Beacon Harbor Wealth Advisors Inc. Purchases Shares of 114,537 Pilgrim's Pride Corporation (NASDAQ:PPC)

Key Points

• Beacon Harbor Wealth Advisors Inc. has acquired 114,537 shares of Pilgrim's Pride Corporation (NASDAQ:PPC) valued at approximately $6.24 million in the first quarter.
• Pilgrim's Pride reported a quarterly earnings per share (EPS) of $1.70, surpassing the consensus estimate of $1.54 by $0.16, along with a revenue of $4.76 billion.
• Analysts currently have an average rating of "Hold" on Pilgrim's Pride stock, with a target price of approximately $48.67.

Beacon Harbor Wealth Advisors Inc. bought a new position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 114,537 shares of the company's stock, valued at approximately $6,243,000.

A number of other hedge funds have also recently modified their holdings of the stock. Accredited Wealth Management LLC acquired a new position in Pilgrim's Pride in the 4th quarter worth about $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Pilgrim's Pride during the fourth quarter valued at approximately $55,000. Raleigh Capital Management Inc. acquired a new position in shares of Pilgrim's Pride during the first quarter valued at approximately $74,000. PNC Financial Services Group Inc. raised its holdings in shares of Pilgrim's Pride by 46.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock valued at $76,000 after acquiring an additional 441 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Pilgrim's Pride during the first quarter valued at approximately $133,000. Hedge funds and other institutional investors own 16.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PPC. The Goldman Sachs Group assumed 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 lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $48.67.

Pilgrim's Pride Trading Up 0.5%

Shares of PPC traded up $0.25 during midday trading on Monday, hitting $50.21. 203,827 shares of the stock were exchanged, compared to its average volume of 1,300,230. Pilgrim's Pride Corporation has a 52-week low of $40.09 and a 52-week high of $57.16. The stock has a fifty day simple moving average of $46.46 and a 200 day simple moving average of $49.34. The firm has a market cap of $11.93 billion, a P/E ratio of 9.67 and a beta of 0.50. 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 (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $4.62 billion. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $1.67 earnings per share. On average, research analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal 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.