Allianz Asset Management GmbH Acquires 8,865 Shares of Pilgrim's Pride Corporation (NASDAQ:PPC)

Allianz Asset Management GmbH lifted its holdings in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 14.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 72,403 shares of the company's stock after purchasing an additional 8,865 shares during the period. Allianz Asset Management GmbH's holdings in Pilgrim's Pride were worth $3,947,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its position in shares of Pilgrim's Pride by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 93,044 shares of the company's stock worth $5,072,000 after buying an additional 290 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Pilgrim's Pride by 10.6% during the 1st quarter. Fifth Third Bancorp now owns 3,747 shares of the company's stock worth $204,000 after buying an additional 358 shares during the last quarter. Jackson Creek Investment Advisors LLC lifted its position in shares of Pilgrim's Pride by 1.9% during the 1st quarter. Jackson Creek Investment Advisors LLC now owns 20,417 shares of the company's stock worth $1,113,000 after buying an additional 381 shares during the last quarter. GAMMA Investing LLC raised its position in Pilgrim's Pride by 18.6% in the 1st quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock valued at $174,000 after purchasing an additional 501 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Pilgrim's Pride by 28.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,311 shares of the company's stock valued at $177,000 after purchasing an additional 742 shares during the last quarter. Institutional investors and hedge funds own 16.64% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on PPC. Wall Street Zen cut shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. The Goldman Sachs Group began coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Pilgrim's Pride has a consensus rating of "Hold" and a consensus target price of $48.67.

Pilgrim's Pride Stock Up 0.1%

NASDAQ PPC traded up $0.03 during trading on Friday, reaching $47.42. 385,661 shares of the company's stock were exchanged, compared to its average volume of 1,306,057. Pilgrim's Pride Corporation has a fifty-two week low of $40.09 and a fifty-two week high of $57.16. The firm has a market capitalization of $11.24 billion, a PE ratio of 9.15 and a beta of 0.45. The company has a current ratio of 1.35, a quick ratio of 0.88 and a debt-to-equity ratio of 1.02. The company's fifty day simple moving average is $46.44 and its 200-day simple moving average is $49.14.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.16. The business had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.62 billion. Pilgrim's Pride had a return on equity of 36.86% and a net margin of 6.81%. The firm's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.67 EPS. Sell-side analysts predict that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Company Profile

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.