Bank of America Issues Pessimistic Forecast for Pilgrim’s Pride (NASDAQ:PPC) Stock Price

Pilgrim’s Pride (NASDAQ:PPC) had its target price cut by analysts at Bank of America from $37.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential upside of 5.09% from the stock’s current price.

A number of other equities research analysts also recently issued reports on PPC. Barclays upgraded Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $45.00 to $42.00 in a research report on Friday, May 1st. Weiss Ratings lowered Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. UBS Group began coverage on Pilgrim’s Pride in a research note on Tuesday, May 19th. They issued a “neutral” rating and a $30.00 target price on the stock. Stephens set a $40.00 price target on Pilgrim’s Pride in a research report on Wednesday, April 15th. Finally, The Goldman Sachs Group cut their price objective on Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.83.

Pilgrim’s Pride Stock Down 0.0%

Shares of NASDAQ PPC traded down $0.00 during trading on Thursday, hitting $28.55. 288,541 shares of the company traded hands, compared to its average volume of 1,188,186. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 7.66 and a beta of 0.28. The business’s fifty day moving average is $29.34 and its 200 day moving average is $35.94. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.73 and a current ratio of 1.48. Pilgrim’s Pride has a fifty-two week low of $26.50 and a fifty-two week high of $50.56.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.18). Pilgrim’s Pride had a return on equity of 28.57% and a net margin of 4.78%.The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the previous year, the company posted $1.31 EPS. The firm’s revenue was up 1.6% on a year-over-year basis. Equities research analysts predict that Pilgrim’s Pride will post 3.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pilgrim’s Pride

A number of hedge funds have recently bought and sold shares of the company. Bridgefront Capital LLC purchased a new position in Pilgrim’s Pride during the 3rd quarter valued at approximately $1,162,000. Algert Global LLC increased its stake in Pilgrim’s Pride by 140.1% in the 3rd quarter. Algert Global LLC now owns 271,947 shares of the company’s stock worth $11,074,000 after acquiring an additional 158,688 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Pilgrim’s Pride during the 3rd quarter worth approximately $2,960,000. Aquatic Capital Management LLC purchased a new stake in shares of Pilgrim’s Pride during the 3rd quarter worth approximately $4,076,000. Finally, Vestcor Inc boosted its position in shares of Pilgrim’s Pride by 86.4% during the 3rd quarter. Vestcor Inc now owns 77,818 shares of the company’s stock valued at $3,169,000 after acquiring an additional 36,068 shares during the last quarter. Institutional investors own 16.64% of the company’s stock.

About Pilgrim’s Pride

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.