Pilgrim's Pride (NASDAQ:PPC) Price Target Lowered to $46.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has lowered its price target for Pilgrim's Pride from $54.00 to $46.00, maintaining a "neutral" rating on the stock, which suggests a potential upside of 21.30% from its current price.
• Shares of Pilgrim's Pride have seen a 2.3% decline in trading, bringing their current value to $37.92, with a one-year trading range between $37.03 and $57.16.
• Recent analysis indicates a shift in ratings, with Weiss Ratings holding, Zacks Research downgrading to "strong sell", and Wall Street Zen changing from "strong buy" to "buy".

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) had its price target lowered by equities researchers at The Goldman Sachs Group from $54.00 to $46.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective would suggest a potential upside of 21.30% from the company's current price.

Several other analysts have also commented on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of Pilgrim's Pride in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. Finally, Zacks Research downgraded shares of Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a report on Thursday. Five equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Pilgrim's Pride presently has an average rating of "Reduce" and a consensus price target of $47.67.

Pilgrim's Pride Stock Down 2.3%

Shares of NASDAQ:PPC traded down $0.89 during trading on Monday, reaching $37.92. The stock had a trading volume of 947,166 shares, compared to its average volume of 1,383,049. Pilgrim's Pride has a one year low of $37.03 and a one year high of $57.16. The company has a market capitalization of $9.01 billion, a P/E ratio of 7.29 and a beta of 0.45. The company has a current ratio of 1.63, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. The firm's 50-day simple moving average is $44.04 and its 200 day simple moving average is $46.90.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 37.15% and a net margin of 6.81%.The firm's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $1.67 EPS. As a group, research analysts expect that Pilgrim's Pride will post 5.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PPC. Allspring Global Investments Holdings LLC lifted its holdings in Pilgrim's Pride by 18.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 56,066 shares of the company's stock valued at $3,154,000 after acquiring an additional 8,638 shares during the period. GAMMA Investing LLC boosted its holdings in Pilgrim's Pride by 18.6% during the first quarter. GAMMA Investing LLC now owns 3,189 shares of the company's stock worth $174,000 after buying an additional 501 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Pilgrim's Pride during the first quarter worth about $355,000. Range Financial Group LLC increased its holdings in Pilgrim's Pride by 26.5% in the second quarter. Range Financial Group LLC now owns 29,027 shares of the company's stock valued at $1,306,000 after buying an additional 6,073 shares in the last quarter. Finally, LPL Financial LLC lifted its position in shares of Pilgrim's Pride by 135.2% during the 1st quarter. LPL Financial LLC now owns 98,394 shares of the company's stock valued at $5,363,000 after acquiring an additional 56,568 shares during the period. Institutional investors and hedge funds own 16.64% of the company's stock.

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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