Pilgrim’s Pride (NASDAQ:PPC) Price Target Raised to $36.00

Pilgrim’s Pride (NASDAQ:PPC) had its price objective hoisted by analysts at The Goldman Sachs Group from $32.00 to $36.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 1.27% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. TheStreet upgraded shares of Pilgrim’s Pride from a “c+” rating to a “b+” rating in a research report on Monday, February 26th. Barclays reaffirmed an “equal weight” rating and set a $38.00 price target (up previously from $35.00) on shares of Pilgrim’s Pride in a report on Tuesday. Bank of America upped their price target on shares of Pilgrim’s Pride from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Monday. StockNews.com raised shares of Pilgrim’s Pride from a “hold” rating to a “buy” rating in a report on Tuesday, February 27th. Finally, BMO Capital Markets upped their price target on shares of Pilgrim’s Pride from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Pilgrim’s Pride Stock Performance

Shares of NASDAQ:PPC opened at $35.55 on Wednesday. The company’s 50 day moving average price is $32.67 and its two-hundred day moving average price is $28.46. Pilgrim’s Pride has a 12-month low of $19.96 and a 12-month high of $36.15. The firm has a market cap of $8.42 billion, a PE ratio of 26.33, a PEG ratio of 0.40 and a beta of 0.82. The company has a quick ratio of 0.89, a current ratio of 1.68 and a debt-to-equity ratio of 1.00.

Pilgrim’s Pride (NASDAQ:PPC) last announced its earnings results on Monday, February 26th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Pilgrim’s Pride had a net margin of 1.85% and a return on equity of 12.90%. The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.48 billion. During the same quarter in the prior year, the business posted ($0.49) EPS. The business’s revenue was up 9.0% compared to the same quarter last year. Equities research analysts predict that Pilgrim’s Pride will post 3.01 earnings per share for the current year.

Insider Activity at Pilgrim’s Pride

In related news, CEO Fabio Sandri sold 40,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $33.32, for a total value of $1,332,800.00. Following the completion of the transaction, the chief executive officer now owns 257,065 shares of the company’s stock, valued at approximately $8,565,405.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 82.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Pilgrim’s Pride

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp bought a new position in shares of Pilgrim’s Pride during the fourth quarter valued at $28,000. Ronald Blue Trust Inc. increased its position in shares of Pilgrim’s Pride by 107.7% during the third quarter. Ronald Blue Trust Inc. now owns 1,344 shares of the company’s stock worth $29,000 after buying an additional 697 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Pilgrim’s Pride during the fourth quarter worth $30,000. Meeder Asset Management Inc. increased its position in shares of Pilgrim’s Pride by 63.5% during the fourth quarter. Meeder Asset Management Inc. now owns 1,305 shares of the company’s stock worth $31,000 after buying an additional 507 shares during the period. Finally, Financial Management Professionals Inc. acquired a new stake in shares of Pilgrim’s Pride during the fourth quarter worth $32,000. Institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.