782,148 Shares in Smithfield Foods, Inc. $SFD Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management acquired 782,148 Smithfield Foods shares worth approximately $18.98 million, giving it a 0.20% stake. Several other institutional investors also increased or initiated positions.
• Analyst sentiment remains positive overall, with five Buy ratings and one Hold rating producing a consensus “Moderate Buy” recommendation and an average price target of $30.88.
• Smithfield announced a quarterly dividend of $0.3125 per share, equivalent to $1.25 annually and a 4.9% yield. The stock opened at $25.40 and has traded between $21.08 and $29.81 over the past year.

Assenagon Asset Management S.A. acquired a new position in shares of Smithfield Foods, Inc. (NASDAQ:SFD - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 782,148 shares of the company's stock, valued at approximately $18,975,000. Assenagon Asset Management S.A. owned about 0.20% of Smithfield Foods as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Glenmede Trust Co. NA grew its stake in shares of Smithfield Foods by 62.0% in the 1st quarter. Glenmede Trust Co. NA now owns 14,777 shares of the company's stock valued at $413,000 after buying an additional 5,657 shares during the period. Dayah Capital LLC purchased a new stake in Smithfield Foods in the first quarter valued at $1,958,000. Bank of America Corp DE increased its position in shares of Smithfield Foods by 192.8% during the 1st quarter. Bank of America Corp DE now owns 807,111 shares of the company's stock worth $22,575,000 after purchasing an additional 531,461 shares during the last quarter. Altshuler Shaham Ltd increased its position in shares of Smithfield Foods by 36.8% during the 1st quarter. Altshuler Shaham Ltd now owns 1,524 shares of the company's stock worth $43,000 after purchasing an additional 410 shares during the last quarter. Finally, Parvin Asset Management LLC purchased a new stake in Smithfield Foods in the 1st quarter valued at about $462,000.

Wall Street Analysts Forecast Growth

SFD has been the topic of a number of research reports. Zacks Research lowered shares of Smithfield Foods from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Barclays boosted their target price on Smithfield Foods from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Wall Street Zen downgraded Smithfield Foods from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Bank of America reduced their price target on shares of Smithfield Foods from $33.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, July 2nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Smithfield Foods in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.88.

Smithfield Foods Price Performance

Smithfield Foods stock opened at $25.40 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.29 and a current ratio of 2.41. The firm has a market capitalization of $9.99 billion, a price-to-earnings ratio of 9.92 and a beta of -0.44. Smithfield Foods, Inc. has a fifty-two week low of $21.08 and a fifty-two week high of $29.81. The stock's fifty day moving average is $25.57 and its two-hundred day moving average is $25.65.

Smithfield Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a yield of 4.9%. The ex-dividend date is Thursday, August 13th. Smithfield Foods's dividend payout ratio (DPR) is 48.83%.

About Smithfield Foods

Smithfield Foods, Inc NASDAQ: SFD is one of the world's largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan's Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.

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