Raymond James Financial Inc. Raises Stock Position in Pilgrim's Pride Corporation $PPC

Key Points

• Raymond James Financial Inc. has increased its holdings in Pilgrim's Pride Corporation by 34.8%, now owning 79,092 shares valued at approximately $4.31 million.
• Pilgrim's Pride reported strong earnings of $1.70 EPS, exceeding analysts' estimates, with a revenue of $4.76 billion for the quarter, a 4.3% increase year-over-year.
• The company recently announced a special dividend of $2.10 paid to shareholders, reflecting its commitment to returning value to investors.

Raymond James Financial Inc. raised its holdings in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 34.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,092 shares of the company's stock after acquiring an additional 20,408 shares during the period. Raymond James Financial Inc.'s holdings in Pilgrim's Pride were worth $4,311,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Pilgrim's Pride during the 4th quarter valued at approximately $55,000. Raleigh Capital Management Inc. acquired a new stake in Pilgrim's Pride during the 1st quarter valued at approximately $74,000. PNC Financial Services Group Inc. lifted its stake in Pilgrim's Pride by 46.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,386 shares of the company's stock valued at $76,000 after acquiring an additional 441 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Pilgrim's Pride during the 1st quarter valued at approximately $133,000. Finally, KBC Group NV acquired a new stake in Pilgrim's Pride during the 1st quarter valued at approximately $144,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. The Goldman Sachs Group initiated coverage on shares of Pilgrim's Pride in a research note on Monday, June 23rd. They set a "neutral" rating and a $50.00 price objective for the company. Wall Street Zen upgraded shares of Pilgrim's Pride from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $47.50.

Pilgrim's Pride Price Performance

NASDAQ PPC traded up $0.76 on Thursday, hitting $44.06. The company had a trading volume of 1,930,840 shares, compared to its average volume of 1,341,483. The company has a market capitalization of $10.47 billion, a PE ratio of 8.49 and a beta of 0.50. The company's fifty day moving average price is $46.35 and its 200-day moving average price is $48.67. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.63 and a quick ratio of 0.88. Pilgrim's Pride Corporation has a 12-month low of $40.09 and a 12-month 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, topping the consensus estimate of $1.54 by $0.16. The company had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.62 billion. Pilgrim's Pride had a net margin of 6.81% and a return on equity of 37.15%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.67 EPS. As a group, analysts predict that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current year.

Pilgrim's Pride Announces Dividend

The business also recently declared a special dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were issued a $2.10 dividend. The ex-dividend date of this dividend was Wednesday, August 20th.

Pilgrim's Pride Company 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.