Livforsakringsbolaget Skandia Omsesidigt Raises Stake in Pilgrim's Pride Corporation $PPC

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in Pilgrim's Pride Corporation by 208.3% in the second quarter, acquiring an additional 22,500 shares to bring its total to 33,300 shares valued at approximately $1.5 million.
• Pilgrim's Pride recently reported a better-than-expected EPS of $1.70 for the last quarter, exceeding analysts' estimates by $0.16, alongside year-over-year revenue growth of 4.3%.
• The stock's current analyst rating is an average of "Hold" with a consensus target price of $47.50, reflecting varied opinions on its performance amidst recent trading fluctuations.

Livforsakringsbolaget Skandia Omsesidigt raised its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 208.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,300 shares of the company's stock after purchasing an additional 22,500 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Pilgrim's Pride were worth $1,498,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PPC. Lazard Asset Management LLC grew its stake in Pilgrim's Pride by 193.5% in the fourth quarter. Lazard Asset Management LLC now owns 7,306 shares of the company's stock valued at $331,000 after purchasing an additional 4,817 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Pilgrim's Pride in the fourth quarter valued at about $55,000. Nomura Holdings Inc. purchased a new position in Pilgrim's Pride in the fourth quarter valued at about $243,000. Point72 Asset Management L.P. grew its stake in Pilgrim's Pride by 102.0% in the fourth quarter. Point72 Asset Management L.P. now owns 16,381 shares of the company's stock valued at $744,000 after purchasing an additional 827,381 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Pilgrim's Pride by 29.8% in the fourth quarter. Tidal Investments LLC now owns 56,788 shares of the company's stock valued at $2,578,000 after purchasing an additional 13,043 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PPC. Wall Street Zen lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. The Goldman Sachs Group began coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 target price on the stock. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $47.50.

Pilgrim's Pride Stock Down 1.7%

Shares of PPC traded down $0.70 during mid-day trading on Friday, hitting $40.69. 2,747,559 shares of the company traded hands, compared to its average volume of 1,382,158. Pilgrim's Pride Corporation has a 1-year low of $40.57 and a 1-year high of $57.16. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $9.67 billion, a PE ratio of 7.84 and a beta of 0.50. The business has a 50 day moving average of $45.97 and a 200 day moving average of $48.14.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the prior year, the company posted $1.67 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Announces Dividend

The company also recently announced a special dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a $2.10 dividend. 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.