Pilgrim’s Pride Corporation (NASDAQ:PPC) Receives New Coverage from Analysts at Morgan Stanley

Investment analysts at Morgan Stanley initiated coverage on shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) in a note issued to investors on Friday, November 3rd, Marketbeat reports. The brokerage set an “equal weight” rating and a $30.00 price target on the stock. Morgan Stanley’s target price would indicate a potential downside of 11.87% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. ValuEngine raised shares of Pilgrim’s Pride Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Vertical Group cut shares of Pilgrim’s Pride Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 5th. They noted that the move was a valuation call. Jefferies Group LLC reissued a “hold” rating and set a $25.00 target price on shares of Pilgrim’s Pride Corporation in a report on Friday, July 14th. Vertical Research cut shares of Pilgrim’s Pride Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 5th. Finally, BidaskClub raised shares of Pilgrim’s Pride Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Six equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. Pilgrim’s Pride Corporation has an average rating of “Buy” and a consensus price target of $29.20.

Pilgrim’s Pride Corporation (NASDAQ:PPC) traded down $0.49 during midday trading on Friday, hitting $34.04. 1,060,600 shares of the company’s stock were exchanged, compared to its average volume of 1,291,101. The stock has a market capitalization of $8,589.42, a PE ratio of 13.38 and a beta of 0.21. Pilgrim’s Pride Corporation has a fifty-two week low of $17.15 and a fifty-two week high of $35.00. The company has a current ratio of 1.65, a quick ratio of 0.81 and a debt-to-equity ratio of 1.49.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.21. Pilgrim’s Pride Corporation had a net margin of 7.03% and a return on equity of 53.62%. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter last year, the company posted $0.40 earnings per share. The business’s quarterly revenue was up 12.0% on a year-over-year basis. sell-side analysts forecast that Pilgrim’s Pride Corporation will post 2.77 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in the company. LSV Asset Management grew its position in shares of Pilgrim’s Pride Corporation by 8.1% in the second quarter. LSV Asset Management now owns 10,195,841 shares of the company’s stock valued at $223,492,000 after purchasing an additional 767,317 shares during the period. Vanguard Group Inc. boosted its position in Pilgrim’s Pride Corporation by 4.1% during the first quarter. Vanguard Group Inc. now owns 4,926,654 shares of the company’s stock worth $110,874,000 after acquiring an additional 195,030 shares during the last quarter. BlackRock Inc. boosted its position in Pilgrim’s Pride Corporation by 662.4% during the first quarter. BlackRock Inc. now owns 4,173,974 shares of the company’s stock worth $93,936,000 after acquiring an additional 3,626,463 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Pilgrim’s Pride Corporation by 14.6% during the third quarter. JPMorgan Chase & Co. now owns 4,152,325 shares of the company’s stock worth $117,970,000 after acquiring an additional 528,588 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Pilgrim’s Pride Corporation by 9.9% during the first quarter. Geode Capital Management LLC now owns 1,173,520 shares of the company’s stock worth $26,409,000 after acquiring an additional 105,555 shares during the last quarter. Institutional investors and hedge funds own 24.50% of the company’s stock.

About Pilgrim’s Pride Corporation

Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.

Analyst Recommendations for Pilgrim`s Pride Corporation (NASDAQ:PPC)

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