Great Lakes Advisors LLC Purchases New Position in Pilgrim's Pride Corporation $PPC

Key Points

• Great Lakes Advisors LLC acquired 7,670 shares of Pilgrim's Pride Corporation ($PPC), valued at approximately $418,000, indicating growing institutional interest in the company.
• Pilgrim's Pride reported a $1.70 earnings per share for the quarter, exceeding the consensus estimate of $1.54, alongside a revenue of $4.76 billion.
• The company recently announced a $2.10 special dividend paid out to shareholders, reflecting strong financial performance and a commitment to returning value to investors.

Great Lakes Advisors LLC purchased a new stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,670 shares of the company's stock, valued at approximately $418,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in Pilgrim's Pride by 18.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 56,066 shares of the company's stock valued at $3,154,000 after buying an additional 8,638 shares during the last quarter. GAMMA Investing LLC raised its position in Pilgrim's Pride by 18.6% in the 1st quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock valued at $174,000 after buying an additional 501 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Pilgrim's Pride in the 1st quarter valued at $355,000. LPL Financial LLC raised its position in Pilgrim's Pride by 135.2% in the 1st quarter. LPL Financial LLC now owns 98,394 shares of the company's stock valued at $5,363,000 after buying an additional 56,568 shares during the last quarter. Finally, Dark Forest Capital Management LP raised its position in Pilgrim's Pride by 129.6% in the 1st quarter. Dark Forest Capital Management LP now owns 62,920 shares of the company's stock valued at $3,430,000 after buying an additional 35,512 shares during the last quarter. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim's Pride Trading Down 1.0%

Shares of PPC opened at $43.63 on Friday. The business has a 50-day moving average of $46.30 and a 200 day moving average of $48.60. Pilgrim's Pride Corporation has a fifty-two week low of $40.09 and a fifty-two week high of $57.16. The firm has a market cap of $10.36 billion, a P/E ratio of 8.41 and a beta of 0.50. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same quarter last year, the firm posted $1.67 EPS. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts forecast that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Dividend Announcement

The business also recently announced a special dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were paid a $2.10 dividend. The ex-dividend date was Wednesday, August 20th.

Wall Street Analyst Weigh In

PPC has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price objective for the company. Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, Pilgrim's Pride has an average rating of "Hold" and a consensus price target of $47.50.

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.

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