Bank of America Increases Pilgrim’s Pride (NASDAQ:PPC) Price Target to $42.00

Pilgrim’s Pride (NASDAQ:PPC) had its price objective hoisted by analysts at Bank of America from $40.00 to $42.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 10.76% from the company’s previous close.

Several other analysts also recently commented on PPC. Argus initiated coverage on Pilgrim’s Pride in a research note on Tuesday, June 18th. They set a “buy” rating and a $41.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on Pilgrim’s Pride from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. StockNews.com raised Pilgrim’s Pride from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 3rd. Finally, Barclays reaffirmed an “equal weight” rating and issued a $38.00 price target (up previously from $35.00) on shares of Pilgrim’s Pride in a research note on Tuesday, April 16th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.40.

Pilgrim’s Pride Price Performance

Pilgrim’s Pride stock opened at $37.92 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.01 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $8.98 billion, a P/E ratio of 18.41, a PEG ratio of 0.25 and a beta of 0.78. The business has a 50-day moving average of $36.72 and a 200-day moving average of $33.14. Pilgrim’s Pride has a 1 year low of $22.33 and a 1 year high of $39.00.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.17. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.45 billion. Pilgrim’s Pride had a net margin of 2.80% and a return on equity of 17.35%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.08 earnings per share. On average, equities analysts anticipate that Pilgrim’s Pride will post 4.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp acquired a new stake in shares of Pilgrim’s Pride in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC bought a new position in shares of Pilgrim’s Pride in the fourth quarter worth $30,000. Financial Management Professionals Inc. acquired a new position in Pilgrim’s Pride in the fourth quarter valued at about $32,000. Headlands Technologies LLC bought a new stake in Pilgrim’s Pride during the first quarter worth about $38,000. Finally, CWM LLC boosted its position in shares of Pilgrim’s Pride by 746.4% during the 2nd quarter. CWM LLC now owns 1,752 shares of the company’s stock worth $67,000 after acquiring an additional 1,545 shares in the last quarter. Institutional investors and hedge funds own 16.64% of the company’s stock.

About Pilgrim’s Pride

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.