Zacks Investment Management Invests $4.99 Million in Pilgrim's Pride Co. (NASDAQ:PPC)

Zacks Investment Management purchased a new stake in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 108,340 shares of the company's stock, valued at approximately $4,989,000.

Other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in Pilgrim's Pride during the third quarter valued at approximately $27,000. ORG Wealth Partners LLC bought a new stake in Pilgrim's Pride in the third quarter worth $29,000. ORG Partners LLC bought a new stake in Pilgrim's Pride in the second quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Pilgrim's Pride during the second quarter worth $32,000. Finally, Raleigh Capital Management Inc. bought a new position in Pilgrim's Pride during the third quarter valued at $34,000. Institutional investors own 16.64% of the company's stock.

Pilgrim's Pride Stock Down 1.3 %

NASDAQ PPC traded down $0.68 during trading on Friday, reaching $50.36. 669,120 shares of the company's stock traded hands, compared to its average volume of 789,676. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 0.21 and a beta of 0.82. The company's 50 day simple moving average is $48.95 and its two-hundred day simple moving average is $43.33. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.95 and a quick ratio of 1.27. Pilgrim's Pride Co. has a 12-month low of $25.60 and a 12-month high of $55.50.

Pilgrim's Pride (NASDAQ:PPC - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.36. The business had revenue of $4.58 billion for the quarter, compared to analysts' expectations 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 quarter last year, the firm earned $0.58 EPS. As a group, sell-side analysts forecast that Pilgrim's Pride Co. will post 5.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on PPC shares. Argus upped their price target on shares of Pilgrim's Pride from $50.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, August 28th. BMO Capital Markets increased their price target on Pilgrim's Pride from $42.00 to $43.00 and gave the stock a "market perform" rating in a report on Friday, November 1st. Bank of America cut Pilgrim's Pride from a "buy" rating to a "neutral" rating and set a $47.00 price objective for the company. in a report on Thursday, August 15th. Barclays increased their target price on Pilgrim's Pride from $45.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Friday, November 1st. Finally, Stephens assumed coverage on shares of Pilgrim's Pride in a research note on Thursday, October 3rd. They set an "equal weight" rating and a $43.00 target price for the company. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $45.50.

About Pilgrim's Pride

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.