Smithfield Foods (NASDAQ:SFD) Sets New 1-Year High – Time to Buy?

Shares of Smithfield Foods, Inc. (NASDAQ:SFD) reached a new 52-week high on Wednesday . The company traded as high as $28.02 and last traded at $27.97, with a volume of 3277592 shares trading hands. The stock had previously closed at $27.09.

Analyst Upgrades and Downgrades

SFD has been the topic of several recent analyst reports. Weiss Ratings raised shares of Smithfield Foods from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 25th. Wall Street Zen raised shares of Smithfield Foods from a “hold” rating to a “buy” rating in a research note on Sunday. Morgan Stanley upped their price target on shares of Smithfield Foods from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, March 25th. Finally, Zacks Research raised shares of Smithfield Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, Smithfield Foods has an average rating of “Buy” and a consensus price target of $29.38.

Smithfield Foods Stock Performance

The stock has a fifty day moving average of $24.41 and a 200-day moving average of $23.07. The company has a market cap of $11.01 billion, a PE ratio of 11.14 and a beta of 0.12.

Smithfield Foods (NASDAQ:SFD) last released its earnings results on Tuesday, March 24th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.16. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same quarter in the previous year, the business earned $0.52 EPS. The business’s revenue for the quarter was up 7.0% on a year-over-year basis.

Smithfield Foods Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 21st. Investors of record on Tuesday, April 7th will be paid a $0.3125 dividend. The ex-dividend date of this dividend is Tuesday, April 7th. This represents a $1.25 annualized dividend and a yield of 4.5%. This is a boost from Smithfield Foods’s previous quarterly dividend of $0.25. Smithfield Foods’s payout ratio is 39.84%.

Institutional Investors Weigh In On Smithfield Foods

Large investors have recently added to or reduced their stakes in the stock. Fortress Investment Group LLC grew its stake in Smithfield Foods by 110.3% in the 3rd quarter. Fortress Investment Group LLC now owns 201,055 shares of the company’s stock worth $4,721,000 after acquiring an additional 105,464 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Smithfield Foods by 1,029.5% during the second quarter. Prudential Financial Inc. now owns 172,420 shares of the company’s stock valued at $4,057,000 after acquiring an additional 157,155 shares in the last quarter. Monashee Investment Management LLC bought a new stake in shares of Smithfield Foods during the third quarter valued at approximately $4,226,000. CWA Asset Management Group LLC purchased a new stake in shares of Smithfield Foods in the fourth quarter valued at approximately $595,000. Finally, Game Creek Capital LP purchased a new stake in shares of Smithfield Foods in the third quarter valued at approximately $1,849,000.

Smithfield Foods Company Profile

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.