Jacobs Levy Equity Management Inc. Has $81.46 Million Holdings in Pilgrim's Pride Corporation $PPC

Key Points

• Jacobs Levy Equity Management Inc. has reduced its position in Pilgrim's Pride by 19.0%, owning now approximately 1,494,328 shares worth around $81.46 million.
• Multiple institutional investors have increased their holdings in Pilgrim's Pride, with Point72 Asset Management showing a significant growth of 102.0% in its stake last quarter.
• Analysts currently hold a consensus rating of "Hold" for Pilgrim's Pride with an average target price of $47.50, following a recent earnings beat where the company reported $1.70 EPS.

Jacobs Levy Equity Management Inc. decreased its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 19.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,494,328 shares of the company's stock after selling 351,152 shares during the period. Jacobs Levy Equity Management Inc. owned 0.63% of Pilgrim's Pride worth $81,456,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Pilgrim's Pride by 18.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 56,066 shares of the company's stock valued at $3,154,000 after acquiring an additional 8,638 shares during the last quarter. GAMMA Investing LLC boosted its stake in Pilgrim's Pride by 18.6% during the 1st quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock valued at $174,000 after purchasing an additional 501 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in Pilgrim's Pride during the 1st quarter valued at approximately $355,000. LPL Financial LLC boosted its stake in Pilgrim's Pride by 135.2% during the 1st quarter. LPL Financial LLC now owns 98,394 shares of the company's stock valued at $5,363,000 after purchasing an additional 56,568 shares during the period. Finally, KBC Group NV bought a new stake in Pilgrim's Pride during the 1st quarter valued at approximately $144,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

Shares of PPC stock traded down $1.06 during mid-day trading on Wednesday, reaching $42.60. The stock had a trading volume of 755,090 shares, compared to its average volume of 1,311,527. The firm's 50 day simple moving average is $46.43 and its 200 day simple moving average is $48.78. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. Pilgrim's Pride Corporation has a one year low of $40.09 and a one year high of $57.16. The firm has a market cap of $10.12 billion, a PE ratio of 8.21 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, topping analysts' consensus estimates 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 quarter last year, the company earned $1.67 EPS. The company's quarterly revenue was up 4.3% on a year-over-year basis. On average, analysts forecast that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Announces Dividend

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

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wall Street Zen upgraded Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. The Goldman Sachs Group assumed coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price 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.