Pilgrim’s Pride (NASDAQ:PPC) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a report issued on Thursday.

PPC has been the topic of several other research reports. Zacks Investment Research raised Pilgrim’s Pride from a “strong sell” rating to a “hold” rating in a research report on Monday, January 7th. ValuEngine raised Pilgrim’s Pride from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $24.40.

PPC stock traded up $0.32 during midday trading on Thursday, hitting $17.54. The company’s stock had a trading volume of 559,454 shares, compared to its average volume of 957,213. The company has a current ratio of 1.73, a quick ratio of 0.83 and a debt-to-equity ratio of 1.11. Pilgrim’s Pride has a 1 year low of $14.83 and a 1 year high of $31.25. The stock has a market cap of $4.25 billion, a P/E ratio of 6.07 and a beta of 0.49.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Wednesday, October 31st. The company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.34). Pilgrim’s Pride had a return on equity of 22.95% and a net margin of 3.53%. The business had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.72 billion. During the same period in the prior year, the firm posted $0.98 EPS. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, analysts forecast that Pilgrim’s Pride will post 1.45 earnings per share for the current fiscal year.

Pilgrim’s Pride declared that its board has authorized a stock buyback program on Wednesday, October 31st that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Hedge funds have recently bought and sold shares of the business. Deutsche Bank AG lifted its position in shares of Pilgrim’s Pride by 25.1% during the 3rd quarter. Deutsche Bank AG now owns 615,955 shares of the company’s stock valued at $11,140,000 after buying an additional 123,660 shares during the last quarter. Putnam Investments LLC purchased a new position in shares of Pilgrim’s Pride during the 2nd quarter valued at $1,461,000. BlackRock Inc. lifted its position in shares of Pilgrim’s Pride by 18.5% during the 2nd quarter. BlackRock Inc. now owns 3,148,493 shares of the company’s stock valued at $63,379,000 after buying an additional 490,930 shares during the last quarter. Delphi Management Inc. MA lifted its position in shares of Pilgrim’s Pride by 6.3% during the 2nd quarter. Delphi Management Inc. MA now owns 93,520 shares of the company’s stock valued at $1,667,000 after buying an additional 5,560 shares during the last quarter. Finally, Denali Advisors LLC lifted its position in shares of Pilgrim’s Pride by 4.5% during the 3rd quarter. Denali Advisors LLC now owns 403,999 shares of the company’s stock valued at $7,308,000 after buying an additional 17,400 shares during the last quarter. 19.44% of the stock is currently owned by institutional investors and hedge funds.

About Pilgrim’s Pride

Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.

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Analyst Recommendations for Pilgrim`s Pride (NASDAQ:PPC)

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