Pilgrim's Pride Co. (NASDAQ:PPC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its holdings in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,552 shares of the company's stock after selling 5,936 shares during the period. Envestnet Asset Management Inc.'s holdings in Pilgrim's Pride were worth $1,886,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. R Squared Ltd purchased a new position in shares of Pilgrim's Pride during the 4th quarter worth about $59,000. Harbor Capital Advisors Inc. increased its holdings in Pilgrim's Pride by 132.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,344 shares of the company's stock worth $61,000 after purchasing an additional 765 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Pilgrim's Pride in the fourth quarter valued at about $118,000. GAMMA Investing LLC lifted its position in shares of Pilgrim's Pride by 31.9% in the 4th 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 purchased a new stake in shares of Pilgrim's Pride during the 3rd quarter worth $141,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim's Pride Price Performance

Shares of NASDAQ PPC traded up $0.60 during mid-day trading on Wednesday, reaching $54.58. The company's stock had a trading volume of 1,256,338 shares, compared to its average volume of 1,330,007. The stock has a market capitalization of $12.96 billion, a P/E ratio of 11.97 and a beta of 0.63. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01. Pilgrim's Pride Co. has a 1-year low of $33.67 and a 1-year high of $57.16. The stock has a 50-day moving average of $52.59 and a two-hundred day moving average of $50.03.

Pilgrim's Pride Increases Dividend

The business also recently declared a special dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 3rd were issued a $6.30 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This is a boost from Pilgrim's Pride's previous special dividend of $2.75.

Analyst Upgrades and Downgrades

PPC has been the subject of a number of analyst reports. Santander started coverage on shares of Pilgrim's Pride in a research report on Wednesday, March 5th. They set a "neutral" rating for the company. BMO Capital Markets upped their target price on Pilgrim's Pride from $47.00 to $48.00 and gave the stock a "market perform" rating in a research note on Monday, March 17th. Finally, StockNews.com cut Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 2nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Pilgrim's Pride presently has an average rating of "Hold" and a consensus target price of $48.40.

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.