Northern Trust Corp Increases Stock Position in Pilgrim's Pride Corporation $PPC

Key Points

• Northern Trust Corp increased its stake in Pilgrim's Pride Corporation by 36.9% during the first quarter, acquiring an additional 141,745 shares and owning a total of 525,497 shares valued at approximately $28.65 million.
• Pilgrim's Pride recently announced a special dividend of $2.10 per share, scheduled for payment on September 3rd, with a record date of August 20th.
• The company reported $1.70 earnings per share for the last quarter, exceeding estimates and reflecting a 4.3% year-over-year revenue increase to $4.76 billion.

Northern Trust Corp boosted its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 36.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 525,497 shares of the company's stock after acquiring an additional 141,745 shares during the quarter. Northern Trust Corp owned 0.22% of Pilgrim's Pride worth $28,645,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PPC. Principal Financial Group Inc. grew its stake in shares of Pilgrim's Pride by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 93,044 shares of the company's stock worth $5,072,000 after purchasing an additional 290 shares during the period. Fifth Third Bancorp grew its stake in shares of Pilgrim's Pride by 10.6% during the 1st quarter. Fifth Third Bancorp now owns 3,747 shares of the company's stock worth $204,000 after purchasing an additional 358 shares during the period. Jackson Creek Investment Advisors LLC grew its stake in shares of Pilgrim's Pride by 1.9% during the 1st quarter. Jackson Creek Investment Advisors LLC now owns 20,417 shares of the company's stock worth $1,113,000 after purchasing an additional 381 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Pilgrim's Pride by 46.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock worth $76,000 after purchasing an additional 441 shares during the period. Finally, Brooklyn Investment Group grew its stake in shares of Pilgrim's Pride by 309.4% during the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock worth $35,000 after purchasing an additional 492 shares during the period. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim's Pride Price Performance

NASDAQ PPC traded up $0.54 during trading hours on Thursday, reaching $44.06. 753,859 shares of the stock traded hands, compared to its average volume of 1,310,728. The stock has a 50 day simple moving average of $46.48 and a two-hundred day simple moving average of $49.05. Pilgrim's Pride Corporation has a 1 year low of $40.09 and a 1 year high of $57.16. The company has a market cap of $10.47 billion, a price-to-earnings ratio of 8.49 and a beta of 0.50. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) 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 firm had revenue of $4.76 billion for the quarter, compared to analysts' expectations of $4.62 billion. During the same period last year, the firm earned $1.67 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts predict that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Pilgrim's Pride Announces Dividend

The company also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were given a dividend of $2.10 per share. The ex-dividend date of this dividend was Wednesday, August 20th.

Analyst Ratings Changes

PPC has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. The Goldman Sachs Group initiated coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price target on the stock. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Pilgrim's Pride has an average rating of "Hold" and an average price target of $47.50.

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.