DAVENPORT & Co LLC Makes New $2.59 Million Investment in Smithfield Foods, Inc. (NASDAQ:SFD)

DAVENPORT & Co LLC purchased a new stake in shares of Smithfield Foods, Inc. (NASDAQ:SFD - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 126,874 shares of the company's stock, valued at approximately $2,587,000.

Other hedge funds have also recently bought and sold shares of the company. Amalgamated Bank acquired a new position in shares of Smithfield Foods in the first quarter worth $28,000. Oppenheimer & Co. Inc. purchased a new position in Smithfield Foods in the first quarter valued at about $213,000. Finally, Renaissance Capital LLC purchased a new stake in shares of Smithfield Foods during the 1st quarter worth about $1,040,000.

Smithfield Foods Stock Up 1.4%

Shares of NASDAQ:SFD traded up $0.33 during trading on Friday, hitting $24.45. 235,776 shares of the stock were exchanged, compared to its average volume of 480,153. Smithfield Foods, Inc. has a 1-year low of $18.43 and a 1-year high of $24.47. The stock has a market capitalization of $9.61 billion and a P/E ratio of 10.77. The company has a fifty day moving average price of $23.08.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.11. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.56 billion. Smithfield Foods's revenue was up 9.5% on a year-over-year basis.

Smithfield Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were given a $0.25 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.00 dividend on an annualized basis and a yield of 4.09%. Smithfield Foods's dividend payout ratio (DPR) is presently 44.05%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SFD shares. Hsbc Global Res raised Smithfield Foods to a "strong-buy" rating in a research note on Tuesday, March 18th. HSBC began coverage on shares of Smithfield Foods in a research note on Tuesday, March 18th. They issued a "buy" rating and a $29.00 price objective for the company. Finally, Morgan Stanley assumed coverage on Smithfield Foods in a research report on Tuesday, March 25th. They issued an "overweight" rating and a $28.00 price target on the stock. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Smithfield Foods presently has a consensus rating of "Buy" and an average price target of $27.86.

Smithfield Foods Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.