Invst LLC Acquires 9,225 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Invst LLC has increased its stake in Pilgrim's Pride Corporation by 82.5%, owning 20,409 shares valued at approximately $1.11 million after acquiring 9,225 additional shares in Q1.
• Wall Street analysts have upgraded Pilgrim's Pride's stock rating from "buy" to "strong-buy", indicating positive growth expectations, with a consensus target price of $47.50.
• The company recently announced a special dividend of $2.10 per share, enhancing shareholder returns alongside its quarterly earnings report, which exceeded analysts' expectations.

Invst LLC increased its stake in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 82.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,409 shares of the company's stock after buying an additional 9,225 shares during the quarter. Invst LLC's holdings in Pilgrim's Pride were worth $1,112,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Strs Ohio bought a new stake in Pilgrim's Pride during the first quarter worth $2,648,000. Plato Investment Management Ltd bought a new stake in shares of Pilgrim's Pride in the 1st quarter valued at about $579,000. Bayforest Capital Ltd raised its holdings in shares of Pilgrim's Pride by 53.5% in the 1st quarter. Bayforest Capital Ltd now owns 10,134 shares of the company's stock valued at $552,000 after purchasing an additional 3,531 shares during the period. Empowered Funds LLC lifted its stake in Pilgrim's Pride by 3.5% in the 1st quarter. Empowered Funds LLC now owns 75,632 shares of the company's stock valued at $4,123,000 after purchasing an additional 2,556 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new position in Pilgrim's Pride during the first quarter worth about $418,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on PPC. Wall Street Zen lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday. The Goldman Sachs Group initiated coverage on 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 investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Stock Performance

Shares of NASDAQ:PPC traded down $0.11 during trading on Wednesday, reaching $42.44. 761,890 shares of the stock were exchanged, compared to its average volume of 1,317,562. Pilgrim's Pride Corporation has a 12 month low of $41.44 and a 12 month high of $57.16. The stock has a 50-day moving average price of $46.19 and a 200-day moving average price of $48.40. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. The firm has a market cap of $10.08 billion, a PE ratio of 8.18 and a beta of 0.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.16. The business had revenue of $4.76 billion during the quarter, compared to analysts' expectations of $4.62 billion. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%.The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $1.67 EPS. Research analysts expect that Pilgrim's Pride Corporation will post 5.13 EPS for the current fiscal year.

Pilgrim's Pride Dividend Announcement

The firm also recently announced a special dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were given a $2.10 dividend. The ex-dividend date of this dividend was Wednesday, August 20th.

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.