Deutsche Bank AG Buys Shares of 48,683 Pilgrim's Pride Corporation $PPC

Key Points

• Deutsche Bank initiated a stake in Pilgrim’s Pride during the second quarter, purchasing 48,683 shares valued at approximately $1.37 million. Institutional investors collectively own 16.64% of the company.
• Pilgrim’s Pride reported quarterly earnings of $0.64 per share, missing the $0.70 consensus estimate, while revenue fell 2.8% year over year to $4.63 billion. Analysts expect full-year earnings of approximately $2.35 per share.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and an average price target of $36.50 after UBS and Bank of America lowered their targets.

Deutsche Bank AG bought a new stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 48,683 shares of the company's stock, valued at approximately $1,368,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PPC. Vanguard Group Inc. boosted its position in 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. Arrowstreet Capital Limited Partnership increased its position in Pilgrim's Pride by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 566,247 shares of the company's stock valued at $21,381,000 after acquiring an additional 223,256 shares during the period. Journey Advisory Group LLC raised its stake in shares of Pilgrim's Pride by 832.5% during the first quarter. Journey Advisory Group LLC now owns 96,764 shares of the company's stock valued at $3,654,000 after acquiring an additional 86,387 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Pilgrim's Pride by 29.9% during the first quarter. Hsbc Holdings PLC now owns 191,108 shares of the company's stock valued at $7,129,000 after acquiring an additional 44,017 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of Pilgrim's Pride by 134.4% during the first quarter. Quantinno Capital Management LP now owns 112,126 shares of the company's stock worth $4,234,000 after purchasing an additional 64,292 shares during the period. 16.64% of the stock is owned by institutional investors.

Pilgrim's Pride Price Performance

PPC stock opened at $31.69 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.36 and a quick ratio of 0.62. The company's 50-day moving average is $28.70 and its 200-day moving average is $32.48. The stock has a market capitalization of $7.55 billion, a PE ratio of 13.78 and a beta of 0.29. Pilgrim's Pride Corporation has a 1 year low of $25.90 and a 1 year high of $45.44.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group reduced their price target on Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, August 7th. Bank of America cut their price objective on 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. Finally, Weiss Ratings cut Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $36.50.

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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