Bank of New York Mellon Corp Purchases New Shares in Pilgrim's Pride Corporation $PPC

Key Points

• Bank of New York Mellon acquired 376,609 Pilgrim’s Pride shares during the second quarter, valued at approximately $10.6 million and representing about 0.16% of the company. Institutional investors collectively own 16.64% of PPC.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating, with recent price-target cuts from UBS and Bank of America. The consensus price target is $36.50.
• Pilgrim’s Pride reported quarterly earnings of $0.64 per share, missing estimates of $0.70, while revenue fell 2.8% year over year to $4.63 billion. Shares opened at $31.12, with the stock trading below its 200-day moving average.

Bank of New York Mellon Corp acquired a new position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 376,609 shares of the company's stock, valued at approximately $10,586,000. Bank of New York Mellon Corp owned approximately 0.16% of Pilgrim's Pride at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. MCF Advisors LLC bought a new position in shares of Pilgrim's Pride during the fourth quarter worth about $35,000. Kingdom Financial Group LLC. bought a new position in Pilgrim's Pride during the fourth quarter worth $37,000. Bessemer Group Inc. boosted its holdings in Pilgrim's Pride by 205.4% in the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company's stock worth $39,000 after purchasing an additional 682 shares during the period. State of Wyoming bought a new position in Pilgrim's Pride in the second quarter worth about $49,000. Finally, Quarry LP lifted its stake in Pilgrim's Pride by 30.5% in the fourth quarter. Quarry LP now owns 1,248 shares of the company's stock valued at $49,000 after buying an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group reduced their price target on shares of Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, August 7th. Bank of America cut their price objective 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. Finally, Weiss Ratings lowered Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $36.50.

Pilgrim's Pride Stock Up 0.1%

Pilgrim's Pride stock opened at $31.12 on Thursday. The company has a market capitalization of $7.41 billion, a P/E ratio of 13.53 and a beta of 0.27. Pilgrim's Pride Corporation has a 1-year low of $25.90 and a 1-year high of $44.87. The firm's fifty day simple moving average is $28.94 and its 200-day simple moving average is $32.16. The company has a current ratio of 1.36, a quick ratio of 0.62 and a debt-to-equity ratio of 0.76.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.64 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.06). Pilgrim's Pride had a net margin of 2.96% and a return on equity of 21.70%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the business posted $1.70 earnings per share. The firm's revenue was down 2.8% on a year-over-year basis. Sell-side analysts forecast that Pilgrim's Pride Corporation will post 2.35 earnings per share for the current fiscal year.

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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