Hsbc Holdings PLC Increases Stock Holdings in Pilgrim's Pride Corporation $PPC

Key Points

• Hsbc Holdings PLC boosted its stake in Pilgrim's Pride by 29.9% in the first quarter, buying an additional 44,017 shares and bringing its total holding to 191,108 shares valued at about $7.13 million.
• Institutional ownership remains notable, with hedge funds and other investors holding 16.64% of Pilgrim's Pride; several firms also recently initiated or increased positions in the stock.
• Analysts are cautious overall: the stock has a consensus rating of “Hold” with an average price target of $36.83, while Pilgrim’s Pride recently traded at $27.92 after reporting quarterly EPS below estimates despite higher-than-expected revenue.

Hsbc Holdings PLC increased its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 29.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 191,108 shares of the company's stock after acquiring an additional 44,017 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of Pilgrim's Pride worth $7,129,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Torren Management LLC acquired a new position in shares of Pilgrim's Pride during the fourth quarter worth $31,000. MCF Advisors LLC acquired a new stake in Pilgrim's Pride during the 4th quarter valued at $35,000. Kingdom Financial Group LLC. acquired a new stake in Pilgrim's Pride during the 4th quarter valued at $37,000. Quarry LP grew its holdings in Pilgrim's Pride by 30.5% during the 4th quarter. Quarry LP now owns 1,248 shares of the company's stock valued at $49,000 after purchasing an additional 292 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Pilgrim's Pride by 23.5% during the 4th quarter. Signaturefd LLC now owns 1,350 shares of the company's stock worth $53,000 after buying an additional 257 shares during the period. Hedge funds and other institutional investors own 16.64% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Stephens set a $40.00 price objective on shares of Pilgrim's Pride in a report on Wednesday, April 15th. Weiss Ratings downgraded Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, June 26th. The Goldman Sachs Group dropped their target price on Pilgrim's Pride from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. UBS Group began coverage on Pilgrim's Pride in a research note on Tuesday, May 19th. They issued a "neutral" rating and a $30.00 price target on the stock. Finally, Bank of America reduced their price target on Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a report on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $36.83.

Pilgrim's Pride Trading Down 1.8%

NASDAQ PPC opened at $27.92 on Friday. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 7.49 and a beta of 0.29. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.48 and a quick ratio of 0.73. Pilgrim's Pride Corporation has a 12 month low of $26.50 and a 12 month high of $50.56. The company's fifty day moving average price is $28.47 and its two-hundred day moving average price is $34.69.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.18). The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.43 billion. Pilgrim's Pride had a return on equity of 28.57% and a net margin of 4.78%.Pilgrim's Pride's revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.31 EPS. As a group, research analysts predict that Pilgrim's Pride Corporation will post 3.01 earnings per share for the current fiscal year.

About Pilgrim's Pride

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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