their target price on Pilgrim’s Pride from $33.00 to $28.00 and set an overweight rating on the stock in a research report on Tuesday, March 31st. Stephens cut Pilgrim’s Pride from an overweight rating to an equal weight rating in a research note on Wednesday, June 3rd. BidaskClub downgraded shares of Pilgrim’s Pride from a sell rating to a strong sell rating in a report on Saturday, June 6th. Finally, Goldman Sachs Group lowered their price target on shares of Pilgrim’s Pride from $23.00 to $19.00 in a report on Thursday, June 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Pilgrim’s Pride has a consensus rating of Hold and a consensus price target of $27.63.

PPC opened at $16.73 on Monday. The company has a market cap of $4.17 billion, a PE ratio of 9.51, a price-to-earnings-growth ratio of 1.39 and a beta of 0.97. The stock has a 50-day moving average of $19.21 and a 200-day moving average of $23.06. Pilgrim’s Pride has a 52-week low of $15.75 and a 52-week high of $33.67. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.99 and a current ratio of 1.89.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.01. The company had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.98 billion. Pilgrim’s Pride had a return on equity of 15.14% and a net margin of 3.73%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 EPS. On average, research analysts predict that Pilgrim’s Pride will post 1.82 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its position in shares of Pilgrim’s Pride by 16.7% in the first quarter. AQR Capital Management LLC now owns 3,362,755 shares of the company’s stock valued at $60,933,000 after acquiring an additional 481,356 shares during the period. Prudential Financial Inc. increased its holdings in shares of Pilgrim’s Pride by 14.5% during the 4th quarter. Prudential Financial Inc. now owns 2,922,590 shares of the company’s stock valued at $95,612,000 after purchasing an additional 369,699 shares in the last quarter. State Street Corp increased its holdings in shares of Pilgrim’s Pride by 1.7% during the 1st quarter. State Street Corp now owns 1,298,641 shares of the company’s stock valued at $23,531,000 after purchasing an additional 21,938 shares in the last quarter. Personal Capital Advisors Corp increased its holdings in shares of Pilgrim’s Pride by 2.5% during the 1st quarter. Personal Capital Advisors Corp now owns 1,049,786 shares of the company’s stock valued at $19,116,000 after purchasing an additional 25,872 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Pilgrim’s Pride during the 4th quarter valued at approximately $33,414,000. Hedge funds and other institutional investors own 19.09% of the company’s stock.

Pilgrim’s Pride Company Profile

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

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