Hsbc Holdings PLC Takes Position in Pilgrim’s Pride Corporation $PPC

Hsbc Holdings PLC purchased a new stake in Pilgrim’s Pride Corporation (NASDAQ:PPC) in the 2nd quarter, HoldingsChannel reports. The firm purchased 204,149 shares of the company’s stock, valued at approximately $5,749,000.

A number of other hedge funds have also recently added to or reduced their stakes in PPC. Royal Bank of Canada increased its holdings in Pilgrim’s Pride by 6.3% in the first quarter. Royal Bank of Canada now owns 100,493 shares of the company’s stock worth $5,479,000 after buying an additional 5,950 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Pilgrim’s Pride by 136.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,881 shares of the company’s stock valued at $157,000 after acquiring an additional 1,663 shares during the last quarter. Millennium Management LLC lifted its stake in Pilgrim’s Pride by 180.7% in the first quarter. Millennium Management LLC now owns 342,774 shares of the company’s stock valued at $18,685,000 after acquiring an additional 220,673 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Pilgrim’s Pride by 15.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,243,039 shares of the company’s stock worth $67,758,000 after acquiring an additional 166,967 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in Pilgrim’s Pride by 1.3% in the second quarter. New York State Common Retirement Fund now owns 17,817 shares of the company’s stock worth $801,000 after acquiring an additional 230 shares in the last quarter. Institutional investors and hedge funds own 16.64% of the company’s stock.

Pilgrim’s Pride Trading Up 1.9%

NASDAQ:PPC opened at $31.69 on Friday. The company’s 50 day moving average is $28.70 and its 200-day moving average is $32.48. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76. Pilgrim’s Pride Corporation has a 12 month low of $25.90 and a 12 month high of $45.44. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 13.78 and a beta of 0.29.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.06). Pilgrim’s Pride had a return on equity of 21.70% and a net margin of 2.96%.The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the company posted $1.70 earnings per share. Pilgrim’s Pride’s quarterly revenue was down 2.8% on a year-over-year basis. Equities analysts anticipate that Pilgrim’s Pride Corporation will post 2.35 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on PPC. Barclays upgraded shares of Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $45.00 to $42.00 in a research note on Friday, May 1st. UBS Group decreased their price objective on shares of Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Weiss Ratings cut shares of Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, June 26th. Finally, Bank of America cut their target price on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Pilgrim’s Pride has a consensus rating of “Hold” and a consensus target price of $36.50.

About Pilgrim’s Pride

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.