QRG Capital Management Inc. purchased a new position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,351 shares of the company's stock, valued at approximately $331,000.
Several other hedge funds have also added to or reduced their stakes in PPC. Brooklyn Investment Group lifted its stake in Pilgrim's Pride by 309.4% in the first quarter. Brooklyn Investment Group now owns 651 shares of the company's stock worth $35,000 after purchasing an additional 492 shares during the last quarter. Quarry LP bought a new stake in Pilgrim's Pride in the first quarter worth $43,000. Ameritas Advisory Services LLC bought a new stake in Pilgrim's Pride in the second quarter worth $45,000. Raleigh Capital Management Inc. bought a new stake in Pilgrim's Pride in the first quarter worth $74,000. Finally, Parallel Advisors LLC lifted its stake in Pilgrim's Pride by 15.7% in the second quarter. Parallel Advisors LLC now owns 1,655 shares of the company's stock worth $74,000 after purchasing an additional 224 shares during the last quarter. 16.64% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms have weighed in on PPC. The Goldman Sachs Group began coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They issued a "neutral" rating and a $50.00 price target 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 Saturday, September 13th. Zacks Research cut shares of Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a research report on Thursday. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Pilgrim's Pride in a research report on Wednesday. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Pilgrim's Pride presently has an average rating of "Reduce" and an average target price of $49.00.
Check Out Our Latest Research Report on PPC
Pilgrim's Pride Price Performance
Shares of NASDAQ PPC opened at $38.81 on Friday. Pilgrim's Pride Corporation has a 1 year low of $37.03 and a 1 year high of $57.16. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88. The company's 50-day moving average is $44.04 and its 200 day moving average is $46.94. The stock has a market capitalization of $9.22 billion, a P/E ratio of 7.48 and a beta of 0.45.
Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (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 for the quarter, compared to analysts' expectations of $4.62 billion. During the same quarter in the previous year, the company earned $1.67 earnings per share. Pilgrim's Pride's quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts expect that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.
Pilgrim's Pride Dividend Announcement
The firm also recently disclosed a special dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were issued a $2.10 dividend. The ex-dividend date was Wednesday, August 20th.
About Pilgrim's Pride
(
Free Report)
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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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).
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