Smithfield Foods (NASDAQ:SFD) Reaches New 1-Year High - Still a Buy?

Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $23.88 and last traded at $23.87, with a volume of 384583 shares. The stock had previously closed at $23.34.

Analyst Ratings Changes

SFD has been the topic of a number of research analyst reports. Citigroup initiated coverage on Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating and a $27.00 target price on the stock. UBS Group initiated coverage on Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating on the stock. Bank of America initiated coverage on Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating and a $28.00 target price on the stock. The Goldman Sachs Group assumed coverage on Smithfield Foods in a report on Monday, February 24th. They set a "buy" rating and a $32.00 target price on the stock. Finally, BNP Paribas assumed coverage on Smithfield Foods in a report on Monday, February 24th. They issued a "neutral" rating and a $23.00 price target on the stock. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $27.86.

Smithfield Foods Stock Down 1.4%

The stock has a market cap of $9.26 billion and a P/E ratio of 10.38. The firm's 50-day simple moving average is $21.96.

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

Smithfield Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.24%. Smithfield Foods's dividend payout ratio is 44.05%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers purchased a new position in Smithfield Foods in the first quarter valued at about $394,000. Zimmer Partners LP bought a new stake in Smithfield Foods during the 1st quarter valued at approximately $56,087,000. Goldman Sachs Group Inc. acquired a new position in Smithfield Foods in the 1st quarter valued at approximately $3,195,000. Park West Asset Management LLC acquired a new position in Smithfield Foods in the 1st quarter valued at approximately $35,621,000. Finally, Millennium Management LLC acquired a new position in shares of Smithfield Foods in the 1st quarter worth approximately $46,687,000.

About Smithfield Foods

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.