Pilgrim’s Pride (NASDAQ:PPC) Stock Price Up 3.6% – Time to Buy?

Shares of Pilgrim’s Pride Co. (NASDAQ:PPC) shot up 3.6% during trading on Thursday . The stock traded as high as $52.42 and last traded at $52.30. 438,784 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 998,219 shares. The stock had previously closed at $50.47.

Analysts Set New Price Targets

PPC has been the subject of several research reports. BMO Capital Markets lifted their target price on shares of Pilgrim’s Pride from $47.00 to $48.00 and gave the company a “market perform” rating in a report on Monday, March 17th. Santander started coverage on Pilgrim’s Pride in a report on Wednesday, March 5th. They issued a “neutral” rating on the stock. Finally, StockNews.com cut Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Pilgrim’s Pride presently has an average rating of “Hold” and a consensus price target of $46.33.

Pilgrim’s Pride Stock Down 5.2 %

The company has a market cap of $11.67 billion, a price-to-earnings ratio of 10.80 and a beta of 0.71. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.01 and a quick ratio of 1.31. The firm’s 50 day simple moving average is $50.12 and its 200-day simple moving average is $48.30.

Pilgrim’s Pride Increases Dividend

The business also recently declared a special dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a $6.30 dividend. This is a positive change from Pilgrim’s Pride’s previous special dividend of $2.75.

Institutional Investors Weigh In On Pilgrim’s Pride

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vestcor Inc boosted its position in Pilgrim’s Pride by 1.1% in the 3rd quarter. Vestcor Inc now owns 19,783 shares of the company’s stock valued at $911,000 after buying an additional 212 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Pilgrim’s Pride by 3.3% in the third quarter. CIBC Asset Management Inc now owns 6,836 shares of the company’s stock valued at $315,000 after acquiring an additional 216 shares during the period. Xponance Inc. grew its holdings in shares of Pilgrim’s Pride by 3.7% during the fourth quarter. Xponance Inc. now owns 6,307 shares of the company’s stock valued at $286,000 after purchasing an additional 225 shares during the last quarter. Loomis Sayles & Co. L P lifted its holdings in shares of Pilgrim’s Pride by 3.2% in the 3rd quarter. Loomis Sayles & Co. L P now owns 13,079 shares of the company’s stock worth $602,000 after purchasing an additional 401 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Pilgrim’s Pride by 3.2% during the 4th quarter. Amalgamated Bank now owns 19,033 shares of the company’s stock worth $864,000 after buying an additional 585 shares during the last quarter. Hedge funds and other institutional investors own 16.64% of the company’s stock.

About Pilgrim’s Pride

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.