Smithfield Foods (NASDAQ:SFD) Hits New 52-Week High - Still a Buy?

Smithfield Foods, Inc. (NASDAQ:SFD - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $24.18 and last traded at $24.00, with a volume of 175846 shares trading hands. The stock had previously closed at $23.53.

Wall Street Analyst Weigh In

Several research firms recently commented on SFD. Hsbc Global Res raised Smithfield Foods to a "strong-buy" rating in a research note on Tuesday, March 18th. HSBC began 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 for the company. Finally, Morgan Stanley initiated coverage on shares of Smithfield Foods in a research report on Tuesday, March 25th. They set an "overweight" rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Smithfield Foods presently has an average rating of "Buy" and a consensus price target of $27.86.

Smithfield Foods Price Performance

The firm has a market capitalization of $9.61 billion and a PE ratio of 10.77. The company's 50 day simple moving average is $22.99.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.58 earnings per share 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 firm's revenue for the quarter was up 9.5% on a year-over-year basis.

Smithfield Foods Announces Dividend

The company also recently declared 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 of this dividend was Thursday, May 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.09%. Smithfield Foods's dividend payout ratio is presently 44.05%.

Institutional Trading of Smithfield Foods

A number of institutional investors have recently modified their holdings of the business. Zimmer Partners LP bought a new stake in Smithfield Foods during the first quarter valued at $56,087,000. Millennium Management LLC purchased a new stake in shares of Smithfield Foods in the 1st quarter valued at about $46,687,000. Park West Asset Management LLC purchased a new stake in shares of Smithfield Foods in the 1st quarter valued at about $35,621,000. Alberta Investment Management Corp bought a new stake in shares of Smithfield Foods during the 1st quarter valued at about $25,488,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Smithfield Foods during the first quarter worth about $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.