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

Smithfield Foods, Inc (NASDAQ:SFD - Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.00 and traded as high as $23.06. Smithfield Foods shares last traded at $22.91, with a volume of 388,313 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SFD shares. HSBC initiated coverage on shares of Smithfield Foods in a research report on Tuesday, March 18th. They set a "buy" rating and a $29.00 target price for the company. Barclays started coverage on shares of Smithfield Foods in a report on Monday, February 24th. They set an "overweight" rating and a $28.00 price objective for the company. Bank of America started coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a "buy" rating and a $28.00 target price on the stock. Hsbc Global Res raised Smithfield Foods to a "strong-buy" rating in a research note on Tuesday, March 18th. Finally, The Goldman Sachs Group began coverage on Smithfield Foods in a report on Monday, February 24th. They issued a "buy" rating and a $32.00 price objective for the company. One research 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. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $27.86.

Smithfield Foods Trading Up 2.0%

The business's fifty day simple moving average is $21.15. The company has a market cap of $9.17 billion and a price-to-earnings ratio of 10.27.

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 (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.11. The company had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.56 billion. The company's quarterly revenue was up 9.5% compared to the same quarter last year.

Smithfield Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date is Thursday, May 15th. Smithfield Foods's payout ratio is presently 44.05%.

Institutional Investors Weigh In On Smithfield Foods

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new position in shares of Smithfield Foods in the first quarter worth approximately $27,000. Amalgamated Bank bought a new position in shares of Smithfield Foods in the 1st quarter worth approximately $28,000. Pacer Advisors Inc. bought a new stake in Smithfield Foods during the first quarter valued at approximately $34,000. Deutsche Bank AG bought a new position in Smithfield Foods in the first quarter worth approximately $74,000. Finally, American Capital Advisory LLC purchased a new position in shares of Smithfield Foods during the 1st quarter worth $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.