Amundi Lowers Stock Position in Pilgrim's Pride Corporation $PPC

Key Points

• Amundi cut its Pilgrim’s Pride stake by 23.7% in the first quarter, selling 76,862 shares and retaining 247,448 shares valued at approximately $9.34 million.
• Other institutional investors, including Vanguard, Tudor Investment, Assetmark and AE Wealth Management, increased their positions; institutional investors collectively own 16.64% of PPC.
• Analysts maintain a consensus “Hold” rating with an average price target of $36.83. The stock recently traded near $26.58 after the company missed quarterly earnings and revenue estimates, while revenue declined 2.8% year over year.

Amundi reduced its position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 23.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 247,448 shares of the company's stock after selling 76,862 shares during the period. Amundi owned 0.10% of Pilgrim's Pride worth $9,344,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Pilgrim's Pride during the fourth quarter worth $1,202,000. Vanguard Group Inc. boosted its holdings in shares of Pilgrim's Pride by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 5,804,210 shares of the company's stock worth $226,306,000 after acquiring an additional 131,482 shares during the period. Tudor Investment Corp ET AL grew its position in shares of Pilgrim's Pride by 2,486.1% in the third quarter. Tudor Investment Corp ET AL now owns 113,788 shares of the company's stock valued at $4,633,000 after purchasing an additional 109,388 shares in the last quarter. Assetmark Inc. grew its position in shares of Pilgrim's Pride by 6.3% in the fourth quarter. Assetmark Inc. now owns 1,199,324 shares of the company's stock valued at $46,762,000 after purchasing an additional 70,559 shares in the last quarter. Finally, AE Wealth Management LLC raised its stake in shares of Pilgrim's Pride by 164.8% during the 4th quarter. AE Wealth Management LLC now owns 60,718 shares of the company's stock valued at $2,367,000 after purchasing an additional 37,784 shares during the period. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PPC. Weiss Ratings cut Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. Bank of America reduced their target price on Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a report on Thursday, July 2nd. The Goldman Sachs Group decreased their price target 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 raised shares of Pilgrim's Pride from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $45.00 to $42.00 in a report on Friday, May 1st. Finally, UBS Group assumed coverage on shares of Pilgrim's Pride in a research report on Tuesday, May 19th. They issued a "neutral" rating and a $30.00 price objective for the company. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $36.83.

Pilgrim's Pride Trading Down 1.4%

NASDAQ PPC opened at $26.58 on Thursday. The stock's 50-day simple moving average is $28.47 and its two-hundred day simple moving average is $33.99. Pilgrim's Pride Corporation has a twelve month low of $26.27 and a twelve month high of $50.56. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 11.56 and a beta of 0.29.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.06). The firm had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.70 billion. Pilgrim's Pride had a return on equity of 21.70% and a net margin of 2.96%.Pilgrim's Pride's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.70 earnings per share. Research analysts forecast that Pilgrim's Pride Corporation will post 2.95 EPS for the current fiscal year.

Pilgrim's Pride 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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