LPL Financial LLC Has $5.36 Million Holdings in Pilgrim's Pride Corporation (NASDAQ:PPC)

Key Points

• LPL Financial LLC increased its stake in Pilgrim's Pride Corporation by 135.2% during the first quarter, bringing its total shares to 98,394 valued at approximately $5.36 million.
• Wall Street analysts issued a consensus rating of "Hold" for Pilgrim's Pride, with an average price target of $48.67, following a recent earnings report that surpassed expectations.
• Pilgrim's Pride reported earnings of $1.70 per share, exceeding estimates by $0.16, while revenues reached $4.76 billion, marking a 4.3% year-over-year increase.

LPL Financial LLC raised its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 135.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,394 shares of the company's stock after purchasing an additional 56,568 shares during the quarter. LPL Financial LLC's holdings in Pilgrim's Pride were worth $5,363,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC bought a new position in Pilgrim's Pride in the 4th quarter worth approximately $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Pilgrim's Pride in the 4th quarter worth approximately $55,000. Raleigh Capital Management Inc. bought a new position in Pilgrim's Pride in the 1st quarter worth approximately $74,000. Central Pacific Bank Trust Division bought a new position in Pilgrim's Pride in the 1st quarter worth approximately $133,000. Finally, KBC Group NV bought a new position in Pilgrim's Pride in the 1st quarter worth approximately $144,000. 16.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PPC has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on shares of Pilgrim's Pride in a report on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Wall Street Zen lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $48.67.

Pilgrim's Pride Stock Down 3.8%

NASDAQ PPC traded down $1.87 on Thursday, reaching $47.76. The company had a trading volume of 1,262,418 shares, compared to its average volume of 1,262,503. The company's fifty day moving average is $46.53 and its 200-day moving average is $49.39. 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 Corporation has a 1-year low of $40.09 and a 1-year high of $57.16. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of 9.20 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.54 by $0.16. The firm had revenue of $4.76 billion for the quarter, compared to analysts' expectations of $4.62 billion. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 EPS. On average, research analysts forecast that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

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.