Smithfield Foods (NASDAQ:SFD) Upgraded at Hsbc Global Res

Hsbc Global Res upgraded shares of Smithfield Foods (NASDAQ:SFD) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

A number of other research analysts have also recently commented on SFD. BNP Paribas began coverage on Smithfield Foods in a report on Monday, February 24th. They issued a “neutral” rating and a $23.00 price objective on the stock. Morgan Stanley began coverage on Smithfield Foods in a report on Monday, February 24th. They issued an “overweight” rating and a $28.00 price objective on the stock. HSBC began coverage on Smithfield Foods in a research note on Tuesday. They set a “buy” rating and a $29.00 price target on the stock. Citigroup began coverage on Smithfield Foods in a research note on Monday, February 24th. They set a “buy” rating and a $27.00 price target on the stock. Finally, The Goldman Sachs Group began coverage on Smithfield Foods in a research note on Monday, February 24th. They set a “buy” rating and a $32.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Smithfield Foods has a consensus rating of “Buy” and an average target price of $27.86.

Smithfield Foods Price Performance

SFD opened at $19.78 on Tuesday. Smithfield Foods has a one year low of $18.43 and a one year high of $22.03.

Insider Activity at Smithfield Foods

In other Smithfield Foods news, insider Tennille J. Checkovich bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were purchased at an average price of $20.00 per share, with a total value of $40,000.00. Following the completion of the acquisition, the insider now directly owns 12,000 shares of the company’s stock, valued at $240,000. This represents a 20.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles Shane Smith bought 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $600,000.00. Following the acquisition, the chief executive officer now directly owns 120,000 shares of the company’s stock, valued at $2,400,000. The trade was a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 59,000 shares of company stock valued at $1,180,000 over the last quarter. 1.79% of the stock is owned by insiders.

About Smithfield Foods

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.