Allspring Global Investments Holdings LLC Lowers Stake in Pilgrim's Pride Corporation $PPC

Key Points

• Allspring Global Investments cut its stake in Pilgrim’s Pride by 30.2% in the first quarter, selling 58,643 shares and leaving it with 135,388 shares valued at about $5.14 million.
• Pilgrim’s Pride reported Q1 earnings of $0.51 per share, missing Wall Street’s estimate of $0.69, though revenue of $4.53 billion came in above expectations and rose 1.6% year over year.
• The stock was down 1.8% to $27.92, and analysts currently have a consensus Hold rating with an average target price of $36.83.

Allspring Global Investments Holdings LLC lessened its holdings in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 30.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 135,388 shares of the company's stock after selling 58,643 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.06% of Pilgrim's Pride worth $5,142,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Pilgrim's Pride by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 5,804,210 shares of the company's stock valued at $226,306,000 after acquiring an additional 131,482 shares in the last quarter. AQR Capital Management LLC boosted its stake in Pilgrim's Pride by 18.7% in the 3rd quarter. AQR Capital Management LLC now owns 4,482,124 shares of the company's stock worth $182,512,000 after purchasing an additional 705,946 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Pilgrim's Pride by 27.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,418,398 shares of the company's stock worth $133,296,000 after purchasing an additional 742,204 shares in the last quarter. Bank of America Corp DE grew its position in Pilgrim's Pride by 22.9% during the 2nd quarter. Bank of America Corp DE now owns 2,171,836 shares of the company's stock valued at $97,689,000 after purchasing an additional 404,915 shares during the last quarter. Finally, State Street Corp increased its stake in Pilgrim's Pride by 7.0% during the 4th quarter. State Street Corp now owns 1,661,307 shares of the company's stock valued at $64,774,000 after purchasing an additional 108,949 shares in the last quarter. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Down 1.8%

PPC opened at $27.92 on Friday. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of 7.49 and a beta of 0.29. The firm has a 50 day moving average price of $28.47 and a 200-day moving average price of $34.69. Pilgrim's Pride Corporation has a twelve month low of $26.50 and a twelve month high of $50.56. The company has a quick ratio of 0.73, a current ratio of 1.48 and a debt-to-equity ratio of 0.83.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.18). The company had revenue of $4.53 billion during the quarter, compared to analysts' expectations of $4.43 billion. Pilgrim's Pride had a return on equity of 28.57% and a net margin of 4.78%.The company's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.31 EPS. Equities research analysts forecast that Pilgrim's Pride Corporation will post 3.01 earnings per share for the current year.

Wall Street Analyst Weigh In

PPC has been the topic of several analyst reports. Stephens set a $40.00 target price on shares of Pilgrim's Pride in a research note on Wednesday, April 15th. Weiss Ratings lowered shares of Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. The Goldman Sachs Group lowered their price objective on Pilgrim's Pride from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. Barclays upgraded Pilgrim's Pride from an "equal weight" rating to an "overweight" rating and cut their target price for the company from $45.00 to $42.00 in a research note on Friday, May 1st. Finally, UBS Group initiated coverage on Pilgrim's Pride in a report on Tuesday, May 19th. They issued a "neutral" rating and a $30.00 target price for the company. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Pilgrim's Pride presently has a consensus rating of "Hold" and a consensus target price of $36.83.

Pilgrim's Pride Company Profile

Pilgrim's Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim's Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company's vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

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