Smithfield Foods (NASDAQ:SFD) Reaches New 52-Week High – What’s Next?

Smithfield Foods, Inc. (NASDAQ:SFD) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $28.02 and last traded at $27.97, with a volume of 3277592 shares changing hands. The stock had previously closed at $27.09.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings raised Smithfield Foods from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 25th. Wall Street Zen raised Smithfield Foods from a “hold” rating to a “buy” rating in a research note on Sunday. Morgan Stanley raised their price target on Smithfield Foods from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Wednesday, March 25th. Finally, Zacks Research raised Smithfield Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat, Smithfield Foods has a consensus rating of “Buy” and a consensus target price of $29.38.

Smithfield Foods Price Performance

The firm has a market cap of $11.01 billion, a P/E ratio of 11.14 and a beta of 0.12. The company’s 50-day simple moving average is $24.41 and its 200 day simple moving average is $23.07.

Smithfield Foods (NASDAQ:SFD) last posted its earnings results on Tuesday, March 24th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.16. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.19 billion. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share.

Smithfield Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 21st. Shareholders of record on Tuesday, April 7th will be paid a dividend of $0.3125 per share. The ex-dividend date of this dividend is Tuesday, April 7th. This is an increase from Smithfield Foods’s previous quarterly dividend of $0.25. This represents a $1.25 annualized dividend and a yield of 4.5%. Smithfield Foods’s payout ratio is presently 39.84%.

Institutional Investors Weigh In On Smithfield Foods

Several institutional investors have recently modified their holdings of the stock. Strs Ohio boosted its holdings in shares of Smithfield Foods by 76.5% in the 3rd quarter. Strs Ohio now owns 1,080 shares of the company’s stock worth $25,000 after purchasing an additional 468 shares during the period. Altshuler Shaham Ltd bought a new position in shares of Smithfield Foods during the 4th quarter valued at approximately $25,000. Harbor Capital Advisors Inc. raised 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 valued at $26,000 after buying an additional 515 shares during the period. Raymond James Financial Inc. bought a new stake in Smithfield Foods in the second quarter worth $29,000. Finally, Oakworth Capital Inc. bought a new stake in Smithfield Foods in the fourth quarter worth $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.