Inspire Investing LLC Increases Stock Position in Pilgrim's Pride Corporation $PPC

Key Points

• Inspire Investing LLC increased its stake in Pilgrim's Pride Corporation by 56.5%, owning 25,635 shares worth approximately $1.15 million as of the end of the 2nd quarter.
• Pilgrim's Pride has received mixed reviews from analysts, with Zacks Research downgrading the stock to a "strong sell" and Goldman Sachs initiating coverage with a "neutral" rating and a price target of $50.
• The company declared a special dividend of $2.10 per share that was paid to shareholders on September 3rd, 2023.

Inspire Investing LLC raised its position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 56.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,635 shares of the company's stock after buying an additional 9,256 shares during the quarter. Inspire Investing LLC's holdings in Pilgrim's Pride were worth $1,153,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brooklyn Investment Group lifted its position in Pilgrim's Pride by 309.4% during the first quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after buying an additional 492 shares during the period. Quarry LP purchased a new position in Pilgrim's Pride during the first quarter valued at $43,000. Ameritas Advisory Services LLC purchased a new position in Pilgrim's Pride during the second quarter valued at $45,000. Raleigh Capital Management Inc. purchased a new position in Pilgrim's Pride during the first quarter valued at $74,000. Finally, PNC Financial Services Group Inc. lifted 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 valued at $76,000 after buying an additional 441 shares during the period. Hedge funds and other institutional investors own 16.64% of the company's stock.

Wall Street Analysts Forecast Growth

PPC has been the subject of several recent research reports. Zacks Research lowered Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a research report on Thursday. The Goldman Sachs Group began coverage on Pilgrim's Pride in a research report on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective for the company. Weiss Ratings restated a "hold (c+)" rating on shares of Pilgrim's Pride in a report on Wednesday. Finally, Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $49.00.

Pilgrim's Pride Price Performance

NASDAQ PPC opened at $38.81 on Friday. Pilgrim's Pride Corporation has a one year low of $37.03 and a one year high of $57.16. The stock has a 50-day moving average of $44.04 and a 200 day moving average of $46.94. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of 7.48 and a beta of 0.45. 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 released its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 EPS 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 the consensus estimate of $4.62 billion. During the same period last year, the company earned $1.67 EPS. Pilgrim's Pride's revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts forecast that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Dividend Announcement

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

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