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

Key Points

• Corient Private Wealth purchased 91,447 shares of Pilgrim’s Pride in the second quarter, valued at approximately $2.57 million. Institutional investors and hedge funds collectively own 16.64% of the company.
• Analysts maintain a generally cautious view, with an average rating of “Hold” and a consensus price target of $36.50; UBS and Bank of America recently lowered their targets.
• Pilgrim’s Pride reported quarterly EPS of $0.64, below the $0.70 consensus estimate, while revenue fell 2.8% year over year to $4.63 billion. Shares recently opened at $31.12, with a 12-month range of $25.90 to $44.87.

Corient Private Wealth LP bought a new stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 91,447 shares of the company's stock, valued at approximately $2,571,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Pilgrim's Pride by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 5,804,210 shares of the company's stock worth $226,306,000 after buying an additional 131,482 shares during the period. BlackRock Inc. bought a new stake in shares of Pilgrim's Pride during the second quarter worth $138,936,000. AQR Capital Management LLC grew its holdings in shares of Pilgrim's Pride by 18.7% during the third quarter. AQR Capital Management LLC now owns 4,482,124 shares of the company's stock worth $182,512,000 after purchasing an additional 705,946 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pilgrim's Pride by 12.0% in the first 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 in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Pilgrim's Pride by 22.9% in the second quarter. Bank of America Corp DE now owns 2,171,836 shares of the company's stock valued at $97,689,000 after buying an additional 404,915 shares in the last quarter. Institutional investors and hedge funds own 16.64% of the company's stock.

Analyst Upgrades and Downgrades

PPC has been the topic of several research reports. Weiss Ratings downgraded shares of Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. UBS Group lowered their price objective on shares of Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Finally, Bank of America dropped their target price on shares of Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a research note on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $36.50.

Pilgrim's Pride Price Performance

Shares of PPC stock opened at $31.12 on Thursday. The stock has a 50-day moving average price of $28.94 and a 200 day moving average price of $32.16. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 13.53 and a beta of 0.27. Pilgrim's Pride Corporation has a 12 month low of $25.90 and a 12 month high of $44.87.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released 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 net margin of 2.96% and a return on equity of 21.70%. The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.70 earnings per share. Research analysts expect that Pilgrim's Pride Corporation will post 2.35 EPS for the current year.

Pilgrim's Pride Profile

Pilgrim's Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim's Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company's vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

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