Raleigh Capital Management Inc. Takes $34,000 Position in Pilgrim’s Pride Co. (NASDAQ:PPC)

Raleigh Capital Management Inc. bought a new stake in Pilgrim’s Pride Co. (NASDAQ:PPC) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 737 shares of the company’s stock, valued at approximately $34,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Pilgrim’s Pride in the second quarter valued at $1,583,000. Quadrature Capital Ltd purchased a new position in shares of Pilgrim’s Pride in the 1st quarter worth about $904,000. ORG Wealth Partners LLC acquired a new position in shares of Pilgrim’s Pride in the 3rd quarter valued at about $29,000. Edgestream Partners L.P. purchased a new stake in shares of Pilgrim’s Pride during the 1st quarter worth about $787,000. Finally, Artemis Investment Management LLP increased its position in Pilgrim’s Pride by 19.3% during the 1st quarter. Artemis Investment Management LLP now owns 221,347 shares of the company’s stock worth $7,593,000 after purchasing an additional 35,859 shares in the last quarter. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Trading Up 2.5 %

Shares of PPC opened at $45.84 on Thursday. Pilgrim’s Pride Co. has a one year low of $23.15 and a one year high of $49.07. The stock has a 50-day moving average price of $44.43 and a 200 day moving average price of $40.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.09 and a current ratio of 1.82. The company has a market capitalization of $10.86 billion, a P/E ratio of 22.25, a P/E/G ratio of 0.23 and a beta of 0.82.

Pilgrim’s Pride (NASDAQ:PPC) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 4.25% and a return on equity of 25.06%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.44 earnings per share. Sell-side analysts forecast that Pilgrim’s Pride Co. will post 4.79 EPS for the current fiscal year.

Insider Transactions at Pilgrim’s Pride

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PPC. Stephens began coverage on shares of Pilgrim’s Pride in a research note on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 price objective for the company. Bank of America cut 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. Barclays raised their price objective on Pilgrim’s Pride from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, September 9th. Argus increased their target price on Pilgrim’s Pride from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $46.00 price target on shares of Pilgrim’s Pride in a research report on Monday, August 12th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.33.

Pilgrim’s Pride Company 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.