Mirae Asset Global Investments Co. Ltd. Acquires 22,498 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Mirae Asset Global Investments Co. Ltd. has increased its holdings in Pilgrim's Pride Corporation by 679.5% during Q2, now owning 25,809 shares worth approximately $1,161,000.
• Pilgrim's Pride reported $1.70 EPS for the quarter, surpassing estimates of $1.54, with a revenue increase of 4.3% year-over-year to $4.76 billion.
• The company declared a special $2.10 dividend paid on September 3rd, with an ex-dividend date of August 20th.

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 679.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,809 shares of the company's stock after purchasing an additional 22,498 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Pilgrim's Pride were worth $1,161,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PPC. Brooklyn Investment Group lifted its position in Pilgrim's Pride by 309.4% in the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after acquiring an additional 492 shares in the last quarter. Quarry LP bought a new stake in shares of Pilgrim's Pride in the first quarter valued at about $43,000. Raleigh Capital Management Inc. bought a new stake in shares of Pilgrim's Pride in the first quarter valued at about $74,000. Parallel Advisors LLC lifted its holdings in shares of Pilgrim's Pride by 15.7% in the second quarter. Parallel Advisors LLC now owns 1,655 shares of the company's stock valued at $74,000 after purchasing an additional 224 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Pilgrim's Pride by 46.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock valued at $76,000 after purchasing an additional 441 shares in the last quarter. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Down 0.2%

Shares of NASDAQ PPC opened at $37.89 on Friday. 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 52 week low of $37.03 and a 52 week high of $57.16. The stock has a market capitalization of $9.00 billion, a P/E ratio of 7.30 and a beta of 0.45. The stock's fifty day moving average is $44.22 and its 200 day moving average is $47.07.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its earnings results 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 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 analyst estimates of $4.62 billion. During the same period last year, the firm earned $1.67 EPS. The business's quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal 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 of this dividend was Wednesday, August 20th.

Analyst Ratings Changes

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

Pilgrim's Pride 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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