Pilgrim's Pride Corporation $PPC Shares Acquired by Viking Fund Management LLC

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 lifted its position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 1,370.6% in the 2nd quarter, according to the company in 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 quarter. Viking Fund Management LLC's holdings in Pilgrim's Pride were worth $2,249,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Brooklyn Investment Group boosted its position in Pilgrim's Pride by 309.4% in the 1st quarter. Brooklyn Investment Group now owns 651 shares of the company's stock worth $35,000 after purchasing an additional 492 shares in the last quarter. Quarry LP acquired a new stake in shares of Pilgrim's Pride during the 1st quarter valued at about $43,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Pilgrim's Pride in the 4th quarter worth about $55,000. Raleigh Capital Management Inc. purchased a new position in Pilgrim's Pride during the first quarter worth approximately $74,000. Finally, Parallel Advisors LLC grew its holdings 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.

Analyst Ratings Changes

PPC has been the topic of a number of recent analyst reports. Wall Street Zen lowered Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. The Goldman Sachs Group assumed coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 target price for the company. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Pilgrim's Pride has an average rating of "Hold" and an average target price of $47.50.

Pilgrim's Pride Stock Performance

Shares of PPC stock traded down $0.70 during mid-day trading on Friday, hitting $40.69. 2,747,559 shares of the stock were exchanged, compared to its average volume of 1,382,158. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. Pilgrim's Pride Corporation has a 12-month low of $40.57 and a 12-month high of $57.16. The stock's fifty day simple moving average is $45.97 and its two-hundred day simple moving average is $48.14. 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 (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. Pilgrim's Pride had a return on equity of 37.15% and a net margin of 6.81%.The business had revenue of $4.76 billion during the quarter, compared to analysts' expectations of $4.62 billion. During the same quarter in the prior year, the business earned $1.67 earnings per share. The company's quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts forecast that Pilgrim's Pride Corporation will post 5.13 EPS for the current year.

Pilgrim's Pride Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a dividend of $2.10 per share. The ex-dividend date was Wednesday, August 20th.

Pilgrim's Pride 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.