Corient Private Wealth LP Grows Holdings in Pilgrim's Pride Corporation $PPC

Key Points

• Corient Private Wealth increased its Pilgrim’s Pride stake by 63.3% in the second quarter, bringing its holdings to 91,315 shares valued at approximately $2.57 million. Other institutional investors, including BlackRock and Van ECK Associates, also expanded their positions.
• Pilgrim’s Pride shares opened at $28.98, down 1.7%, and remain well below their 52-week high of $44.84. The company recently reported quarterly EPS of $0.64, missing estimates, while revenue fell 2.8% year over year to $4.63 billion.
• Analyst sentiment remains cautious, with the stock carrying an overall “Hold” rating and an average price target of $36.50. Bank of America cut its target to $30 and UBS maintained a neutral rating.

Corient Private Wealth LP increased its holdings in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 63.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,315 shares of the company's stock after purchasing an additional 35,396 shares during the period. Corient Private Wealth LP's holdings in Pilgrim's Pride were worth $2,567,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Pilgrim's Pride during the 2nd quarter worth approximately $138,936,000. Dimensional Fund Advisors LP increased its stake in Pilgrim's Pride by 12.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,830,054 shares of the company's stock valued at $144,617,000 after buying an additional 411,656 shares during the period. Van ECK Associates Corp raised its position in Pilgrim's Pride by 724.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,365,157 shares of the company's stock worth $38,375,000 after buying an additional 1,199,625 shares during the last quarter. Assetmark Inc. raised its position in Pilgrim's Pride by 3.2% during the 1st quarter. Assetmark Inc. now owns 1,237,974 shares of the company's stock worth $46,746,000 after buying an additional 38,650 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Pilgrim's Pride by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 566,247 shares of the company's stock worth $21,381,000 after acquiring an additional 223,256 shares during the period. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Trading Down 1.7%

Shares of PPC stock opened at $28.98 on Wednesday. Pilgrim's Pride Corporation has a fifty-two week low of $25.90 and a fifty-two week high of $44.84. The stock has a market cap of $6.90 billion, a P/E ratio of 12.60 and a beta of 0.27. The business has a fifty day simple moving average of $29.41 and a 200-day simple moving average of $30.95. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.06). The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.70 billion. Pilgrim's Pride had a return on equity of 21.70% and a net margin of 2.96%.The business's revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.70 EPS. On average, analysts forecast that Pilgrim's Pride Corporation will post 2.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Bank of America dropped their price target on shares of Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. Weiss Ratings lowered Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. Finally, UBS Group reiterated a "neutral" rating on shares of Pilgrim's Pride in a research report on Tuesday. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $36.50.

About Pilgrim's Pride

Pilgrim's Pride Corporation NASDAQ: PPC is a food company engaged primarily in the production, processing, marketing and distribution of poultry products. Its offerings include fresh, frozen and prepared chicken, as well as ready-to-eat and ready-to-cook foods sold to retailers, foodservice operators and other commercial customers.

The company markets products under brands that include Pilgrim's, Just Bare, Gold'n Plump, Country Pride and Pierce. Its portfolio includes whole chickens, chicken parts, breaded and formed products, deli items, sausages and other prepared foods designed for retail and foodservice use.

Pilgrim's Pride traces its history to 1946, when Lonnie “Bo” Pilgrim and his brother opened a feed and seed store in Pittsburg, Texas.

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