Zacks Investment Research cut shares of Pilgrim’s Pride (NASDAQ:PPC) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports. They currently have $34.00 target price on the stock.

According to Zacks, “Pilgrim’s Pride’s shares have outpaced the industry in the past year. The company is gaining from solid Prepared Foods business. Volumes in the segment grew double digits in the United States in the third quarter of 2019 on investments in R&D and marketing of new products. The company continues to gain from strategic acquisitions and expansion in the fresh foods space, courtesy of solid consumer response. Earnings and sales grew year over year, backed by improved U.S. and Mexican market conditions. Moreover, cost of sales dropped and aided the gross margin. However, soft sales from Europe and escalated input costs in the region were headwinds, though Key Customer strategy is helping the company mitigate the cost challenges. Stiff competition and rising demand for plant-based protein alternatives are also concerns.”

Other equities research analysts have also recently issued research reports about the company. FinnCap reiterated a corporate rating on shares of Pilgrim’s Pride in a research note on Saturday, November 2nd. Bank of America began coverage on Pilgrim’s Pride in a research note on Friday, October 25th. They set a neutral rating and a $32.00 price objective on the stock. BMO Capital Markets upgraded Pilgrim’s Pride from a market perform rating to an outperform rating and upped their price objective for the stock from $31.00 to $36.00 in a research note on Tuesday, August 20th. Mizuho upped their price objective on Pilgrim’s Pride from $30.00 to $34.00 and gave the stock a buy rating in a research note on Friday, August 2nd. Finally, Stephens upped their price objective on Pilgrim’s Pride from $33.00 to $35.00 and gave the stock an overweight rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $31.67.

NASDAQ PPC traded down $1.01 during trading on Wednesday, hitting $31.63. The stock had a trading volume of 737,500 shares, compared to its average volume of 1,055,958. The company has a market capitalization of $8.06 billion, a PE ratio of 24.71, a P/E/G ratio of 0.97 and a beta of 0.76. The company’s 50-day moving average price is $30.38 and its two-hundred day moving average price is $28.75. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.94 and a current ratio of 1.82. Pilgrim’s Pride has a 12 month low of $14.83 and a 12 month high of $33.45.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Pilgrim’s Pride had a return on equity of 17.87% and a net margin of 3.24%. The company had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the prior year, the business posted $0.21 EPS. The business’s revenue was up 3.0% compared to the same quarter last year. As a group, equities analysts anticipate that Pilgrim’s Pride will post 1.73 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. LS Investment Advisors LLC acquired a new position in shares of Pilgrim’s Pride during the 3rd quarter worth approximately $77,000. Point72 Hong Kong Ltd acquired a new position in shares of Pilgrim’s Pride during the 2nd quarter worth approximately $82,000. New York State Teachers Retirement System acquired a new position in shares of Pilgrim’s Pride during the 2nd quarter worth approximately $119,000. Dupont Capital Management Corp acquired a new position in shares of Pilgrim’s Pride during the 3rd quarter worth approximately $154,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Pilgrim’s Pride during the 2nd quarter worth approximately $138,000. 20.65% of the stock is currently owned by institutional investors and hedge funds.

About Pilgrim’s Pride

Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.

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