Janney Montgomery Scott LLC Sells 17,403 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Pilgrim's Pride Corporation by 28.3%, selling 17,403 shares during the second quarter, bringing its total holdings to 44,011 shares valued at approximately $1,980,000.
• Other institutional investors made notable adjustments, including Kendall Capital Management increasing its holdings by 10.7% and Viking Fund Management LLC raising their stake by an impressive 1,370.6%.
• Pilgrim's Pride reported robust quarterly results, achieving an earnings per share of $1.70, exceeding expectations, with revenues of $4.76 billion, up 4.3% from the previous year.

Janney Montgomery Scott LLC lowered its position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 28.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,011 shares of the company's stock after selling 17,403 shares during the quarter. Janney Montgomery Scott LLC's holdings in Pilgrim's Pride were worth $1,980,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Kendall Capital Management raised its holdings in shares of Pilgrim's Pride by 10.7% during the second quarter. Kendall Capital Management now owns 6,120 shares of the company's stock valued at $275,000 after purchasing an additional 590 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Pilgrim's Pride by 46.8% during the second quarter. Public Employees Retirement System of Ohio now owns 25,283 shares of the company's stock valued at $1,137,000 after purchasing an additional 8,055 shares during the period. Bfsg LLC raised its holdings in shares of Pilgrim's Pride by 15.1% during the second quarter. Bfsg LLC now owns 21,602 shares of the company's stock valued at $972,000 after purchasing an additional 2,829 shares during the period. Kapitalo Investimentos Ltda raised its holdings in shares of Pilgrim's Pride by 116.7% during the second quarter. Kapitalo Investimentos Ltda now owns 8,142 shares of the company's stock valued at $366,000 after purchasing an additional 4,385 shares during the period. Finally, Viking Fund Management LLC raised its holdings in shares of Pilgrim's Pride by 1,370.6% during the second quarter. Viking Fund Management LLC now owns 50,000 shares of the company's stock valued at $2,249,000 after purchasing an additional 46,600 shares during the period. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Price Performance

Pilgrim's Pride stock opened at $38.81 on Friday. Pilgrim's Pride Corporation has a 12 month low of $37.03 and a 12 month high of $57.16. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. The business's 50 day simple moving average is $44.04 and its 200 day simple moving average is $46.98. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 7.48 and a beta of 0.45.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, beating 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 business had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the prior year, the business earned $1.67 earnings per share. Pilgrim's Pride's revenue for the quarter was up 4.3% on a year-over-year basis. 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 disclosed a special dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were paid a $2.10 dividend. The ex-dividend date was Wednesday, August 20th.

Analyst Ratings Changes

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

Pilgrim's Pride Company 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.

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