Today The Pilgrim’s Pride Corporation (PPC) Upgraded at Zacks Investment Research

Today The Pilgrim’s Pride Corporation (PPC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $21.00 target price on the stock.

According to Zacks, “Over the last one month, Pilgrim's Pride's shares underperformed the Zacks categorized Food-Meat Products industry. However, the stock has enough potentials to gain momentum over the quarters ahead. Pilgrim's Pride is poised to grow on the back of its unique operational strategies. The company ride intends to boost its revenues through increased product diversification. It is also trying to widen its margins by strategically curbing operational costs. Moreover, a wide product distribution network, optimal input usage, and greater labor efficiency are expected to drive near-term profits. Also, the new capital investment plan is anticipated to improve customers' strength, liquidity, shareholders' value and return on capital in the near term.”

Several other equities analysts also recently weighed in on PPC. KeyCorp assumed coverage on shares of Pilgrim’s Pride Corporation in a report on Thursday, December 1st. They issued an overweight rating and a $21.00 price target on the stock. TheStreet downgraded shares of Pilgrim’s Pride Corporation from a buy rating to a hold rating in a report on Wednesday, October 26th. Finally, Jefferies Group LLC cut their price target on shares of Pilgrim’s Pride Corporation from $21.00 to $19.00 and set a hold rating on the stock in a report on Wednesday, November 30th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $24.26.

Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) opened at 18.85 on Friday. The stock’s 50 day moving average is $18.74 and its 200 day moving average is $20.95. The company has a market cap of $4.74 billion, a PE ratio of 11.09 and a beta of -0.01. Pilgrim’s Pride Corporation has a 52-week low of $17.15 and a 52-week high of $27.79.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.11. Pilgrim’s Pride Corporation had a return on equity of 39.85% and a net margin of 5.42%. The business earned $2.03 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter last year, the company posted $0.58 EPS. Pilgrim’s Pride Corporation’s quarterly revenue was down 3.8% compared to the same quarter last year. Equities analysts forecast that Pilgrim’s Pride Corporation will post $1.84 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Pilgrim’s Pride Corporation by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 727,714 shares of the company’s stock valued at $18,536,000 after buying an additional 3,062 shares in the last quarter. Victory Capital Management Inc. raised its stake in Pilgrim’s Pride Corporation by 5.6% in the second quarter. Victory Capital Management Inc. now owns 25,466 shares of the company’s stock valued at $649,000 after buying an additional 1,349 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in Pilgrim’s Pride Corporation during the second quarter valued at approximately $604,000. Nationwide Fund Advisors bought a new stake in Pilgrim’s Pride Corporation during the second quarter valued at approximately $3,667,000. Finally, Schroder Investment Management Group raised its stake in Pilgrim’s Pride Corporation by 10.2% in the second quarter. Schroder Investment Management Group now owns 38,900 shares of the company’s stock valued at $991,000 after buying an additional 3,600 shares in the last quarter. Institutional investors and hedge funds own 24.79% of the company’s stock.

Pilgrim’s Pride Corporation Company Profile

Pilgrim’s Pride Corporation (Pilgrim’s) is a retail food store. The Company is a producer and seller of chicken products with operations in the United States, Mexico and Puerto Rico. The Company is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.

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