Pilgrim’s Pride (NASDAQ:PPC) Sets New 12-Month High on Earnings Beat

Pilgrim’s Pride Co. (NASDAQ:PPC)’s share price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $49.38 and last traded at $46.68, with a volume of 60959 shares changing hands. The stock had previously closed at $47.69.

The company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.36. The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.69 billion. Pilgrim’s Pride had a net margin of 4.25% and a return on equity of 25.06%. Pilgrim’s Pride’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 EPS.

Analysts Set New Price Targets

A number of brokerages have recently commented on PPC. Barclays increased their price target on shares of Pilgrim’s Pride from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, September 9th. Argus increased their price target on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Bank of America lowered shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 target price on the stock. in a report on Thursday, August 15th. BMO Capital Markets reaffirmed a “market perform” rating and set a $46.00 target price on shares of Pilgrim’s Pride in a report on Monday, August 12th. Finally, Stephens assumed coverage on shares of Pilgrim’s Pride in a report on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Pilgrim’s Pride presently has a consensus rating of “Hold” and a consensus price target of $45.33.

Insider Buying and Selling at Pilgrim’s Pride

In other Pilgrim’s Pride news, CEO Fabio Sandri sold 65,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the completion of the sale, the chief executive officer now owns 279,565 shares of the company’s stock, valued at $12,440,642.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Matthew R. Galvanoni sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total value of $281,515.00. Following the completion of the sale, the chief financial officer now directly owns 51,750 shares of the company’s stock, valued at approximately $2,241,292.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Fabio Sandri sold 65,000 shares of Pilgrim’s Pride stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the transaction, the chief executive officer now directly owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 82.63% of the stock is currently owned by corporate insiders.

Institutional Trading of Pilgrim’s Pride

A number of institutional investors and hedge funds have recently bought and sold shares of PPC. Harbor Capital Advisors Inc. bought a new stake in shares of Pilgrim’s Pride in the third quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new stake in shares of Pilgrim’s Pride in the third quarter worth approximately $29,000. ORG Partners LLC bought a new stake in shares of Pilgrim’s Pride in the second quarter worth approximately $32,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Pilgrim’s Pride in the second quarter worth approximately $32,000. Finally, Raleigh Capital Management Inc. purchased a new position in shares of Pilgrim’s Pride in the third quarter worth approximately $34,000. 16.64% of the stock is currently owned by institutional investors.

Pilgrim’s Pride Stock Performance

The company has a quick ratio of 1.09, a current ratio of 1.82 and a debt-to-equity ratio of 0.85. The company has a market cap of $11.48 billion, a PE ratio of 23.51, a P/E/G ratio of 0.23 and a beta of 0.82. The business’s fifty day moving average is $44.78 and its 200-day moving average is $40.50.

About Pilgrim’s Pride

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.