VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in Pilgrim's Pride Corporation $PPC

Key Points

• The Virginia Retirement Systems purchased a new position in Pilgrim's Pride Corporation, acquiring 49,600 shares valued at approximately $2.23 million during the second quarter.
• Pilgrim's Pride reported earnings per share of $1.70 for the last quarter, exceeding analysts' expectations of $1.54, with a net margin of 6.81%.
• The company announced a special dividend of $2.10, which was paid on September 3rd, indicating a commitment to returning value to shareholders.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 49,600 shares of the company's stock, valued at approximately $2,231,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Brooklyn Investment Group raised its stake in shares of Pilgrim's Pride by 309.4% in the first quarter. Brooklyn Investment Group now owns 651 shares of the company's stock valued at $35,000 after buying an additional 492 shares during the period. Quarry LP purchased a new position in shares of Pilgrim's Pride during the 1st quarter valued at $43,000. Ameritas Advisory Services LLC purchased a new position in shares of Pilgrim's Pride during the 2nd quarter valued at $45,000. Raleigh Capital Management Inc. purchased a new position in Pilgrim's Pride in the first quarter worth $74,000. Finally, Rosenberg Matthew Hamilton purchased a new position in Pilgrim's Pride in the second quarter worth $62,000. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Trading Up 0.9%

NASDAQ:PPC opened at $37.78 on Wednesday. The company's 50 day moving average price is $42.37 and its 200-day moving average price is $46.18. Pilgrim's Pride Corporation has a 52 week low of $36.90 and a 52 week high of $57.16. The company has a quick ratio of 0.88, a current ratio of 1.63 and a debt-to-equity ratio of 0.83. The stock has a market cap of $8.97 billion, a price-to-earnings ratio of 7.28 and a beta of 0.45.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.70 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $4.62 billion. During the same quarter in the prior year, the company posted $1.67 earnings per share. The business's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that Pilgrim's Pride Corporation will post 5.13 earnings per share for the current fiscal year.

Pilgrim's Pride Announces Dividend

The business also recently announced 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 was Wednesday, August 20th.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PPC shares. Zacks Research lowered shares of Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a research report on Thursday, October 9th. The Goldman Sachs Group lowered their price objective on shares of Pilgrim's Pride from $54.00 to $46.00 and set a "neutral" rating for the company in a research note on Monday, October 13th. Wall Street Zen downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Pilgrim's Pride in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $47.67.

About Pilgrim's Pride

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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