Nuveen LLC Makes New $11.43 Million Investment in Pilgrim's Pride Corporation $PPC

Key Points

• Nuveen LLC acquired a new stake in Pilgrim's Pride Corporation, purchasing 209,688 shares valued at approximately $11.43 million, which represents about 0.09% of the company's stock.
• The company reported earnings of $1.70 per share, exceeding analyst expectations, alongside a quarterly revenue of $4.76 billion, reflecting a 4.3% year-over-year increase.
• Pilgrim's Pride announced a dividend of $2.10 per share, scheduled for payment on September 3rd, with the ex-dividend date set for August 20th.

Nuveen LLC purchased a new stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 209,688 shares of the company's stock, valued at approximately $11,430,000. Nuveen LLC owned 0.09% of Pilgrim's Pride at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PPC. Accredited Wealth Management LLC acquired a new stake in shares of Pilgrim's Pride during the 4th quarter valued at approximately $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Pilgrim's Pride during the 4th quarter valued at approximately $55,000. Raleigh Capital Management Inc. acquired a new stake in shares of Pilgrim's Pride during the 1st quarter valued at approximately $74,000. PNC Financial Services Group Inc. lifted its position 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 valued at $76,000 after acquiring an additional 441 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Pilgrim's Pride during the 1st quarter valued at approximately $133,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PPC has been the subject of a number of research reports. 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 for the company. 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. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Trading Down 2.9%

PPC stock traded down $1.30 during midday trading on Thursday, hitting $43.63. The stock had a trading volume of 682,433 shares, compared to its average volume of 1,334,551. The firm has a market cap of $10.36 billion, a PE ratio of 8.41 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 Corporation has a 12-month low of $40.09 and a 12-month high of $57.16. The company's 50-day moving average price is $46.60 and its 200 day moving average price is $49.26.

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, topping the consensus estimate of $1.54 by $0.16. The firm had revenue of $4.76 billion during 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%. Pilgrim's Pride's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.67 EPS. On average, equities research analysts predict 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 announced a special dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Wednesday, August 20th.

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.