Vanguard Group Inc. Increases Stake in Pilgrim's Pride Corporation $PPC

Key Points

• Vanguard Group increased its stake in Pilgrim’s Pride by 2.3% in the fourth quarter, adding 131,482 shares and bringing its total holding to 5.8 million shares valued at about $226.3 million.
• Insider activity included CFO Matthew R. Galvanoni selling 6,963 shares at $43.52 each, reducing his direct ownership by 7.08% while insiders overall still own 82.23% of the company.
• Analysts have turned more cautious on PPC, with several rating cuts and a consensus Hold rating; the average price target now stands at $40.25, while the stock recently traded near its 52-week low after a weak earnings report.

Vanguard Group Inc. lifted its stake in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,804,210 shares of the company's stock after acquiring an additional 131,482 shares during the period. Vanguard Group Inc. owned 2.44% of Pilgrim's Pride worth $226,306,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Abich Financial Wealth Management LLC purchased a new position in shares of Pilgrim's Pride in the 3rd quarter worth $41,000. Clearstead Advisors LLC raised its position in shares of Pilgrim's Pride by 1,522.6% in the 3rd quarter. Clearstead Advisors LLC now owns 1,006 shares of the company's stock worth $41,000 after buying an additional 944 shares during the period. Signaturefd LLC raised its position in shares of Pilgrim's Pride by 23.5% in the 4th quarter. Signaturefd LLC now owns 1,350 shares of the company's stock worth $53,000 after buying an additional 257 shares during the period. Quent Capital LLC purchased a new position in shares of Pilgrim's Pride in the 3rd quarter worth $55,000. Finally, Allworth Financial LP raised its position in shares of Pilgrim's Pride by 561.2% in the 3rd quarter. Allworth Financial LP now owns 1,825 shares of the company's stock worth $74,000 after buying an additional 1,549 shares during the period. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Matthew R. Galvanoni sold 6,963 shares of Pilgrim's Pride stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $43.52, for a total transaction of $303,029.76. Following the sale, the chief financial officer directly owned 91,397 shares of the company's stock, valued at approximately $3,977,597.44. The trade was a 7.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 82.23% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Zacks Research lowered Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a research report on Wednesday, February 11th. The Goldman Sachs Group cut their price target on shares of Pilgrim's Pride from $44.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday, April 9th. BMO Capital Markets cut their price target on shares of Pilgrim's Pride from $42.00 to $40.00 and set a "market perform" rating on the stock in a report on Wednesday, March 25th. Stephens set a $40.00 price target on shares of Pilgrim's Pride in a report on Wednesday, April 15th. Finally, Wall Street Zen lowered shares of Pilgrim's Pride from a "buy" rating to a "hold" rating in a report on Sunday, February 15th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $40.25.

Pilgrim's Pride Trading Down 4.3%

PPC opened at $29.10 on Friday. The firm has a market capitalization of $6.92 billion, a P/E ratio of 7.80 and a beta of 0.33. The firm's 50 day moving average is $36.20 and its 200-day moving average is $38.55. Pilgrim's Pride Corporation has a 52-week low of $29.09 and a 52-week high of $51.45. The company has a quick ratio of 0.73, a current ratio of 1.48 and a debt-to-equity ratio of 0.83.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.69 by ($0.18). Pilgrim's Pride had a net margin of 4.78% and a return on equity of 28.57%. The firm had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $4.43 billion. During the same quarter in the prior year, the business earned $1.31 EPS. The company's revenue for the quarter was up 1.6% on a year-over-year basis. Analysts expect that Pilgrim's Pride Corporation will post 3.87 EPS for the current fiscal year.

About Pilgrim's Pride

Pilgrim's Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim's Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company's vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.