Wellington Management Group LLP Raises Stake in Pilgrim’s Pride Co. (NASDAQ:PPC)

Wellington Management Group LLP raised its position in Pilgrim’s Pride Co. (NASDAQ:PPC) by 8.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,083 shares of the company’s stock after purchasing an additional 2,682 shares during the period. Wellington Management Group LLP’s holdings in Pilgrim’s Pride were worth $1,662,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of PPC. Quarry LP increased its holdings in Pilgrim’s Pride by 295.8% in the third quarter. Quarry LP now owns 946 shares of the company’s stock valued at $44,000 after buying an additional 707 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Pilgrim’s Pride by 903.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company’s stock worth $67,026,000 after acquiring an additional 1,310,530 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Pilgrim’s Pride by 3.7% in the 3rd quarter. Janus Henderson Group PLC now owns 21,860 shares of the company’s stock valued at $1,007,000 after acquiring an additional 780 shares during the last quarter. ClearAlpha Technologies LP acquired a new stake in shares of Pilgrim’s Pride during the 3rd quarter worth about $316,000. Finally, Kestra Investment Management LLC purchased a new stake in Pilgrim’s Pride during the third quarter worth approximately $474,000. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Pilgrim’s Pride Trading Down 4.9 %

Shares of PPC stock opened at $48.16 on Thursday. Pilgrim’s Pride Co. has a twelve month low of $26.07 and a twelve month high of $55.50. The company has a current ratio of 1.95, a quick ratio of 1.27 and a debt-to-equity ratio of 0.75. The business’s 50 day moving average is $49.54 and its two-hundred day moving average is $44.09. The company has a market capitalization of $11.42 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 0.20 and a beta of 0.82.

Pilgrim’s Pride (NASDAQ:PPC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.36. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The company had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.69 billion. During the same period in the previous year, the company posted $0.58 EPS. Pilgrim’s Pride’s revenue was up 5.2% compared to the same quarter last year. Equities analysts forecast that Pilgrim’s Pride Co. will post 5.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Argus raised their price objective 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. BMO Capital Markets boosted their price target on shares of Pilgrim’s Pride from $42.00 to $43.00 and gave the company a “market perform” rating in a research report on Friday, November 1st. Barclays raised their price objective on Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Finally, Stephens began coverage on Pilgrim’s Pride in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 target price for the company. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.50.

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.