Smithfield Foods (NASDAQ:SFD) Price Target Cut to $28.00 by Analysts at Bank of America

Key Points

• Bank of America has reduced its price target for Smithfield Foods from $30.00 to $28.00, retaining a "buy" rating, indicating a potential upside of 26.93% from the company's previous close.
• The stock is currently trading down 1.2% at $22.06, with a 1-year low of $18.43 and a high of $26.07, while the company reported a quarterly revenue increase of 11.0% year-over-year.
• Insider purchases show confidence in the company, with insiders collectively acquiring 1,831,753 shares valued at $42.6 million in the last quarter.

Smithfield Foods (NASDAQ:SFD - Get Free Report) had its target price reduced by analysts at Bank of America from $30.00 to $28.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price objective points to a potential upside of 26.93% from the company's previous close.

Several other analysts also recently issued reports on SFD. UBS Group reaffirmed a "buy" rating and issued a $28.50 price objective (up previously from $25.00) on shares of Smithfield Foods in a research report on Wednesday, August 13th. Barclays raised their price target on shares of Smithfield Foods from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Weiss Ratings reissued a "buy (b-)" rating on shares of Smithfield Foods in a research report on Wednesday. Morgan Stanley raised their price target on shares of Smithfield Foods from $29.00 to $30.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Finally, Zacks Research raised shares of Smithfield Foods from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Smithfield Foods presently has an average rating of "Buy" and a consensus price target of $28.44.

Smithfield Foods Trading Down 1.2%

NASDAQ:SFD traded down $0.26 during trading hours on Wednesday, hitting $22.06. The stock had a trading volume of 1,091,752 shares, compared to its average volume of 907,884. Smithfield Foods has a 1-year low of $18.43 and a 1-year high of $26.07. The business has a 50 day simple moving average of $24.52 and a two-hundred day simple moving average of $23.08. The company has a market cap of $8.67 billion and a PE ratio of 9.72.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.01). The business had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.62 billion. Smithfield Foods's quarterly revenue was up 11.0% on a year-over-year basis.

Insider Transactions at Smithfield Foods

In other Smithfield Foods news, insider Keller D. Watts purchased 3,833 shares of the company's stock in a transaction on Monday, September 8th. The shares were purchased at an average cost of $23.25 per share, for a total transaction of $89,117.25. Following the completion of the transaction, the insider owned 74,857 shares in the company, valued at $1,740,425.25. The trade was a 5.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Doug Sutton purchased 3,920 shares of the company's stock in a transaction on Monday, September 8th. The stock was acquired at an average price of $23.25 per share, for a total transaction of $91,140.00. Following the completion of the transaction, the insider owned 68,920 shares of the company's stock, valued at $1,602,390. This represents a 6.03% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 1,831,753 shares of company stock valued at $42,588,257 in the last quarter. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Smithfield Foods

Several institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. bought a new stake in shares of Smithfield Foods in the 1st quarter valued at approximately $27,000. Amalgamated Bank bought a new stake in Smithfield Foods during the first quarter worth approximately $28,000. Raymond James Financial Inc. bought a new stake in Smithfield Foods during the second quarter worth approximately $29,000. CWM LLC bought a new stake in Smithfield Foods during the second quarter worth approximately $30,000. Finally, Pacer Advisors Inc. bought a new stake in Smithfield Foods during the first quarter worth approximately $34,000.

Smithfield Foods Company Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.

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