Hsbc Holdings PLC Acquires Shares of 204,149 Pilgrim’s Pride Corporation $PPC

Hsbc Holdings PLC bought a new position in Pilgrim’s Pride Corporation (NASDAQ:PPC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 204,149 shares of the company’s stock, valued at approximately $5,749,000. Hsbc Holdings PLC owned 0.09% of Pilgrim’s Pride at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Pilgrim’s Pride by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 5,804,210 shares of the company’s stock worth $226,306,000 after purchasing an additional 131,482 shares during the period. BlackRock Inc. acquired a new stake in Pilgrim’s Pride during the 2nd quarter valued at $138,936,000. AQR Capital Management LLC raised its stake in Pilgrim’s Pride by 18.7% during the 3rd quarter. AQR Capital Management LLC now owns 4,482,124 shares of the company’s stock valued at $182,512,000 after purchasing an additional 705,946 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Pilgrim’s Pride by 12.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,830,054 shares of the company’s stock valued at $144,617,000 after purchasing an additional 411,656 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Pilgrim’s Pride by 22.9% in the second quarter. Bank of America Corp DE now owns 2,171,836 shares of the company’s stock valued at $97,689,000 after purchasing an additional 404,915 shares in the last quarter. 16.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PPC. UBS Group lowered their price target 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. Weiss Ratings downgraded Pilgrim’s Pride from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Barclays upgraded Pilgrim’s Pride from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $45.00 to $42.00 in a research report on Friday, May 1st. Finally, Bank of America lowered their target price on Pilgrim’s Pride from $37.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Pilgrim’s Pride has an average rating of “Hold” and an average price target of $36.50.

Pilgrim’s Pride Stock Up 1.9%

Pilgrim’s Pride stock opened at $31.69 on Friday. Pilgrim’s Pride Corporation has a twelve month low of $25.90 and a twelve month high of $45.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.36. The firm has a market cap of $7.55 billion, a PE ratio of 13.78 and a beta of 0.29. The firm’s 50 day moving average price is $28.70 and its two-hundred day moving average price is $32.48.

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

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.