Smithfield Foods (NASDAQ:SFD) Reaches New 12-Month High on Analyst Upgrade

Smithfield Foods, Inc. (NASDAQ:SFD) shares hit a new 52-week high during trading on Thursday after Morgan Stanley raised their price target on the stock from $29.00 to $31.00. Morgan Stanley currently has an overweight rating on the stock. Smithfield Foods traded as high as $26.10 and last traded at $25.9910, with a volume of 991794 shares traded. The stock had previously closed at $24.99.

A number of other equities analysts also recently issued reports on SFD. Wall Street Zen downgraded Smithfield Foods from a “buy” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings restated a “hold (c)” rating on shares of Smithfield Foods in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.38.

Institutional Investors Weigh In On Smithfield Foods

A number of hedge funds have recently added to or reduced their stakes in SFD. Strs Ohio lifted its stake in Smithfield Foods by 76.5% in the third quarter. Strs Ohio now owns 1,080 shares of the company’s stock valued at $25,000 after buying an additional 468 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Smithfield Foods by 88.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock worth $26,000 after buying an additional 515 shares during the period. Altshuler Shaham Ltd bought a new stake in shares of Smithfield Foods in the 4th quarter valued at $25,000. Raymond James Financial Inc. bought a new stake in shares of Smithfield Foods in the 2nd quarter valued at $29,000. Finally, Oakworth Capital Inc. acquired a new position in shares of Smithfield Foods during the 4th quarter valued at $31,000.

Smithfield Foods Stock Up 3.9%

The firm has a market capitalization of $10.20 billion, a P/E ratio of 10.35, a price-to-earnings-growth ratio of 1.29 and a beta of 0.12. The company’s 50 day moving average is $24.13 and its 200-day moving average is $23.00.

Smithfield Foods (NASDAQ:SFD) last posted its quarterly earnings results on Tuesday, March 24th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.16. The company had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same period last year, the firm posted $0.52 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis.

Smithfield Foods Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Investors of record on Tuesday, April 7th will be given a $0.3125 dividend. This represents a $1.25 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, April 7th. This is a positive change from Smithfield Foods’s previous quarterly dividend of $0.25. Smithfield Foods’s dividend payout ratio is presently 45.05%.

About Smithfield Foods

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.