Pilgrim’s Pride Co. (NASDAQ:PPC) Stock Position Raised by CIBC Asset Management Inc

CIBC Asset Management Inc increased its holdings in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,836 shares of the company’s stock after acquiring an additional 216 shares during the quarter. CIBC Asset Management Inc’s holdings in Pilgrim’s Pride were worth $315,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PPC. Harbor Capital Advisors Inc. acquired a new stake in shares of Pilgrim’s Pride in the 3rd quarter worth approximately $27,000. ORG Wealth Partners LLC acquired a new stake in Pilgrim’s Pride in the third quarter worth approximately $29,000. ORG Partners LLC bought a new position in Pilgrim’s Pride during the 2nd quarter valued at $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Pilgrim’s Pride during the 2nd quarter valued at $32,000. Finally, Raleigh Capital Management Inc. bought a new stake in shares of Pilgrim’s Pride in the 3rd quarter worth $34,000. Institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Price Performance

PPC opened at $52.25 on Friday. The firm has a market capitalization of $12.39 billion, a P/E ratio of 12.62, a PEG ratio of 0.22 and a beta of 0.81. The stock has a fifty day moving average of $47.05 and a 200-day moving average of $42.27. The company has a quick ratio of 1.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.75. Pilgrim’s Pride Co. has a 12-month low of $25.23 and a 12-month high of $55.50.

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, topping the consensus estimate of $1.27 by $0.36. The firm had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.69 billion. Pilgrim’s Pride had a return on equity of 29.92% and a net margin of 5.46%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS. Equities analysts forecast that Pilgrim’s Pride Co. will post 4.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PPC. Barclays boosted their price target on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. BMO Capital Markets increased their target price on shares of Pilgrim’s Pride from $42.00 to $43.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Bank of America cut shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 target price for the company. in a report on Thursday, August 15th. Stephens initiated coverage on 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. Finally, Argus raised their price objective on Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.