Pilgrim’s Pride (NASDAQ:PPC) Hits New 1-Year High – Should You Buy?

Shares of Pilgrim’s Pride Co. (NASDAQ:PPC) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $56.31 and last traded at $55.02, with a volume of 352669 shares trading hands. The stock had previously closed at $52.05.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PPC shares. Barclays upped their price objective on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. BMO Capital Markets increased their price target on Pilgrim’s Pride from $42.00 to $43.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.50.

Pilgrim’s Pride Price Performance

The company has a debt-to-equity ratio of 0.75, a current ratio of 1.95 and a quick ratio of 1.27. The firm has a market capitalization of $13.11 billion, a P/E ratio of 13.34, a PEG ratio of 0.20 and a beta of 0.82. The company’s 50 day moving average price is $47.38 and its 200 day moving average price is $46.74.

Institutional Investors Weigh In On Pilgrim’s Pride

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. boosted its holdings in Pilgrim’s Pride by 1,289.4% in the third quarter. Pacer Advisors Inc. now owns 5,225,216 shares of the company’s stock valued at $240,621,000 after acquiring an additional 4,849,147 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Pilgrim’s Pride by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,113,888 shares of the company’s stock valued at $232,119,000 after purchasing an additional 33,965 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Pilgrim’s Pride by 903.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company’s stock valued at $67,026,000 after purchasing an additional 1,310,530 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Pilgrim’s Pride by 15.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,377,236 shares of the company’s stock worth $62,513,000 after buying an additional 180,164 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Pilgrim’s Pride by 11.9% during the fourth quarter. Invesco Ltd. now owns 1,125,329 shares of the company’s stock worth $51,079,000 after buying an additional 119,555 shares during the last quarter. 16.64% of the stock is owned by institutional investors and hedge funds.

About Pilgrim’s Pride

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.