Smithfield Foods (NASDAQ:SFD) Shares Pass Above 200 Day Moving Average - Here's What Happened

Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $23.44. Smithfield Foods shares last traded at $23.08, with a volume of 510,468 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SFD shares. BNP Paribas started coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued a "neutral" rating and a $23.00 price target for the company. Bank of America assumed coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a "buy" rating and a $28.00 price objective on the stock. Barclays started coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They set an "overweight" rating and a $28.00 target price for the company. UBS Group started coverage on shares of Smithfield Foods in a report on Monday, February 24th. They issued a "buy" rating on the stock. Finally, HSBC assumed coverage on Smithfield Foods in a research note on Tuesday, March 18th. They set a "buy" rating and a $29.00 price target for the company. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Smithfield Foods has a consensus rating of "Buy" and a consensus target price of $27.86.

Smithfield Foods Trading Down 0.4%

The company's fifty day moving average price is $20.94. The stock has a market cap of $8.98 billion and a P/E ratio of 10.06.

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

Smithfield Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend is Thursday, May 15th. Smithfield Foods's payout ratio is 44.05%.

Hedge Funds Weigh In On Smithfield Foods

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. bought a new stake in shares of Smithfield Foods in the first quarter valued at $27,000. Amalgamated Bank bought a new position in Smithfield Foods during the first quarter worth about $28,000. Pacer Advisors Inc. bought a new stake in shares of Smithfield Foods during the first quarter valued at about $34,000. Deutsche Bank AG bought a new position in shares of Smithfield Foods in the first quarter valued at approximately $74,000. Finally, American Capital Advisory LLC bought a new position in shares of Smithfield Foods in the first quarter valued at approximately $102,000.

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.