Smithfield Foods, Inc. (NASDAQ:SFD) Receives $29.38 Consensus Price Target from Analysts

Shares of Smithfield Foods, Inc. (NASDAQ:SFD) have been assigned an average recommendation of “Buy” from the six brokerages that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $29.3750.

Several analysts have weighed in on the company. Weiss Ratings upgraded Smithfield Foods from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, March 25th. Wall Street Zen upgraded Smithfield Foods from a “hold” rating to a “buy” rating in a research report on Sunday. Zacks Research upgraded shares of Smithfield Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Morgan Stanley raised their price target on shares of Smithfield Foods from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 25th.

Smithfield Foods Trading Up 2.3%

NASDAQ SFD opened at $28.60 on Thursday. Smithfield Foods has a 12-month low of $18.55 and a 12-month high of $28.62. The company has a fifty day simple moving average of $24.52 and a two-hundred day simple moving average of $23.11. The stock has a market cap of $11.25 billion, a P/E ratio of 11.39 and a beta of -0.33.

Smithfield Foods (NASDAQ:SFD) last announced its quarterly earnings data on Tuesday, March 24th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.16. The company had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.19 billion. Smithfield Foods’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share.

Smithfield Foods Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Tuesday, April 7th will be paid a $0.3125 dividend. The ex-dividend date is Tuesday, April 7th. This is an increase from Smithfield Foods’s previous quarterly dividend of $0.25. This represents a $1.25 dividend on an annualized basis and a dividend yield of 4.4%. Smithfield Foods’s dividend payout ratio (DPR) is currently 39.84%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SFD. Strs Ohio grew its position in Smithfield Foods by 76.5% during the 3rd quarter. Strs Ohio now owns 1,080 shares of the company’s stock worth $25,000 after purchasing an additional 468 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Smithfield Foods by 88.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,099 shares of the company’s stock valued at $26,000 after buying an additional 515 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Smithfield Foods in the 4th quarter valued at about $25,000. Raymond James Financial Inc. purchased a new stake in shares of Smithfield Foods in the second quarter worth about $29,000. Finally, Oakworth Capital Inc. acquired a new stake in Smithfield Foods during the fourth quarter worth about $31,000.

About Smithfield Foods

Smithfield Foods, Inc (NASDAQ: SFD) is one of the world’s largest pork processors and hog producers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional ham producer into a fully integrated food company offering a broad range of fresh pork, value-added meats and prepared foods. Its product portfolio includes bacon, ham, sausage, ribs and deli meats marketed under well-known brands such as Smithfield®, Nathan’s Famous® and Eckrich®.

Smithfield operates a network of hog production facilities, processing plants and distribution centers across the United States, Europe and Latin America.