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

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in Pilgrim's Pride Corporation by 598.9% during the second quarter, resulting in a total of 75,480 shares valued at approximately $3.4 million.
• Several hedge funds also adjusted their positions in Pilgrim's Pride, with Brooklyn Investment Group increasing its stake by 309.4% in the first quarter.
• Pilgrim's Pride reported a $1.70 EPS for the last quarter, exceeding estimates of $1.54, with revenues reaching $4.76 billion, a 4.3% increase from the previous year.

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 598.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,480 shares of the company's stock after acquiring an additional 64,680 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Pilgrim's Pride were worth $3,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group raised its position in shares of Pilgrim's Pride by 309.4% during the first quarter. Brooklyn Investment Group now owns 651 shares of the company's stock worth $35,000 after acquiring an additional 492 shares during the last quarter. Quarry LP acquired a new stake in Pilgrim's Pride during the first quarter worth approximately $43,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Pilgrim's Pride during the fourth quarter worth approximately $55,000. Raleigh Capital Management Inc. acquired a new stake in Pilgrim's Pride during the first quarter worth approximately $74,000. Finally, Parallel Advisors LLC grew its stake in Pilgrim's Pride by 15.7% during the second quarter. Parallel Advisors LLC now owns 1,655 shares of the company's stock worth $74,000 after purchasing an additional 224 shares during the period. 16.64% of the stock is currently owned by institutional investors.

Pilgrim's Pride Trading Down 1.7%

Shares of NASDAQ PPC traded down $0.70 during midday trading on Friday, reaching $40.69. The company had a trading volume of 2,747,559 shares, compared to its average volume of 1,382,158. Pilgrim's Pride Corporation has a one year low of $40.57 and a one 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 firm's fifty day moving average price is $45.97 and its 200-day moving average price is $48.18. The stock has a market cap of $9.67 billion, a PE ratio of 7.84 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, beating 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 analyst estimates of $4.62 billion. During the same quarter in the previous year, the company posted $1.67 EPS. Pilgrim's Pride's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Dividend Announcement

The business also recently announced a special dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were paid a $2.10 dividend. The ex-dividend date of this dividend was Wednesday, August 20th.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. 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. Wall Street Zen cut Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Pilgrim's Pride has a consensus rating of "Hold" and a consensus target price of $47.50.

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.