Pilgrim's Pride Corporation $PPC Shares Acquired by Wellington Management Group LLP

Key Points

• Wellington Management Group increased its stake in Pilgrim's Pride Corporation by 35.9% in Q1, now holding 89,131 shares valued at $4.86 million.
• Pilgrim's Pride reported a quarterly EPS of $1.70, exceeding estimates by $0.16, with revenues of $4.76 billion, up 4.3% year-over-year.
• The company has declared a $2.10 special dividend to be paid on September 3rd, with shareholders of record on August 20th.

Wellington Management Group LLP lifted its position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 35.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,131 shares of the company's stock after buying an additional 23,543 shares during the period. Wellington Management Group LLP's holdings in Pilgrim's Pride were worth $4,859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Pilgrim's Pride by 18.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 56,066 shares of the company's stock worth $3,154,000 after buying an additional 8,638 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Pilgrim's Pride by 18.6% during the 1st quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock worth $174,000 after buying an additional 501 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Pilgrim's Pride during the 1st quarter worth approximately $355,000. LPL Financial LLC increased its holdings in shares of Pilgrim's Pride by 135.2% during the 1st quarter. LPL Financial LLC now owns 98,394 shares of the company's stock worth $5,363,000 after buying an additional 56,568 shares during the last quarter. Finally, KBC Group NV acquired a new stake in shares of Pilgrim's Pride during the 1st quarter worth approximately $144,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

NASDAQ:PPC opened at $44.45 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 1.63. The stock has a market capitalization of $10.56 billion, a P/E ratio of 8.56 and a beta of 0.50. The company has a 50 day moving average price of $46.58 and a 200 day moving average price of $49.21. Pilgrim's Pride Corporation has a fifty-two week low of $40.09 and a fifty-two week high of $57.16.

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

Pilgrim's Pride Announces Dividend

The firm also recently declared a special dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th will be given a $2.10 dividend. The ex-dividend date of this dividend is Wednesday, August 20th.

Analyst Upgrades and Downgrades

PPC has been the subject of a number of research analyst reports. The Goldman Sachs Group initiated coverage on shares of Pilgrim's Pride in a research report on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective for the company. Wall Street Zen cut shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $47.50.

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.

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