Man Group plc Purchases Shares of 88,622 Pilgrim's Pride Corporation $PPC

Key Points

• Man Group acquired 88,622 shares of Pilgrim’s Pride during the second quarter, valued at approximately $2.49 million. Institutional investors collectively own 16.64% of the company.
• Pilgrim’s Pride reported quarterly EPS of $0.64, below the $0.70 consensus estimate, while revenue fell 2.8% year over year to $4.63 billion.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating, with an average price target of $36.50 after UBS and Bank of America lowered their targets.

Man Group plc acquired a new position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 88,622 shares of the company's stock, valued at approximately $2,491,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Pilgrim's Pride in the 2nd quarter worth $30,000. MCF Advisors LLC bought a new stake in shares of Pilgrim's Pride in the fourth quarter valued at about $35,000. Kingdom Financial Group LLC. bought a new stake in shares of Pilgrim's Pride in the fourth quarter valued at about $37,000. Bessemer Group Inc. boosted its position in shares of Pilgrim's Pride by 205.4% during the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company's stock worth $39,000 after buying an additional 682 shares during the period. Finally, State of Wyoming acquired a new position in shares of Pilgrim's Pride during the second quarter worth about $49,000. 16.64% of the stock is owned by institutional investors.

Pilgrim's Pride Price Performance

NASDAQ:PPC opened at $31.38 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36. The stock's 50-day simple moving average is $28.80 and its 200 day simple moving average is $32.32. The company has a market cap of $7.47 billion, a P/E ratio of 13.64 and a beta of 0.29. Pilgrim's Pride Corporation has a 52-week low of $25.90 and a 52-week high of $45.44.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.06). The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.70 billion. Pilgrim's Pride had a net margin of 2.96% and a return on equity of 21.70%. The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period last year, the company posted $1.70 earnings per share. As a group, sell-side analysts forecast that Pilgrim's Pride Corporation will post 2.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PPC shares. Weiss Ratings lowered Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. UBS Group reduced their price target on Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Finally, Bank of America decreased their price target on shares of Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Pilgrim's Pride has a consensus rating of "Hold" and an average price target of $36.50.

About Pilgrim's Pride

Pilgrim's Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim's Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company's vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

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