Bank of Nova Scotia Purchases New Position in Pilgrim's Pride Co. (NASDAQ:PPC)

Bank of Nova Scotia purchased a new position in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,739 shares of the company's stock, valued at approximately $306,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. R Squared Ltd bought a new stake in Pilgrim's Pride during the fourth quarter valued at about $59,000. Harbor Capital Advisors Inc. increased its holdings in Pilgrim's Pride by 132.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,344 shares of the company's stock worth $61,000 after acquiring an additional 765 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Pilgrim's Pride during the 4th quarter worth approximately $118,000. GAMMA Investing LLC boosted its position in shares of Pilgrim's Pride by 31.9% in the fourth quarter. GAMMA Investing LLC now owns 2,688 shares of the company's stock worth $122,000 after purchasing an additional 650 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Pilgrim's Pride in the third quarter worth approximately $141,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. BMO Capital Markets upped their target price on shares of Pilgrim's Pride from $47.00 to $48.00 and gave the stock a "market perform" rating in a report on Monday, March 17th. Santander started coverage on Pilgrim's Pride in a research note on Wednesday, March 5th. They set a "neutral" rating on the stock. Finally, StockNews.com lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 2nd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Pilgrim's Pride currently has a consensus rating of "Hold" and an average price target of $48.40.

Pilgrim's Pride Price Performance

Shares of NASDAQ:PPC traded up $0.09 during mid-day trading on Monday, reaching $54.11. The stock had a trading volume of 72,939 shares, compared to its average volume of 1,120,839. The company has a market cap of $12.84 billion, a P/E ratio of 11.87 and a beta of 0.63. The business's 50 day moving average price is $52.39 and its 200 day moving average price is $49.63. The company has a current ratio of 2.01, a quick ratio of 1.31 and a debt-to-equity ratio of 0.75. Pilgrim's Pride Co. has a 1 year low of $33.67 and a 1 year high of $57.16.

Pilgrim's Pride Increases Dividend

The firm also recently announced a special dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a $6.30 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Pilgrim's Pride's previous special dividend of $2.75.

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.