Pilgrim's Pride (NASDAQ:PPC) Upgraded at Weiss Ratings

Key Points

• Pilgrim's Pride was upgraded by Weiss Ratings from a "hold (c+)" to a "buy (b-)" rating, signaling improved investor confidence.
• The company reported earnings of $1.70 per share for the last quarter, exceeding analysts' expectations and demonstrating a year-over-year revenue increase of 4.3%.
• Despite the optimism from Weiss Ratings, other analysts have issued mixed ratings, with the overall consensus being a "Hold" and a target price of $47.67 for the stock.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) was upgraded by Weiss Ratings from a "hold (c+)" rating to a "buy (b-)" rating in a research note issued to investors on Saturday,Weiss Ratings reports.

PPC has been the subject of a number of other reports. Wall Street Zen lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Zacks Research downgraded Pilgrim's Pride from a "hold" rating to a "strong sell" rating in a report on Thursday, October 9th. Finally, The Goldman Sachs Group dropped their target price on Pilgrim's Pride from $54.00 to $46.00 and set a "neutral" rating on the stock in a report on Monday, October 13th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $47.67.

Pilgrim's Pride Price Performance

Shares of NASDAQ PPC opened at $37.47 on Friday. Pilgrim's Pride has a twelve month low of $36.90 and a twelve month high of $57.16. 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 company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 7.22 and a beta of 0.45. The firm has a 50-day moving average of $41.73 and a two-hundred day moving average of $45.94.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same period in the prior year, the firm earned $1.67 earnings per share. The business's quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that Pilgrim's Pride will post 5.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pilgrim's Pride

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPC. GAMMA Investing LLC grew 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 valued at $174,000 after purchasing an additional 501 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Pilgrim's Pride in the first quarter valued at approximately $355,000. Illinois Municipal Retirement Fund lifted its position in Pilgrim's Pride by 22.0% in the first quarter. Illinois Municipal Retirement Fund now owns 71,129 shares of the company's stock worth $3,877,000 after purchasing an additional 12,840 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Pilgrim's Pride by 28.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,311 shares of the company's stock worth $177,000 after purchasing an additional 742 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position 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 worth $3,154,000 after purchasing an additional 8,638 shares during the period. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Company Profile

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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