Hsbc Holdings PLC Grows Position in Pilgrim's Pride Corporation $PPC

Key Points

• Hsbc Holdings PLC increased its position in Pilgrim's Pride Corporation by 171.5%, acquiring an additional 35,752 shares, bringing their total holdings to 56,599 shares worth approximately $2.96 million.
• In the last quarter, other institutional investors made significant adjustments to their holdings, with Brooklyn Investment Group increasing its stake by 309.4% and new investments made by several firms, including Accredited Wealth Management LLC and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd..
• Pilgrim's Pride reported a net profit of $1.70 EPS for the last quarter, exceeding analyst expectations, and forecasted to post 5.13 EPS for the current year.

Hsbc Holdings PLC increased its position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 171.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,599 shares of the company's stock after purchasing an additional 35,752 shares during the period. Hsbc Holdings PLC's holdings in Pilgrim's Pride were worth $2,963,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of Pilgrim's Pride by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,903,586 shares of the company's stock valued at $158,261,000 after purchasing an additional 29,549 shares during the period. AQR Capital Management LLC raised its position in shares of Pilgrim's Pride by 44.1% during the 4th quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company's stock valued at $85,502,000 after purchasing an additional 576,438 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of Pilgrim's Pride by 26.8% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,845,480 shares of the company's stock valued at $83,766,000 after purchasing an additional 389,967 shares during the period. Assetmark Inc. raised its position in shares of Pilgrim's Pride by 26.1% during the 1st quarter. Assetmark Inc. now owns 1,070,893 shares of the company's stock valued at $58,374,000 after purchasing an additional 221,617 shares during the period. Finally, Northern Trust Corp raised its position in shares of Pilgrim's Pride by 36.9% during the 1st quarter. Northern Trust Corp now owns 525,497 shares of the company's stock valued at $28,645,000 after purchasing an additional 141,745 shares during the period. 16.64% of the stock is currently owned by institutional investors.

Pilgrim's Pride Price Performance

Shares of NASDAQ:PPC traded up $0.82 on Friday, reaching $44.45. The company's stock had a trading volume of 1,092,717 shares, compared to its average volume of 1,276,787. The company has a 50-day simple moving average of $46.58 and a 200 day simple moving average of $49.21. Pilgrim's Pride Corporation has a 52-week low of $40.09 and a 52-week high of $57.16. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. The company has a market cap of $10.56 billion, a P/E ratio of 8.56 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its 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. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The firm had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same period in the previous year, the firm posted $1.67 EPS. The business's quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Pilgrim's Pride Announces Dividend

The firm also recently announced a special dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued a $2.10 dividend. The ex-dividend date is Wednesday, August 20th.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PPC. The Goldman Sachs Group started coverage on shares of 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. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Pilgrim's Pride has a consensus rating of "Hold" and a consensus target price of $47.50.

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.