Brokerages Set Smithfield Foods, Inc. (NASDAQ:SFD) Price Target at $30.88

Smithfield Foods, Inc. (NASDAQ:SFD) has been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $30.8750.

SFD has been the topic of several research reports. Zacks Research lowered Smithfield Foods from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Bank of America cut their price objective on Smithfield Foods from $33.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, July 2nd. Wall Street Zen lowered Smithfield Foods from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Smithfield Foods in a research note on Friday, July 24th. Finally, Barclays boosted their target price on Smithfield Foods from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th.

Smithfield Foods Stock Down 2.1%

Shares of NASDAQ SFD opened at $26.04 on Wednesday. Smithfield Foods has a 52-week low of $21.08 and a 52-week high of $29.81. The firm has a fifty day moving average of $25.66 and a 200-day moving average of $25.56. The stock has a market capitalization of $10.25 billion, a PE ratio of 10.17 and a beta of -0.41. The company has a quick ratio of 1.29, a current ratio of 2.41 and a debt-to-equity ratio of 0.20.

Smithfield Foods Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be paid a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a yield of 4.8%. The ex-dividend date is Thursday, August 13th. Smithfield Foods’s payout ratio is currently 48.83%.

Hedge Funds Weigh In On Smithfield Foods

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its holdings in Smithfield Foods by 94.0% in the 3rd quarter. Millennium Management LLC now owns 3,634,709 shares of the company’s stock valued at $85,343,000 after purchasing an additional 1,760,713 shares in the last quarter. Balyasny Asset Management L.P. raised its position in Smithfield Foods by 653.3% in the third quarter. Balyasny Asset Management L.P. now owns 1,664,585 shares of the company’s stock valued at $39,084,000 after purchasing an additional 1,443,605 shares during the period. Norges Bank acquired a new position in shares of Smithfield Foods during the fourth quarter worth about $31,291,000. Jacobs Levy Equity Management Inc. lifted its position in Smithfield Foods by 583.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,212,144 shares of the company’s stock worth $28,461,000 after acquiring an additional 1,034,814 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in shares of Smithfield Foods by 553.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,061,740 shares of the company’s stock worth $24,930,000 after purchasing an additional 899,200 shares in the last quarter.

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.