Equities researchers at Mizuho started coverage on shares of Pilgrim's Pride (NASDAQ:PPC) in a report issued on Thursday. The firm set a “buy” rating and a $29.00 price target on the stock. Mizuho’s target price would indicate a potential upside of 22.26% from the company’s previous close.
Other research analysts have also recently issued reports about the company. Vertical Group raised Pilgrim's Pride from a “hold” rating to a “buy” rating in a research report on Wednesday, March 14th. ValuEngine cut Pilgrim's Pride from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. BMO Capital Markets reduced their price target on Pilgrim's Pride to $31.00 and set a “market perform” rating for the company in a research report on Friday, February 16th. BidaskClub cut Pilgrim's Pride from a “buy” rating to a “hold” rating in a research report on Wednesday, December 20th. Finally, Zacks Investment Research raised Pilgrim's Pride from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Thursday, March 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Pilgrim's Pride currently has an average rating of “Hold” and an average price target of $28.80.
Shares of Pilgrim's Pride stock opened at $23.72 on Thursday. Pilgrim's Pride has a 1 year low of $20.28 and a 1 year high of $38.39. The stock has a market capitalization of $6,139.21, a price-to-earnings ratio of 8.21 and a beta of 0.19. The company has a quick ratio of 0.87, a current ratio of 1.73 and a debt-to-equity ratio of 1.42.
In other news, CEO William W. Lovette sold 100,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $25.36, for a total transaction of $2,536,000.00. Following the transaction, the chief executive officer now owns 578,653 shares in the company, valued at $14,674,640.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 78.81% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PPC. The Manufacturers Life Insurance Company increased its stake in shares of Pilgrim's Pride by 9.5% during the second quarter. The Manufacturers Life Insurance Company now owns 9,203 shares of the company’s stock worth $201,000 after purchasing an additional 798 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in shares of Pilgrim's Pride during the third quarter worth approximately $251,000. Russell Investments Group Ltd. increased its stake in shares of Pilgrim's Pride by 54.7% during the third quarter. Russell Investments Group Ltd. now owns 122,246 shares of the company’s stock worth $3,473,000 after purchasing an additional 43,240 shares during the period. Ameriprise Financial Inc. increased its stake in Pilgrim's Pride by 58.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 789,349 shares of the company’s stock worth $22,427,000 after acquiring an additional 292,700 shares during the period. Finally, Macquarie Group Ltd. increased its stake in Pilgrim's Pride by 3.4% during the 3rd quarter. Macquarie Group Ltd. now owns 61,400 shares of the company’s stock worth $1,745,000 after acquiring an additional 2,000 shares during the period. Institutional investors own 25.11% of the company’s stock.
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About Pilgrim's Pride
Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.
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