Cinctive Capital Management LP Buys Shares of 26,073 Pilgrim's Pride Corporation $PPC

Key Points

• Cinctive Capital Management LP acquired 26,073 shares of Pilgrim's Pride Corporation, valued at approximately $1,421,000, during the first quarter of the year.
• Several other institutional investors significantly increased their stakes in Pilgrim's Pride, with Brooklyn Investment Group raising its holdings by 309.4% in the same quarter.
• Pilgrim's Pride recently reported earnings of $1.70 per share, outperforming analysts' expectations, along with a special dividend of $2.10 per share paid to stockholders.

Cinctive Capital Management LP bought a new stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 26,073 shares of the company's stock, valued at approximately $1,421,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in Pilgrim's Pride by 0.3% in the first quarter. Principal Financial Group Inc. now owns 93,044 shares of the company's stock valued at $5,072,000 after acquiring an additional 290 shares in the last quarter. Comerica Bank boosted its stake in shares of Pilgrim's Pride by 2.9% in the first quarter. Comerica Bank now owns 12,359 shares of the company's stock valued at $674,000 after purchasing an additional 345 shares during the period. Fifth Third Bancorp grew its holdings in Pilgrim's Pride by 10.6% during the 1st quarter. Fifth Third Bancorp now owns 3,747 shares of the company's stock valued at $204,000 after purchasing an additional 358 shares in the last quarter. Jackson Creek Investment Advisors LLC increased its stake in Pilgrim's Pride by 1.9% during the 1st quarter. Jackson Creek Investment Advisors LLC now owns 20,417 shares of the company's stock worth $1,113,000 after buying an additional 381 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in 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 during the period. 16.64% of the stock is owned by institutional investors and hedge funds.

Pilgrim's Pride Stock Down 2.0%

PPC stock traded down $0.89 during mid-day trading on Tuesday, hitting $43.66. 1,276,040 shares of the company were exchanged, compared to its average volume of 1,314,955. The firm has a fifty day simple moving average of $46.47 and a 200 day simple moving average of $48.82. The company has a market capitalization of $10.37 billion, a PE ratio of 8.41 and a beta of 0.50. Pilgrim's Pride Corporation has a twelve month low of $40.09 and a twelve month high of $57.16. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83.

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. The business had revenue of $4.76 billion for the quarter, compared to analysts' expectations of $4.62 billion. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.67 earnings per share. On average, research analysts forecast that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Announces Dividend

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

Analyst Ratings Changes

PPC has been the subject of several recent analyst reports. The Goldman Sachs Group assumed 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 raised Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a report on Friday. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus 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.