Park West Asset Management LLC Takes Position in Smithfield Foods, Inc. $SFD

Key Points

• Park West Asset Management LLC acquired 1,747,000 shares of Smithfield Foods, Inc. in Q1, valued at approximately $35.6 million, making it the 16th largest holding in their portfolio.
• Smithfield Foods recently reported $3.79 billion in revenue for the quarter, surpassing analyst expectations, while its earnings per share missed expectations by $0.01.
• Several analysts have upgraded Smithfield Foods, raising target prices, with UBS setting a new target at $28.50, while the stock maintains a consensus rating of Buy.

Park West Asset Management LLC bought a new stake in shares of Smithfield Foods, Inc. (NASDAQ:SFD - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,747,000 shares of the company's stock, valued at approximately $35,621,000. Smithfield Foods accounts for approximately 2.9% of Park West Asset Management LLC's portfolio, making the stock its 16th biggest holding. Park West Asset Management LLC owned about 0.44% of Smithfield Foods as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Millennium Management LLC bought a new stake in shares of Smithfield Foods during the 1st quarter valued at $46,687,000. Alberta Investment Management Corp bought a new stake in shares of Smithfield Foods during the 1st quarter valued at $25,488,000. Alyeska Investment Group L.P. bought a new stake in shares of Smithfield Foods during the 1st quarter valued at $20,331,000. Brightlight Capital Management LP bought a new stake in shares of Smithfield Foods during the 1st quarter valued at $9,424,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Smithfield Foods during the 1st quarter valued at $8,156,000.

Smithfield Foods Trading Down 1.8%

Smithfield Foods stock opened at $23.81 on Friday. The company has a market capitalization of $9.36 billion and a PE ratio of 10.49. Smithfield Foods, Inc. has a 12 month low of $18.43 and a 12 month high of $26.07. The stock has a 50-day moving average price of $24.63 and a two-hundred day moving average price of $22.52.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.01). The business had revenue of $3.79 billion during the quarter, compared to analysts' expectations of $3.62 billion. The firm's quarterly revenue was up 11.0% compared to the same quarter last year.

Smithfield Foods Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Thursday, August 14th were given a $0.25 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.00 annualized dividend and a yield of 4.2%. Smithfield Foods's dividend payout ratio (DPR) is currently 44.05%.

Analysts Set New Price Targets

Several research firms recently weighed in on SFD. Zacks Research raised Smithfield Foods from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. UBS Group reissued a "buy" rating and set a $28.50 target price (up previously from $25.00) on shares of Smithfield Foods in a research note on Wednesday, August 13th. Barclays boosted their target price on Smithfield Foods from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley boosted their target price on Smithfield Foods from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Smithfield Foods presently has a consensus rating of "Buy" and an average target price of $28.44.

Smithfield Foods Company Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.