Bank of New York Mellon Corp Decreases Position in Pilgrim's Pride Corporation (NASDAQ:PPC)

Bank of New York Mellon Corp lowered its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 3.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 415,337 shares of the company's stock after selling 14,103 shares during the period. Bank of New York Mellon Corp owned 0.17% of Pilgrim's Pride worth $22,640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Xponance Inc. boosted its stake in shares of Pilgrim's Pride by 3.7% in the 4th quarter. Xponance Inc. now owns 6,307 shares of the company's stock worth $286,000 after buying an additional 225 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Pilgrim's Pride by 0.3% in the first 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 last quarter. Fifth Third Bancorp grew its position in Pilgrim's Pride by 10.6% in the first quarter. Fifth Third Bancorp now owns 3,747 shares of the company's stock worth $204,000 after acquiring an additional 358 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Pilgrim's Pride by 18.6% during the first quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock valued at $174,000 after buying an additional 501 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pilgrim's Pride by 28.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,311 shares of the company's stock valued at $177,000 after buying an additional 742 shares during the period. Hedge funds and other institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Price Performance

Shares of PPC traded down $0.12 during mid-day trading on Friday, hitting $44.94. 785,091 shares of the company were exchanged, compared to its average volume of 1,279,189. Pilgrim's Pride Corporation has a 1-year low of $39.31 and a 1-year high of $57.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.88 and a current ratio of 1.35. The company has a 50 day moving average of $46.62 and a 200-day moving average of $49.09. The stock has a market cap of $10.66 billion, a price-to-earnings ratio of 8.86 and a beta of 0.45.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $4.53 billion. Pilgrim's Pride had a net margin of 6.72% and a return on equity of 36.95%. Pilgrim's Pride's quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. Analysts expect that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. The Goldman Sachs Group initiated coverage on Pilgrim's Pride in a report on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Wall Street Zen downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Pilgrim's Pride currently has a consensus rating of "Hold" and an average price target 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.