Pilgrim’s Pride (NASDAQ:PPC) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Pilgrim’s Pride (NASDAQ:PPC) from a sell rating to a hold rating in a report released on Tuesday morning, Zacks.com reports. They currently have $24.00 target price on the stock.

According to Zacks, “Shares of Pilgrim’s Pride have outpaced the industry in the six months. The company is benefiting from strength in European operations. This was reflected in its fourth-quarter 2020 results, with the top and the bottom line increasing year over year. The upside can be attributed to product portfolio strategy, operational endeavors and Key Customer strategy that helped mitigate the impact of tough market conditions. Undeniably, healthy performance in the Mexican operations also drove the results. Also, Pilgrim’s Pride consistently strives to improve portfolio and strengthen competitive position through innovations. However, the company is seeing lower sales from U.S. operations for a while. Also, higher cost of sales and pandemic-induced expenses were a drag. Notably, earnings fell short of the Zacks Consensus mark in the quarter.”

Several other research analysts have also recently weighed in on the stock. Barclays upped their price target on shares of Pilgrim’s Pride from $22.00 to $25.00 and gave the company an overweight rating in a report on Monday, February 8th. Stephens raised shares of Pilgrim’s Pride from an equal weight rating to an overweight rating and upped their target price for the stock from $20.00 to $25.00 in a research note on Monday, February 8th. Finally, Bank of America upgraded Pilgrim’s Pride from a neutral rating to a buy rating and set a $25.00 target price for the company in a report on Wednesday, January 6th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Pilgrim’s Pride currently has an average rating of Buy and an average target price of $23.17.

PPC opened at $24.27 on Tuesday. The firm’s fifty day moving average is $21.27 and its two-hundred day moving average is $18.52. The firm has a market cap of $5.91 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 1.92 and a beta of 1.05. Pilgrim’s Pride has a twelve month low of $14.06 and a twelve month high of $24.32. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.02 and a current ratio of 1.80.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings results on Tuesday, February 9th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.08). Pilgrim’s Pride had a return on equity of 9.83% and a net margin of 1.55%. The business had revenue of $3.12 billion during the quarter. Equities analysts forecast that Pilgrim’s Pride will post 1.12 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Cutler Group LP bought a new stake in Pilgrim’s Pride during the fourth quarter worth about $26,000. Inspire Advisors LLC acquired a new position in shares of Pilgrim’s Pride during the 4th quarter worth approximately $27,000. Graves Light Private Wealth Management Inc. bought a new stake in shares of Pilgrim’s Pride during the 4th quarter worth approximately $28,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Pilgrim’s Pride by 30.4% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 5,086 shares of the company’s stock valued at $100,000 after buying an additional 1,187 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Pilgrim’s Pride in the third quarter valued at $117,000. 16.11% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products in the United States, the United Kingdom, Mexico, France, Puerto Rico, the Netherlands, rest of Europe, the Middle East, Asia, and internationally. The company offers fresh chicken and pork products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chickens; frozen whole chickens; breast and mini breast fillets; pork cuts; added value pork and pork ribs; and prepackaged case-ready chickens, such as whole chickens and chicken parts.

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