Pilgrim’s Pride Co. (NASDAQ:PPC) Position Trimmed by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in Pilgrim’s Pride Co. (NASDAQ:PPC) by 1.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,969 shares of the company’s stock after selling 746 shares during the quarter. Retirement Systems of Alabama’s holdings in Pilgrim’s Pride were worth $2,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. World Investment Advisors LLC purchased a new stake in Pilgrim’s Pride in the 3rd quarter worth approximately $808,000. ORG Wealth Partners LLC acquired a new stake in Pilgrim’s Pride during the third quarter valued at $29,000. Assetmark Inc. grew its stake in Pilgrim’s Pride by 145,879.0% in the third quarter. Assetmark Inc. now owns 827,701 shares of the company’s stock valued at $38,116,000 after purchasing an additional 827,134 shares in the last quarter. Algert Global LLC increased its position in Pilgrim’s Pride by 63.3% in the 3rd quarter. Algert Global LLC now owns 121,936 shares of the company’s stock worth $5,615,000 after purchasing an additional 47,264 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Pilgrim’s Pride during the 3rd quarter worth about $878,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on PPC. Barclays boosted their price target on Pilgrim’s Pride from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. Argus boosted their target price on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. BMO Capital Markets increased their price target on shares of Pilgrim’s Pride from $42.00 to $43.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Finally, Stephens started coverage on shares of Pilgrim’s Pride in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 price objective for the company. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $45.50.

Pilgrim’s Pride Price Performance

Shares of Pilgrim’s Pride stock opened at $46.16 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.27 and a debt-to-equity ratio of 0.75. The firm has a fifty day simple moving average of $49.60 and a 200-day simple moving average of $44.11. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 0.20 and a beta of 0.82. Pilgrim’s Pride Co. has a 1-year low of $26.37 and a 1-year high of $55.50.

Pilgrim’s Pride (NASDAQ:PPC) last released its earnings results on Wednesday, October 30th. The company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.36. The firm had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.69 billion. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.58 EPS. On average, sell-side analysts expect that Pilgrim’s Pride Co. will post 5.12 earnings per share for the current year.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.