Smithfield Foods (NASDAQ:SFD) Reaches New 1-Year High - Here's Why

Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $23.55 and last traded at $23.48, with a volume of 113781 shares. The stock had previously closed at $23.32.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Barclays assumed coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued an "overweight" rating and a $28.00 price objective for the company. Citigroup assumed coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued a "buy" rating and a $27.00 price objective for the company. Morgan Stanley assumed coverage on shares of Smithfield Foods in a research report on Tuesday, March 25th. They issued an "overweight" rating and a $28.00 price objective for the company. Bank of America assumed coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued a "buy" rating and a $28.00 price objective for the company. Finally, BNP Paribas assumed coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued a "neutral" rating and a $23.00 price objective for the company. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $27.86.

Smithfield Foods Trading Up 0.7%

The firm has a fifty day moving average price of $21.31. The stock has a market capitalization of $9.23 billion and a price-to-earnings ratio of 10.35.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.11. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.56 billion. The company's revenue was up 9.5% on a year-over-year basis.

Smithfield Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.00 annualized dividend and a dividend yield of 4.26%. Smithfield Foods's dividend payout ratio (DPR) is 44.05%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SFD. Zimmer Partners LP acquired a new position in shares of Smithfield Foods in the first quarter worth about $56,087,000. Millennium Management LLC acquired a new position in shares of Smithfield Foods in the first quarter worth about $46,687,000. Park West Asset Management LLC acquired a new position in shares of Smithfield Foods in the first quarter worth about $35,621,000. Alberta Investment Management Corp acquired a new position in shares of Smithfield Foods in the first quarter worth about $25,488,000. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Smithfield Foods during the first quarter worth approximately $20,331,000.

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.