Smithfield Foods (NASDAQ:SFD) Sets New 52-Week High - Time to Buy?

Shares of Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $23.45 and last traded at $22.60, with a volume of 929839 shares changing hands. The stock had previously closed at $22.98.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SFD. Morgan Stanley started coverage on Smithfield Foods in a research note on Tuesday, March 25th. They issued an "overweight" rating and a $28.00 price target on the stock. UBS Group initiated coverage on Smithfield Foods in a research report on Monday, February 24th. They issued a "buy" rating for the company. HSBC assumed coverage on shares of Smithfield Foods in a research report on Tuesday, March 18th. They set a "buy" rating and a $29.00 price objective on the stock. Citigroup assumed coverage on Smithfield Foods in a report on Monday, February 24th. They issued a "buy" rating and a $27.00 target price for the company. Finally, Bank of America assumed coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They set a "buy" rating and a $28.00 price objective on the stock. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Smithfield Foods has a consensus rating of "Buy" and an average target price of $27.86.

Smithfield Foods Trading Up 0.5 %

The firm's 50 day moving average is $20.16. The company has a market capitalization of $8.89 billion and a PE ratio of 9.96.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.47 by $0.11. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.56 billion. The business's quarterly revenue 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 given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Thursday, May 15th. Smithfield Foods's payout ratio is 44.05%.

Insider Activity

In related news, major shareholder Group Ltd/Adr Wh sold 2,506,936 shares of the business's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $20.00, for a total transaction of $50,138,720.00. Following the transaction, the insider now directly owns 364,518,817 shares in the company, valued at $7,290,376,340. The trade was a 0.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.79% of the company's stock.

Institutional Investors Weigh In On Smithfield Foods

A number of large investors have recently modified their holdings of the business. Amalgamated Bank acquired a new stake in Smithfield Foods in the 1st quarter worth approximately $28,000. Pacer Advisors Inc. purchased a new stake in shares of Smithfield Foods during the first quarter valued at $34,000. American Capital Advisory LLC acquired a new position in shares of Smithfield Foods in the 1st quarter valued at $102,000. New York State Common Retirement Fund purchased a new position in Smithfield Foods in the 1st quarter worth $110,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in Smithfield Foods during the 1st quarter worth about $213,000.

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.