Readystate Asset Management LP Acquires New Stake in Smithfield Foods, Inc. (NASDAQ:SFD)

Readystate Asset Management LP acquired a new stake in Smithfield Foods, Inc. (NASDAQ:SFD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 381,769 shares of the company's stock, valued at approximately $7,784,000. Readystate Asset Management LP owned about 0.10% of Smithfield Foods as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new stake in shares of Smithfield Foods in the 1st quarter worth $8,156,000. DAVENPORT & Co LLC acquired a new stake in shares of Smithfield Foods in the 1st quarter worth $2,587,000. Renaissance Capital LLC acquired a new stake in shares of Smithfield Foods in the 1st quarter worth $1,040,000. Bank of New York Mellon Corp purchased a new position in shares of Smithfield Foods during the 1st quarter worth $591,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Smithfield Foods during the 1st quarter worth $255,000.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley started coverage on Smithfield Foods in a research report on Tuesday, March 25th. They issued an "overweight" rating and a $28.00 target price for the company. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $27.86.

Smithfield Foods Stock Up 0.9%

Shares of NASDAQ SFD traded up $0.22 during trading on Tuesday, reaching $23.77. The company had a trading volume of 153,665 shares, compared to its average volume of 705,170. Smithfield Foods, Inc. has a twelve month low of $18.43 and a twelve month high of $24.68. The stock has a market capitalization of $9.34 billion and a PE ratio of 10.47. The business's 50-day simple moving average is $23.43.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.47 by $0.11. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.56 billion. The business's revenue was up 9.5% compared to the same quarter last year.

Smithfield Foods Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend was Thursday, May 15th. Smithfield Foods's dividend payout ratio is currently 44.05%.

About Smithfield Foods

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.

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