Wellington Management Group LLP Increases Position in Pilgrim's Pride Corporation $PPC

Key Points

• Wellington Management increased its Pilgrim’s Pride stake by 262.5% in the second quarter, owning 547,122 shares valued at approximately $15.38 million, or 0.23% of the company.
• Pilgrim’s Pride reported quarterly EPS of $0.64, below the $0.70 analyst consensus, while revenue of $4.63 billion also missed expectations and declined 2.8% year over year.
• Analyst sentiment remains cautious, with the stock carrying an average “Hold” rating and a $36.50 average price target after UBS and Bank of America lowered their targets.

Wellington Management Group LLP lifted its position in Pilgrim's Pride Corporation (NASDAQ:PPC - Free Report) by 262.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 547,122 shares of the company's stock after acquiring an additional 396,181 shares during the period. Wellington Management Group LLP owned 0.23% of Pilgrim's Pride worth $15,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Pilgrim's Pride during the 2nd quarter worth about $30,000. MCF Advisors LLC acquired a new position in shares of Pilgrim's Pride in the fourth quarter valued at about $35,000. Kingdom Financial Group LLC. purchased a new position in shares of Pilgrim's Pride in the fourth quarter worth about $37,000. Bessemer Group Inc. raised its stake in shares of Pilgrim's Pride by 205.4% in the first quarter. Bessemer Group Inc. now owns 1,014 shares of the company's stock worth $39,000 after purchasing an additional 682 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Pilgrim's Pride in the second quarter worth about $49,000. Hedge funds and other institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Performance

NASDAQ PPC opened at $30.48 on Tuesday. The firm has a market capitalization of $7.26 billion, a P/E ratio of 13.25 and a beta of 0.27. The stock has a 50-day simple moving average of $29.08 and a two-hundred day simple moving average of $31.89. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36. Pilgrim's Pride Corporation has a fifty-two week low of $25.90 and a fifty-two week high of $44.87.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.06). The company had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.70 billion. Pilgrim's Pride had a return on equity of 21.70% and a net margin of 2.96%.The firm's quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.70 EPS. On average, equities analysts forecast that Pilgrim's Pride Corporation will post 2.35 earnings per share for the current year.

Analysts Set New Price Targets

PPC has been the topic of a number of recent research reports. Weiss Ratings lowered Pilgrim's Pride from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. UBS Group reduced their price target on shares of Pilgrim's Pride from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Finally, Bank of America decreased their price objective on shares of Pilgrim's Pride from $37.00 to $30.00 and set a "neutral" rating for the company in a research note on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $36.50.

Pilgrim's Pride Profile

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.

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