The Goldman Sachs Group Begins Coverage on Smithfield Foods (NASDAQ:SFD)

Analysts at The Goldman Sachs Group initiated coverage on shares of Smithfield Foods (NASDAQ:SFD) in a research note issued on Monday,Benzinga reports. The brokerage set a “buy” rating and a $32.00 price target on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 51.66% from the stock’s previous close.

Separately, Morgan Stanley started coverage on shares of Smithfield Foods in a research note on Monday. They issued an “overweight” rating and a $28.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $28.60.

Smithfield Foods Price Performance

NASDAQ:SFD opened at $21.10 on Monday. Smithfield Foods has a fifty-two week low of $19.10 and a fifty-two week high of $22.03.

Insider Transactions at Smithfield Foods

In related news, CEO Charles Shane Smith acquired 30,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were purchased at an average cost of $20.00 per share, with a total value of $600,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 120,000 shares of the company’s stock, valued at $2,400,000. This represents a 33.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Group Ltd/Adr Wh sold 13,043,479 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $20.00, for a total value of $260,869,580.00. Following the completion of the transaction, the insider now owns 367,025,753 shares of the company’s stock, valued at $7,340,515,060. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 59,000 shares of company stock worth $1,180,000. Insiders own 1.79% of the company’s stock.

Smithfield Foods Company Profile

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.