Corient Private Wealth LP Buys Shares of 91,447 Pilgrim’s Pride Corporation $PPC

Corient Private Wealth LP acquired a new position in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 91,447 shares of the company’s stock, valued at approximately $2,571,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Bank of America Corp DE acquired a new position in Pilgrim’s Pride in the second quarter valued at about $11,122,000. Freestone Grove Partners LP bought a new stake in shares of Pilgrim’s Pride in the 2nd quarter valued at about $474,000. Man Group plc acquired a new stake in shares of Pilgrim’s Pride in the 2nd quarter valued at approximately $2,491,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Pilgrim’s Pride in the 2nd quarter valued at approximately $209,000. Finally, Jupiter Topco LLC acquired a new position in Pilgrim’s Pride during the second quarter valued at approximately $593,000. Institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Trading Up 0.1%

Shares of NASDAQ:PPC opened at $31.12 on Thursday. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 13.53 and a beta of 0.27. The company’s fifty day simple moving average is $28.94 and its 200 day simple moving average is $32.16. Pilgrim’s Pride Corporation has a 12 month low of $25.90 and a 12 month high of $44.87. The company has a quick ratio of 0.62, a current ratio of 1.36 and a debt-to-equity ratio of 0.76.

Pilgrim’s Pride (NASDAQ:PPC) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.06). Pilgrim’s Pride had a return on equity of 21.70% and a net margin of 2.96%.The firm had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the company earned $1.70 earnings per share. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, research analysts forecast that Pilgrim’s Pride Corporation will post 2.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PPC has been the topic of several analyst reports. Bank of America cut their target price on shares of Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Finally, UBS Group reduced their target price on Pilgrim’s Pride from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $36.50.

Pilgrim’s Pride Company Profile

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.