Smithfield Foods, Inc. (NASDAQ:SFD) Receives $28.31 Average PT from Brokerages

Smithfield Foods, Inc. (NASDAQ:SFD) has received an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $28.3125.

A number of equities research analysts have recently weighed in on SFD shares. Weiss Ratings lowered Smithfield Foods from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Morgan Stanley set a $29.00 price target on Smithfield Foods and gave the company an “overweight” rating in a research report on Thursday, October 16th. UBS Group restated a “buy” rating and set a $28.50 price target (up from $25.00) on shares of Smithfield Foods in a research report on Wednesday, August 13th. Barclays lifted their price target on Smithfield Foods from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. Finally, Zacks Research lowered Smithfield Foods from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 8th.

Insider Activity at Smithfield Foods

In related news, insider Donovan Owens bought 12,000 shares of the company’s stock in a transaction on Monday, September 8th. The shares were acquired at an average cost of $23.25 per share, with a total value of $279,000.00. Following the completion of the acquisition, the insider owned 77,000 shares of the company’s stock, valued at $1,790,250. The trade was a 18.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Doug Sutton bought 3,920 shares of the company’s stock in a transaction on Monday, September 8th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $91,140.00. Following the completion of the acquisition, the insider directly owned 68,920 shares of the company’s stock, valued at approximately $1,602,390. This represents a 6.03% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 1,831,753 shares of company stock valued at $42,588,257 over the last ninety days. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Smithfield Foods

Several hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. boosted its holdings in Smithfield Foods by 88.2% in the third quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock worth $26,000 after acquiring an additional 515 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Smithfield Foods in the second quarter worth $29,000. CWM LLC bought a new stake in Smithfield Foods in the second quarter worth $30,000. PNC Financial Services Group Inc. bought a new stake in Smithfield Foods in the first quarter worth $27,000. Finally, Amalgamated Bank bought a new stake in Smithfield Foods in the first quarter worth $28,000.

Smithfield Foods Stock Performance

Shares of SFD stock opened at $21.81 on Monday. The firm has a market cap of $8.57 billion and a P/E ratio of 9.82. Smithfield Foods has a fifty-two week low of $18.43 and a fifty-two week high of $26.07. The business’s 50 day moving average price is $23.44 and its 200-day moving average price is $23.32.

Smithfield Foods (NASDAQ:SFD) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.07. The business had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.58 billion. The company’s quarterly revenue was up 12.4% on a year-over-year basis.

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.