Deutsche Bank AG Sells 41,833 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Deutsche Bank AG reduced its stake in Pilgrim's Pride by 87.7% in Q1, now holding just 5,844 shares valued at approximately $319,000.
• The company reported earnings of $1.70 per share, surpassing estimates and demonstrating a 4.3% year-over-year revenue growth for the quarter with total revenue of $4.76 billion.
• Pilgrim's Pride announced a special dividend of $2.10 per share, payable on September 3rd to stockholders of record by August 20th.

Deutsche Bank AG decreased its holdings in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 87.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,844 shares of the company's stock after selling 41,833 shares during the period. Deutsche Bank AG's holdings in Pilgrim's Pride were worth $319,000 as of its most recent SEC filing.

Other hedge funds and 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 4th quarter valued at $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Pilgrim's Pride during the 4th quarter worth $55,000. Raleigh Capital Management Inc. bought a new stake in Pilgrim's Pride during the 1st quarter worth $74,000. PNC Financial Services Group Inc. grew its position in Pilgrim's Pride by 46.7% during the 1st 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 stake in Pilgrim's Pride during the 1st quarter worth $133,000. Institutional investors own 16.64% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PPC shares. Wall Street Zen lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. The Goldman Sachs Group started coverage on Pilgrim's Pride in a research report on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective on the stock. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Pilgrim's Pride currently has an average rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Trading Up 1.9%

Shares of NASDAQ PPC traded up $0.82 during trading on Monday, reaching $44.45. The company had a trading volume of 1,092,717 shares, compared to its average volume of 1,258,148. The company's fifty day moving average price is $46.58 and its 200-day moving average price is $49.18. Pilgrim's Pride Corporation has a 12 month low of $40.09 and a 12 month high of $57.16. The stock has a market cap of $10.56 billion, a P/E ratio of 8.56 and a beta of 0.50. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.16. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%.The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same quarter in the previous year, the company posted $1.67 EPS. The business's revenue was up 4.3% on a year-over-year basis. As a group, research analysts expect that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Dividend Announcement

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

About Pilgrim's Pride

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.