BI Asset Management Fondsmaeglerselskab A S Lowers Stock Holdings in Pilgrim's Pride Corporation $PPC

Key Points

• BI Asset Management Fondsmaeglerselskab A S reduced its holdings in Pilgrim's Pride Corporation by 6.6%, selling 21,833 shares to own 311,244 shares valued at approximately $16.97 million.
• In its latest earning report, Pilgrim's Pride surpassed analysts' expectations with earnings of $1.70 per share on revenues of $4.76 billion, a 4.3% increase year-over-year.
• The company has announced a dividend payment of $2.10 per share, set to be paid on September 3rd, with an ex-dividend date of August 20th.

BI Asset Management Fondsmaeglerselskab A S trimmed its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 6.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 311,244 shares of the company's stock after selling 21,833 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S owned about 0.13% of Pilgrim's Pride worth $16,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group lifted its position in Pilgrim's Pride by 309.4% during the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock worth $35,000 after acquiring an additional 492 shares during the period. Accredited Wealth Management LLC purchased a new position in shares of Pilgrim's Pride during the 4th quarter worth approximately $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Pilgrim's Pride during the 4th quarter worth approximately $55,000. Raleigh Capital Management Inc. purchased a new position in shares of Pilgrim's Pride during the 1st quarter worth approximately $74,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Pilgrim's Pride by 46.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock worth $76,000 after buying an additional 441 shares in the last quarter. 16.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PPC has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $49.00.

Pilgrim's Pride Price Performance

NASDAQ:PPC traded down $1.10 during trading hours on Friday, reaching $46.16. 1,512,484 shares of the company traded hands, compared to its average volume of 1,340,355. The firm's 50-day moving average is $46.71 and its 200-day moving average is $49.42. The stock has a market cap of $10.97 billion, a P/E ratio of 8.89 and a beta of 0.50. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88. Pilgrim's Pride Corporation has a 1-year low of $40.09 and a 1-year high of $57.16.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, topping 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 business's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.67 earnings per share. Equities research analysts expect that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be given a $2.10 dividend. The ex-dividend date of this dividend is Wednesday, August 20th.

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.