California Public Employees Retirement System reduced its stake in Pilgrim’s Pride Corp. (NASDAQ:PPC) by 7.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,200 shares of the company’s stock after selling 15,300 shares during the period. California Public Employees Retirement System owned approximately 0.07% of Pilgrim’s Pride Corp. worth $3,911,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bridgeway Capital Management Inc. raised its position in shares of Pilgrim’s Pride Corp. by 9.5% in the second quarter. Bridgeway Capital Management Inc. now owns 1,154,500 shares of the company’s stock valued at $29,417,000 after buying an additional 99,800 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Pilgrim’s Pride Corp. by 10.2% in the second quarter. Schroder Investment Management Group now owns 38,900 shares of the company’s stock valued at $991,000 after buying an additional 3,600 shares during the last quarter. Nationwide Fund Advisors acquired a new position in shares of Pilgrim’s Pride Corp. during the second quarter valued at about $3,667,000. Banco BTG Pactual S.A. raised its position in shares of Pilgrim’s Pride Corp. by 28.8% in the second quarter. Banco BTG Pactual S.A. now owns 88,113 shares of the company’s stock valued at $2,245,000 after buying an additional 19,697 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new position in shares of Pilgrim’s Pride Corp. during the second quarter valued at about $143,000. Institutional investors and hedge funds own 24.88% of the company’s stock.

Institutional Ownership by Quarter for Pilgrim`s Pride Corp. (NASDAQ:PPC)

Pilgrim’s Pride Corp. (NASDAQ:PPC) traded down 3.77% during trading on Wednesday, hitting $17.61. 2,712,552 shares of the company were exchanged. Pilgrim’s Pride Corp. has a 1-year low of $17.15 and a 1-year high of $27.79. The firm’s 50 day moving average price is $20.03 and its 200-day moving average price is $22.72. The stock has a market capitalization of $4.43 billion, a PE ratio of 10.36 and a beta of 0.07.

Pilgrim’s Pride Corp. (NASDAQ:PPC) last released its quarterly earnings data on Wednesday, October 26th. The company reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.11. Pilgrim’s Pride Corp. had a return on equity of 39.85% and a net margin of 5.42%. The business earned $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the company earned $0.58 earnings per share. The firm’s revenue was down 3.8% compared to the same quarter last year. Equities analysts predict that Pilgrim’s Pride Corp. will post $1.85 EPS for the current year.

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A number of analysts have weighed in on the stock. TheStreet downgraded shares of Pilgrim’s Pride Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, October 26th. Jefferies Group dropped their price target on shares of Pilgrim’s Pride Corp. from $23.00 to $21.00 and set a “hold” rating on the stock in a report on Wednesday, October 12th. Finally, Zacks Investment Research raised shares of Pilgrim’s Pride Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, September 14th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $25.71.

About Pilgrim’s Pride Corp.

Pilgrim’s Pride Corporation (Pilgrim’s) is a retail food store. The Company is a producer and seller of chicken products with operations in the United States, Mexico and Puerto Rico. The Company is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.

5 Day Chart for NASDAQ:PPC

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