Pilgrim’s Pride Co. (NASDAQ:PPC) Shares Sold by Millennium Management LLC

Millennium Management LLC decreased its stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 81.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,695 shares of the company’s stock after selling 806,462 shares during the quarter. Millennium Management LLC owned about 0.08% of Pilgrim’s Pride worth $7,301,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. ORG Partners LLC acquired a new position in shares of Pilgrim’s Pride in the 2nd quarter valued at $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Pilgrim’s Pride in the second quarter valued at about $32,000. Headlands Technologies LLC purchased a new position in shares of Pilgrim’s Pride in the first quarter worth about $38,000. GAMMA Investing LLC lifted its holdings in shares of Pilgrim’s Pride by 102.9% during the second quarter. GAMMA Investing LLC now owns 1,410 shares of the company’s stock worth $54,000 after purchasing an additional 715 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in Pilgrim’s Pride in the second quarter valued at approximately $62,000. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Analyst Ratings Changes

PPC has been the subject of a number of recent research reports. Bank of America lowered shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price target for the company. in a research report on Thursday, August 15th. Argus raised their target price on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Stephens initiated coverage on shares of Pilgrim’s Pride in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 price target on the stock. Barclays lifted their price objective on Pilgrim’s Pride from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, September 9th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $46.00 target price on shares of Pilgrim’s Pride in a research note on Monday, August 12th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $45.33.

Insider Buying and Selling at Pilgrim’s Pride

In related news, CFO Matthew R. Galvanoni sold 6,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total transaction of $281,515.00. Following the completion of the transaction, the chief financial officer now owns 51,750 shares in the company, valued at $2,241,292.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Matthew R. Galvanoni sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.31, for a total transaction of $281,515.00. Following the completion of the sale, the chief financial officer now directly owns 51,750 shares in the company, valued at approximately $2,241,292.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fabio Sandri sold 65,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the transaction, the chief executive officer now directly owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 82.63% of the company’s stock.

Pilgrim’s Pride Price Performance

Shares of Pilgrim’s Pride stock opened at $45.61 on Thursday. The firm has a market cap of $10.81 billion, a PE ratio of 22.14, a P/E/G ratio of 0.21 and a beta of 0.82. Pilgrim’s Pride Co. has a twelve month low of $23.15 and a twelve month high of $49.07. The company has a quick ratio of 1.09, a current ratio of 1.82 and a debt-to-equity ratio of 0.85. The business has a 50-day moving average price of $44.16 and a 200 day moving average price of $39.35.

Pilgrim’s Pride (NASDAQ:PPC) last announced its earnings results on Wednesday, July 31st. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.35. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.62 billion. Pilgrim’s Pride had a return on equity of 25.06% and a net margin of 4.25%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 EPS. Sell-side analysts predict that Pilgrim’s Pride Co. will post 4.79 earnings per share for the current fiscal year.

Pilgrim’s Pride Profile

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.