Brokerages Set Smithfield Foods, Inc. (NASDAQ:SFD) PT at $29.38

Shares of Smithfield Foods, Inc. (NASDAQ:SFD) have earned an average rating of “Buy” from the six brokerages that are presently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $29.3750.

A number of brokerages have weighed in on SFD. Morgan Stanley raised their target price on shares of Smithfield Foods from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, March 25th. Zacks Research upgraded shares of Smithfield Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 25th. Weiss Ratings upgraded Smithfield Foods from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 25th. Finally, Wall Street Zen raised Smithfield Foods from a “hold” rating to a “buy” rating in a report on Sunday.

Smithfield Foods Trading Up 1.5%

SFD opened at $27.09 on Thursday. The company’s 50 day moving average is $24.31 and its 200-day moving average is $23.05. Smithfield Foods has a 1-year low of $18.55 and a 1-year high of $27.19. The company has a market cap of $10.66 billion, a P/E ratio of 10.79 and a beta of 0.12.

Smithfield Foods (NASDAQ:SFD) last released its quarterly earnings data on Tuesday, March 24th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.16. The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.19 billion. Smithfield Foods’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share.

Smithfield Foods Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Shareholders of record on Tuesday, April 7th will be given a $0.3125 dividend. This is a boost from Smithfield Foods’s previous quarterly dividend of $0.25. This represents a $1.25 annualized dividend and a yield of 4.6%. The ex-dividend date is Tuesday, April 7th. Smithfield Foods’s dividend payout ratio is 39.84%.

Institutional Trading of Smithfield Foods

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio raised its holdings in Smithfield Foods by 76.5% in the 3rd quarter. Strs Ohio now owns 1,080 shares of the company’s stock valued at $25,000 after buying an additional 468 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in Smithfield Foods during the 4th quarter worth approximately $25,000. Harbor Capital Advisors Inc. grew its holdings in Smithfield Foods by 88.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock worth $26,000 after acquiring an additional 515 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Smithfield Foods during the 2nd quarter worth approximately $29,000. Finally, Oakworth Capital Inc. acquired a new position in Smithfield Foods in the 4th quarter valued at approximately $31,000.

Smithfield Foods Company Profile

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.