Pilgrim's Pride Corporation $PPC Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Pilgrim's Pride Corporation (NASDAQ:PPC) by 5.4% during the first quarter, owning 4,839,131 shares valued at approximately $263.8 million.
• Shares of Pilgrim's Pride were downgraded from a "strong-buy" to a "buy" rating by analysts, with the company's current stock performance showing an average target price of $49.00.
• The company recently reported earnings of $1.70 EPS, exceeding expectations, alongside a revenue of $4.76 billion for the quarter.

Vanguard Group Inc. reduced its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,839,131 shares of the company's stock after selling 274,757 shares during the period. Vanguard Group Inc. owned 2.04% of Pilgrim's Pride worth $263,781,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its position in Pilgrim's Pride by 44.1% during the fourth quarter. AQR Capital Management LLC now owns 1,883,708 shares of the company's stock worth $85,502,000 after buying an additional 576,438 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Pilgrim's Pride by 26.8% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,845,480 shares of the company's stock worth $83,766,000 after acquiring an additional 389,967 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Pilgrim's Pride by 26.1% during the 1st quarter. Assetmark Inc. now owns 1,070,893 shares of the company's stock worth $58,374,000 after acquiring an additional 221,617 shares during the period. Jupiter Asset Management Ltd. boosted its position in shares of Pilgrim's Pride by 13.5% during the 1st quarter. Jupiter Asset Management Ltd. now owns 394,542 shares of the company's stock valued at $21,506,000 after acquiring an additional 47,045 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Pilgrim's Pride by 36.8% during the 4th quarter. Northern Trust Corp now owns 383,752 shares of the company's stock valued at $17,419,000 after acquiring an additional 103,302 shares during the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim's Pride Trading Down 2.3%

Shares of Pilgrim's Pride stock traded down $1.10 on Friday, reaching $46.16. The company had a trading volume of 1,512,484 shares, compared to its average volume of 1,340,355. The firm's 50 day moving average price is $46.71 and its two-hundred day moving average price is $49.42. The firm has a market cap of $10.97 billion, a PE ratio of 8.89 and a beta of 0.50. Pilgrim's Pride Corporation has a 52-week low of $40.09 and a 52-week high of $57.16. 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 (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates 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 firm 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 quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts predict that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Wednesday, August 20th.

Wall Street Analysts Forecast Growth

PPC has been the topic of a number of analyst reports. The Goldman Sachs Group began 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 on the stock. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $49.00.

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.