Pilgrim's Pride Corporation $PPC Shares Sold by Aristeia Capital L.L.C.

Key Points

• Aristeia Capital L.L.C. has reduced its holdings in Pilgrim's Pride Corporation by 45.1%, selling 6,912 shares during the first quarter, leaving it with 8,402 shares valued at approximately $458,000.
• Multiple hedge funds have increased their positions in Pilgrim's Pride, including PNC Financial Services Group, which raised its stake by 46.7%, now owning 1,386 shares valued at $76,000.
• Analysts have upgraded Pilgrim's Pride to a "strong-buy" rating, with a market capitalization of $10.52 billion and an average price target of $47.50, despite the stock being currently valued at $44.29.

Aristeia Capital L.L.C. lessened its holdings in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 45.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,402 shares of the company's stock after selling 6,912 shares during the quarter. Aristeia Capital L.L.C.'s holdings in Pilgrim's Pride were worth $458,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PPC. Northern Trust Corp boosted its holdings in Pilgrim's Pride by 36.8% in the fourth quarter. Northern Trust Corp now owns 383,752 shares of the company's stock worth $17,419,000 after acquiring an additional 103,302 shares in the last quarter. AXA S.A. acquired a new stake in Pilgrim's Pride in the fourth quarter worth about $232,000. Ameriprise Financial Inc. boosted its holdings in Pilgrim's Pride by 5.2% in the fourth quarter. Ameriprise Financial Inc. now owns 175,348 shares of the company's stock worth $7,959,000 after acquiring an additional 8,731 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in Pilgrim's Pride in the fourth quarter worth about $5,143,000. Finally, Gotham Asset Management LLC boosted its holdings in Pilgrim's Pride by 32.6% in the fourth quarter. Gotham Asset Management LLC now owns 283,092 shares of the company's stock worth $12,850,000 after acquiring an additional 69,566 shares in the last quarter. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Price Performance

Shares of PPC traded down $0.43 during trading hours on Friday, hitting $43.63. 1,559,658 shares of the stock were exchanged, compared to its average volume of 1,374,904. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. Pilgrim's Pride Corporation has a 12-month low of $40.09 and a 12-month high of $57.16. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 8.41 and a beta of 0.50. The stock's 50-day moving average price is $46.30 and its two-hundred day moving average price is $48.60.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.54 by $0.16. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%.The firm had revenue of $4.76 billion during the quarter, compared to analysts' expectations of $4.62 billion. During the same period in the previous year, the business earned $1.67 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. Research analysts expect that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Dividend Announcement

The business also recently announced a special dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were issued a $2.10 dividend. The ex-dividend date was Wednesday, August 20th.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PPC shares. The Goldman Sachs Group began coverage on Pilgrim's Pride in a report on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Wall Street Zen cut shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Pilgrim's Pride has a consensus rating of "Hold" and an average target price of $47.50.

About Pilgrim's Pride

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.