Smithfield Foods (NASDAQ:SFD) Rating Increased to Strong-Buy at Hsbc Global Res

Hsbc Global Res upgraded shares of Smithfield Foods (NASDAQ:SFD) to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Citigroup began coverage on Smithfield Foods in a research note on Monday, February 24th. They set a “buy” rating and a $27.00 price target for the company. Barclays began coverage on Smithfield Foods in a research note on Monday, February 24th. They set an “overweight” rating and a $28.00 price target for the company. HSBC initiated coverage on Smithfield Foods in a research note on Tuesday. They set a “buy” rating and a $29.00 price target for the company. Bank of America initiated coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $28.00 target price for the company. Finally, BNP Paribas initiated coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a “neutral” rating and a $23.00 price target on the stock. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Smithfield Foods presently has a consensus rating of “Buy” and a consensus price target of $27.86.

Smithfield Foods Stock Performance

Shares of Smithfield Foods stock opened at $19.65 on Tuesday. Smithfield Foods has a 1 year low of $18.43 and a 1 year high of $22.03.

Insider Transactions at Smithfield Foods

In related news, major shareholder Group Ltd/Adr Wh sold 13,043,479 shares of Smithfield Foods stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $20.00, for a total transaction of $260,869,580.00. Following the sale, the insider now directly owns 367,025,753 shares in the company, valued at $7,340,515,060. The trade was a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tennille J. Checkovich bought 2,000 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $40,000.00. Following the completion of the acquisition, the insider now directly owns 12,000 shares of the company’s stock, valued at approximately $240,000. This represents a 20.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 59,000 shares of company stock worth $1,180,000. 1.79% of the stock is currently owned by insiders.

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.