395,664 Shares in Pilgrim's Pride Corporation $PPC Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 395,664 shares of Pilgrim’s Pride, valued at approximately $11.1 million, representing about 0.17% of the company.
• Institutional ownership remains notable at 16.64%, with Dimensional Fund Advisors increasing its position and BlackRock purchasing a new stake.
• Analysts maintain a generally cautious outlook, with an average “Hold” rating and a $36.50 price target. Pilgrim’s Pride recently missed quarterly earnings and revenue estimates, while shares opened at $27.82.

Bank of America Corp DE purchased a new stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 395,664 shares of the company's stock, valued at approximately $11,122,000. Bank of America Corp DE owned approximately 0.17% of Pilgrim's Pride at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Pilgrim's Pride by 12.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,830,054 shares of the company's stock valued at $144,617,000 after acquiring an additional 411,656 shares during the period. BlackRock Inc. purchased a new stake in shares of Pilgrim's Pride during the second quarter worth about $138,936,000. Assetmark Inc. raised its stake in Pilgrim's Pride by 3.2% during the 1st quarter. Assetmark Inc. now owns 1,237,974 shares of the company's stock valued at $46,746,000 after purchasing an additional 38,650 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Pilgrim's Pride by 65.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 566,247 shares of the company's stock valued at $21,381,000 after purchasing an additional 223,256 shares during the period. Finally, Norges Bank purchased a new position in Pilgrim's Pride in the 4th quarter worth approximately $15,274,000. 16.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PPC. Weiss Ratings restated a "hold (c-)" rating on shares of Pilgrim's Pride in a research note on Tuesday. Bank of America reduced their price objective on shares of Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating on the stock in a research report on Thursday, July 2nd. Finally, UBS Group reissued a "neutral" rating on shares of Pilgrim's Pride in a report on Tuesday. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $36.50.

Pilgrim's Pride Stock Up 2.1%

Shares of NASDAQ:PPC opened at $27.82 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.62 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 $44.84. The company has a 50-day moving average price of $29.33 and a 200 day moving average price of $30.74. The company has a market cap of $6.62 billion, a price-to-earnings ratio of 12.10 and a beta of 0.27.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.64 earnings per share 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 company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the firm earned $1.70 earnings per share. The company's revenue was down 2.8% compared to the same quarter last year. As a group, equities research analysts predict that Pilgrim's Pride Corporation will post 2.35 earnings per share for the current year.

Pilgrim's Pride Company Profile

Pilgrim's Pride Corporation NASDAQ: PPC is a food company engaged primarily in the production, processing, marketing and distribution of poultry products. Its offerings include fresh, frozen and prepared chicken, as well as ready-to-eat and ready-to-cook foods sold to retailers, foodservice operators and other commercial customers.

The company markets products under brands that include Pilgrim's, Just Bare, Gold'n Plump, Country Pride and Pierce. Its portfolio includes whole chickens, chicken parts, breaded and formed products, deli items, sausages and other prepared foods designed for retail and foodservice use.

Pilgrim's Pride traces its history to 1946, when Lonnie “Bo” Pilgrim and his brother opened a feed and seed store in Pittsburg, Texas.

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