Pilgrim’s Pride Corporation (NASDAQ:PPC) Receives Average Recommendation of “Hold” from Brokerages

Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) have received a consensus recommendation of “Hold” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $46.3333.

A number of equities analysts have recently weighed in on the company. Zacks Research upgraded Pilgrim’s Pride from a “strong sell” rating to a “hold” rating in a research note on Friday, November 7th. The Goldman Sachs Group cut their price objective on Pilgrim’s Pride from $54.00 to $46.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. Barclays decreased their target price on Pilgrim’s Pride from $49.00 to $45.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 9th. Wall Street Zen cut Pilgrim’s Pride from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Pilgrim’s Pride in a research note on Monday, December 29th.

Pilgrim’s Pride Price Performance

PPC stock opened at $43.68 on Friday. Pilgrim’s Pride has a 52-week low of $35.73 and a 52-week high of $57.16. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.78 and a current ratio of 1.51. The company has a market capitalization of $10.38 billion, a P/E ratio of 8.47 and a beta of 0.43. The business has a 50-day simple moving average of $40.11 and a two-hundred day simple moving average of $41.45.

Institutional Investors Weigh In On Pilgrim’s Pride

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in shares of Pilgrim’s Pride by 59.3% during the 2nd quarter. AQR Capital Management LLC now owns 3,776,178 shares of the company’s stock valued at $169,852,000 after purchasing an additional 1,405,251 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in Pilgrim’s Pride in the 3rd quarter worth approximately $26,501,000. Qube Research & Technologies Ltd boosted its holdings in shares of Pilgrim’s Pride by 138.7% during the third quarter. Qube Research & Technologies Ltd now owns 958,312 shares of the company’s stock worth $39,022,000 after purchasing an additional 556,766 shares during the period. Two Sigma Investments LP lifted its stake in Pilgrim’s Pride by 654.6% in the third quarter. Two Sigma Investments LP now owns 631,325 shares of the company’s stock worth $25,708,000 after acquiring an additional 547,663 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Pilgrim’s Pride by 10.0% in the third quarter. Vanguard Group Inc. now owns 5,672,728 shares of the company’s stock worth $230,993,000 after buying an additional 516,598 shares during the period. 16.64% of the stock is currently owned by institutional investors.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.