Artemis Investment Management LLP Sells 48,905 Shares of Pilgrim's Pride Corporation (NASDAQ:PPC)

Artemis Investment Management LLP lessened its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 31.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 108,588 shares of the company's stock after selling 48,905 shares during the quarter. Artemis Investment Management LLP's holdings in Pilgrim's Pride were worth $5,919,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund boosted its holdings in shares of Pilgrim's Pride by 22.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 71,129 shares of the company's stock worth $3,877,000 after buying an additional 12,840 shares during the period. Inman Jager Wealth Management LLC bought a new stake in Pilgrim's Pride during the first quarter valued at about $229,000. Strategic Investment Advisors MI acquired a new position in shares of Pilgrim's Pride during the first quarter worth approximately $297,000. Moran Wealth Management LLC raised its stake in Pilgrim's Pride by 105.3% during the 1st quarter. Moran Wealth Management LLC now owns 149,375 shares of the company's stock valued at $8,142,000 after purchasing an additional 76,610 shares during the last quarter. Finally, Spirepoint Private Client LLC bought a new stake in shares of Pilgrim's Pride during the first quarter valued at approximately $206,000. Hedge funds and other institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Trading Up 1.1%

Shares of Pilgrim's Pride stock traded up $0.48 during trading on Tuesday, reaching $45.46. 1,033,515 shares of the company were exchanged, compared to its average volume of 1,240,531. The business has a 50-day moving average price of $48.10 and a 200-day moving average price of $49.28. The firm has a market capitalization of $10.78 billion, a price-to-earnings ratio of 8.97 and a beta of 0.48. The company has a quick ratio of 0.88, a current ratio of 1.35 and a debt-to-equity ratio of 1.02. Pilgrim's Pride Corporation has a twelve month low of $37.28 and a twelve month high of $57.16.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.05. The company had revenue of $4.46 billion during the quarter, compared to analysts' expectations of $4.53 billion. Pilgrim's Pride had a return on equity of 36.95% and a net margin of 6.72%. Pilgrim's Pride's revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. Sell-side analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PPC has been the subject of several recent research reports. BMO Capital Markets increased their price target on shares of Pilgrim's Pride from $47.00 to $48.00 and gave the stock a "market perform" rating in a research report on Monday, March 17th. Wall Street Zen raised Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. The Goldman Sachs Group initiated coverage on Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective for the company. Finally, Santander initiated coverage on shares of Pilgrim's Pride in a research note on Wednesday, March 5th. They issued a "neutral" rating on the stock. Six equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $48.67.

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.