28,786 Shares in Pilgrim's Pride Corporation (NASDAQ:PPC) Bought by Entropy Technologies LP

Key Points

• Entropy Technologies LP has acquired 28,786 shares of Pilgrim's Pride Corporation (NASDAQ:PPC) valued at approximately $1.57 million, indicating growing institutional interest in the company.
• Recent updates from analysts show a shift, with Wall Street Zen downgrading Pilgrim's Pride from a "strong-buy" to a "buy" rating, while Goldman Sachs initiated coverage with a "neutral" rating and a price target of $50.00.
• Pilgrim's Pride reported a quarterly earnings of $1.70 per share, surpassing expectations, with revenue of $4.76 billion, reflecting a 4.3% year-over-year increase.

Entropy Technologies LP bought a new stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 28,786 shares of the company's stock, valued at approximately $1,569,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Accredited Wealth Management LLC purchased a new stake in shares of Pilgrim's Pride in the fourth quarter valued at approximately $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Pilgrim's Pride during the fourth quarter worth $55,000. Raleigh Capital Management Inc. purchased a new stake in Pilgrim's Pride during the first quarter worth $74,000. PNC Financial Services Group Inc. boosted its position in Pilgrim's Pride by 46.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock worth $76,000 after purchasing an additional 441 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in Pilgrim's Pride during the first quarter worth $133,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim's Pride Stock Up 0.0%

NASDAQ PPC traded up $0.02 on Friday, hitting $47.78. 528,774 shares of the stock traded hands, compared to its average volume of 1,300,478. The stock has a 50-day moving average of $46.53 and a 200 day moving average of $49.39. Pilgrim's Pride Corporation has a twelve month low of $40.09 and a twelve month high of $57.16. The company has a market capitalization of $11.35 billion, a P/E ratio of 9.19 and a beta of 0.50. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83.

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

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. The Goldman Sachs Group assumed coverage on Pilgrim's Pride in a research report on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price on the stock. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Pilgrim's Pride currently has an average rating of "Hold" and an average price target of $48.67.

Pilgrim's Pride Profile

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.