Smithfield Foods (NASDAQ:SFD) Hits New 12-Month High Following Earnings Beat

Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $22.28 and last traded at $21.66, with a volume of 95114 shares changing hands. The stock had previously closed at $21.67.

The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.47 by $0.11. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.56 billion. The firm's revenue for the quarter was up 9.5% on a year-over-year basis.

Smithfield Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th will be paid a $0.25 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.00 annualized dividend and a dividend yield of 4.42%. Smithfield Foods's payout ratio is 44.05%.

Analyst Ratings Changes

SFD has been the topic of a number of recent research reports. Bank of America began coverage on Smithfield Foods in a research report on Monday, February 24th. They set a "buy" rating and a $28.00 price target on the stock. Morgan Stanley started coverage on shares of Smithfield Foods in a research note on Tuesday, March 25th. They set an "overweight" rating and a $28.00 target price on the stock. Citigroup initiated coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a "buy" rating and a $27.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating and a $32.00 target price for the company. Finally, Barclays began coverage on shares of Smithfield Foods in a report on Monday, February 24th. They issued an "overweight" rating and a $28.00 price target on the stock. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $27.86.

Insider Buying and Selling

In other Smithfield Foods news, major shareholder Group Ltd/Adr Wh sold 2,506,936 shares of Smithfield Foods stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $20.00, for a total value of $50,138,720.00. Following the transaction, the insider now directly owns 364,518,817 shares in the company, valued at approximately $7,290,376,340. The trade was a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in shares of Smithfield Foods in the first quarter valued at $8,156,000. DAVENPORT & Co LLC bought a new position in shares of Smithfield Foods during the first quarter valued at approximately $2,587,000. Renaissance Capital LLC acquired a new position in Smithfield Foods during the 1st quarter worth $1,040,000. Bank of New York Mellon Corp acquired a new stake in shares of Smithfield Foods in the first quarter valued at $591,000. Finally, Nisa Investment Advisors LLC purchased a new position in Smithfield Foods in the 1st quarter worth about $255,000.

Smithfield Foods Stock Performance

The firm has a market capitalization of $8.88 billion and a P/E ratio of 9.96. The stock's 50 day moving average price is $20.06.

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.