BI Asset Management Fondsmaeglerselskab A S Cuts Stock Position 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 holdings in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 6.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 311,244 shares of the company's stock after selling 21,833 shares during the period. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.13% of Pilgrim's Pride worth $16,966,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PPC. Brooklyn Investment Group lifted its holdings in shares of Pilgrim's Pride by 309.4% during the first quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after purchasing an additional 492 shares during the last quarter. Accredited Wealth Management LLC purchased a new position in Pilgrim's Pride in the 4th quarter worth approximately $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Pilgrim's Pride in the 4th quarter worth approximately $55,000. Raleigh Capital Management Inc. purchased a new position in Pilgrim's Pride in the 1st quarter worth approximately $74,000. Finally, PNC Financial Services Group Inc. raised its holdings in Pilgrim's Pride by 46.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock worth $76,000 after acquiring an additional 441 shares during the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Pilgrim's Pride in a report on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price objective for the company. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $49.00.

Pilgrim's Pride Stock Performance

Shares of NASDAQ:PPC traded down $0.91 during midday trading on Monday, hitting $45.25. The company had a trading volume of 313,029 shares, compared to its average volume of 1,307,774. Pilgrim's Pride Corporation has a 12-month low of $40.09 and a 12-month high of $57.16. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88. The company has a market cap of $10.75 billion, a price-to-earnings ratio of 8.72 and a beta of 0.50. The company has a fifty day moving average of $46.71 and a two-hundred day moving average of $49.42.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the prior year, the business posted $1.67 EPS. Pilgrim's Pride's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities research analysts expect that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Pilgrim's Pride Announces Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Wednesday, August 20th.

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.