Viking Fund Management LLC Buys 46,600 Shares of Pilgrim's Pride Corporation $PPC

Key Points

• Viking Fund Management LLC increased its stake in Pilgrim's Pride Corporation by 1,370.6%, acquiring a total of 50,000 shares worth approximately $2.25 million.
• Several institutional investors are actively buying shares of Pilgrim's Pride, with a total of 16.64% of the company's stock currently held by these entities.
• Goldman Sachs began coverage on Pilgrim's Pride with a "neutral" rating and a target price of $50, while the consensus rating remains at "Hold" with an average price target of $47.50.

Viking Fund Management LLC increased its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 1,370.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,000 shares of the company's stock after purchasing an additional 46,600 shares during the period. Viking Fund Management LLC's holdings in Pilgrim's Pride were worth $2,249,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group increased its position in Pilgrim's Pride by 309.4% during the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after buying an additional 492 shares in the last quarter. Quarry LP purchased a new position in Pilgrim's Pride during the first quarter worth approximately $43,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Pilgrim's Pride in the fourth quarter valued at $55,000. Raleigh Capital Management Inc. purchased a new stake in Pilgrim's Pride in the first quarter valued at $74,000. Finally, Parallel Advisors LLC raised its position in Pilgrim's Pride by 15.7% in the second quarter. Parallel Advisors LLC now owns 1,655 shares of the company's stock valued at $74,000 after purchasing an additional 224 shares during the period. Hedge funds and other institutional investors own 16.64% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. The Goldman Sachs Group assumed coverage on Pilgrim's Pride in a research report on Monday, June 23rd. They issued a "neutral" rating and a $50.00 target price on the stock. Wall Street Zen cut Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Pilgrim's Pride has an average rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Stock Down 1.1%

PPC stock traded down $0.46 during midday trading on Tuesday, hitting $40.73. 527,950 shares of the company's stock were exchanged, compared to its average volume of 1,337,223. 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 stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of 7.84 and a beta of 0.50. Pilgrim's Pride Corporation has a 12-month low of $40.48 and a 12-month high of $57.16. The firm has a 50 day moving average price of $45.90 and a 200-day moving average price of $48.02.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last released its quarterly 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 business had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.62 billion. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.67 earnings per share. On average, analysts anticipate that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Dividend Announcement

The business also recently declared a special dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were paid a dividend of $2.10 per share. 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.