Citigroup Inc. Sells 156,549 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Citigroup Inc. has reduced its stake in Pilgrim's Pride Corporation by 55.3%, selling 156,549 shares, leaving it with 126,796 shares valued at approximately $6.91 million.
• Several large institutional investors, including Wells Fargo and Guggenheim Capital, have increased their holdings in Pilgrim's Pride during the same period.
• Pilgrim's Pride recently announced a dividend of $2.10 per share, payable on September 3rd, 2023, with a record date of August 20th, 2023.

Citigroup Inc. cut its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 55.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 126,796 shares of the company's stock after selling 156,549 shares during the period. Citigroup Inc. owned 0.05% of Pilgrim's Pride worth $6,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Accredited Wealth Management LLC bought a new position in shares of Pilgrim's Pride in the fourth quarter worth about $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Pilgrim's Pride in the fourth quarter worth about $55,000. Raleigh Capital Management Inc. bought a new position in shares of Pilgrim's Pride in the first quarter worth about $74,000. PNC Financial Services Group Inc. raised its stake in shares of Pilgrim's Pride by 46.7% in the first 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. Finally, Central Pacific Bank Trust Division bought a new position in shares of Pilgrim's Pride in the first quarter worth about $133,000. 16.64% of the stock is owned by institutional investors.

Pilgrim's Pride Stock Down 0.8%

Shares of PPC stock traded down $0.38 during trading on Friday, reaching $46.88. The company's stock had a trading volume of 167,063 shares, compared to its average volume of 1,305,442. The business has a fifty day moving average price of $46.71 and a 200-day moving average price of $49.41. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. The company has a market cap of $11.14 billion, a price-to-earnings ratio of 9.04 and a beta of 0.50. Pilgrim's Pride Corporation has a one year low of $40.09 and a one year high of $57.16.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings results 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. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The company's quarterly revenue was up 4.3% compared to the same quarter last year. Analysts anticipate that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on PPC shares. Wall Street Zen cut shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. The Goldman Sachs Group began coverage on shares of Pilgrim's Pride in a report on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $49.00.

Pilgrim's Pride 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.