Pilgrim's Pride Corporation $PPC Shares Sold by Amundi

Key Points

• Amundi reduced its Pilgrim’s Pride stake by 15% in the second quarter, selling 37,087 shares and retaining 210,361 shares valued at approximately $5.9 million. Institutional investors collectively own 16.64% of the company.
• Analysts maintain a consensus “Hold” rating with a $36.50 target price, although UBS and Bank of America recently lowered their price targets to $28 and $30, respectively.
• Pilgrim’s Pride reported quarterly EPS of $0.64, below the $0.70 consensus estimate, while revenue declined 2.8% year over year to $4.63 billion. PPC shares opened at $30.24, with a market capitalization of about $7.2 billion.

Amundi lowered its position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 15.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 210,361 shares of the company's stock after selling 37,087 shares during the period. Amundi owned approximately 0.09% of Pilgrim's Pride worth $5,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Pilgrim's Pride in the 2nd quarter valued at $30,000. MCF Advisors LLC purchased a new position in shares of Pilgrim's Pride during the fourth quarter worth $35,000. Kingdom Financial Group LLC. purchased a new position in shares of Pilgrim's Pride during the fourth quarter worth $37,000. Bessemer Group Inc. lifted its position in Pilgrim's Pride by 205.4% during the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company's stock valued at $39,000 after purchasing an additional 682 shares during the period. Finally, State of Wyoming acquired a new position in Pilgrim's Pride during the second quarter valued at $49,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Analyst Ratings Changes

PPC has been the topic of several recent research reports. UBS Group lowered their price target on shares of Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, August 7th. Weiss Ratings cut Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. Finally, Bank of America lowered their target price on Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Pilgrim's Pride has a consensus rating of "Hold" and a consensus target price of $36.50.

Pilgrim's Pride Stock Up 1.0%

PPC stock opened at $30.24 on Friday. Pilgrim's Pride Corporation has a one year low of $25.90 and a one year high of $44.84. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36. The firm's fifty day moving average is $29.20 and its 200 day moving average is $31.62. The firm has a market cap of $7.20 billion, a PE ratio of 13.15 and a beta of 0.27.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.06). Pilgrim's Pride had a net margin of 2.96% and a return on equity of 21.70%. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter last year, the business earned $1.70 earnings per share. Pilgrim's Pride's revenue was down 2.8% on a year-over-year basis. On average, research analysts forecast that Pilgrim's Pride Corporation will post 2.35 EPS for the current year.

Pilgrim's Pride Profile

Pilgrim's Pride Corporation NASDAQ: PPC is a food company engaged primarily in the production, processing, marketing and distribution of poultry products. Its offerings include fresh, frozen and prepared chicken, as well as ready-to-eat and ready-to-cook foods sold to retailers, foodservice operators and other commercial customers.

The company markets products under brands that include Pilgrim's, Just Bare, Gold'n Plump, Country Pride and Pierce. Its portfolio includes whole chickens, chicken parts, breaded and formed products, deli items, sausages and other prepared foods designed for retail and foodservice use.

Pilgrim's Pride traces its history to 1946, when Lonnie “Bo” Pilgrim and his brother opened a feed and seed store in Pittsburg, Texas.

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