Pilgrim's Pride Corporation $PPC Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments more than doubled its stake in Pilgrim's Pride, increasing holdings by 107.2% to 194,031 shares worth about $7.74 million, roughly 0.08% of the company.
• CFO Matthew R. Galvanoni sold 6,963 shares at an average price of $43.52 (a 7.08% reduction in his position), while corporate insiders collectively own about 82.56% of the stock.
• Pilgrim's Pride missed Q results on EPS ($0.64 vs. $0.78 expected) but posted $4.52B revenue; the stock trades at a PE of 8.14 and carries a MarketBeat consensus rating of Hold with an average price target of $43.67.

Allspring Global Investments Holdings LLC grew its holdings in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 107.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 194,031 shares of the company's stock after purchasing an additional 100,366 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Pilgrim's Pride worth $7,736,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. New York State Common Retirement Fund raised its holdings in shares of Pilgrim's Pride by 1.3% during the second quarter. New York State Common Retirement Fund now owns 17,817 shares of the company's stock worth $801,000 after purchasing an additional 230 shares during the period. Kendall Capital Management raised its holdings in shares of Pilgrim's Pride by 4.3% during the third quarter. Kendall Capital Management now owns 6,385 shares of the company's stock worth $260,000 after purchasing an additional 265 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Pilgrim's Pride by 3.5% during the third quarter. Thrivent Financial for Lutherans now owns 9,824 shares of the company's stock worth $400,000 after purchasing an additional 333 shares during the period. California State Teachers Retirement System increased its holdings in shares of Pilgrim's Pride by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 43,476 shares of the company's stock worth $1,956,000 after acquiring an additional 380 shares during the period. Finally, IFP Advisors Inc increased its holdings in shares of Pilgrim's Pride by 4.7% in the 3rd quarter. IFP Advisors Inc now owns 8,682 shares of the company's stock worth $354,000 after acquiring an additional 390 shares during the period. 16.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pilgrim's Pride

In other news, CFO Matthew R. Galvanoni sold 6,963 shares of the firm's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $43.52, for a total transaction of $303,029.76. Following the completion of the transaction, the chief financial officer owned 91,397 shares in the company, valued at approximately $3,977,597.44. This trade represents a 7.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 82.56% of the stock is owned by corporate insiders.

Pilgrim's Pride Stock Performance

Shares of PPC opened at $36.97 on Tuesday. The firm has a 50-day moving average price of $40.16 and a 200 day moving average price of $39.43. The firm has a market capitalization of $8.78 billion, a PE ratio of 8.14 and a beta of 0.46. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.84. Pilgrim's Pride Corporation has a 52-week low of $34.39 and a 52-week high of $55.18.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its earnings results on Wednesday, February 11th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.14). The company had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.39 billion. Pilgrim's Pride had a net margin of 5.85% and a return on equity of 35.15%. The business's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.35 EPS. On average, sell-side analysts anticipate that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PPC shares. Wall Street Zen cut shares of Pilgrim's Pride from a "buy" rating to a "hold" rating in a report on Sunday, February 15th. BMO Capital Markets dropped their price objective on shares of Pilgrim's Pride from $42.00 to $40.00 and set a "market perform" rating on the stock in a report on Wednesday, March 25th. Barclays dropped their price objective on shares of Pilgrim's Pride from $49.00 to $45.00 and set an "equal weight" rating on the stock in a report on Tuesday, December 9th. Zacks Research cut shares of Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a report on Wednesday, February 11th. Finally, Santander raised shares of Pilgrim's Pride from a "neutral" rating to an "outperform" rating in a report on Thursday, December 11th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $43.67.

Pilgrim's Pride Company Profile

Pilgrim's Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim's Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company's vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

Want to see what other hedge funds are holding PPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.