Pilgrim’s Pride (NASDAQ:PPC) Trading Down 3.2% – Here’s What Happened

Pilgrim’s Pride Co. (NASDAQ:PPC)’s share price dropped 3.2% on Wednesday . The stock traded as low as $55.00 and last traded at $54.48. Approximately 74,688 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,077,155 shares. The stock had previously closed at $56.26.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PPC. StockNews.com cut shares of Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 2nd. BMO Capital Markets raised their price objective on shares of Pilgrim’s Pride from $47.00 to $48.00 and gave the stock a “market perform” rating in a report on Monday, March 17th. Finally, Santander assumed coverage on Pilgrim’s Pride in a research report on Wednesday, March 5th. They set a “neutral” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $46.33.

Pilgrim’s Pride Stock Performance

The company has a market capitalization of $13.04 billion, a P/E ratio of 12.07 and a beta of 0.63. The stock’s 50-day moving average price is $51.20 and its 200-day moving average price is $48.82. The company has a current ratio of 2.01, a quick ratio of 1.31 and a debt-to-equity ratio of 0.75.

Pilgrim’s Pride Increases Dividend

The business also recently disclosed a special dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a $6.30 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This is an increase from Pilgrim’s Pride’s previous special dividend of $2.75.

Institutional Trading of Pilgrim’s Pride

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vestcor Inc boosted its stake in shares of Pilgrim’s Pride by 1.1% during the 3rd quarter. Vestcor Inc now owns 19,783 shares of the company’s stock worth $911,000 after acquiring an additional 212 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Pilgrim’s Pride by 3.7% during the fourth quarter. Xponance Inc. now owns 6,307 shares of the company’s stock valued at $286,000 after purchasing an additional 225 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Pilgrim’s Pride by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 7,207 shares of the company’s stock valued at $327,000 after purchasing an additional 371 shares during the period. Amalgamated Bank increased its stake in Pilgrim’s Pride by 3.2% in the 4th quarter. Amalgamated Bank now owns 19,033 shares of the company’s stock worth $864,000 after purchasing an additional 585 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Pilgrim’s Pride by 19.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,642 shares of the company’s stock worth $165,000 after buying an additional 593 shares during the period. 16.64% of the stock is currently owned by institutional investors.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.