Pilgrim's Pride Co. (NASDAQ:PPC) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 15.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 429,440 shares of the company's stock after acquiring an additional 57,837 shares during the quarter. Bank of New York Mellon Corp owned about 0.18% of Pilgrim's Pride worth $19,492,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP boosted its position in Pilgrim's Pride by 295.8% during the third quarter. Quarry LP now owns 946 shares of the company's stock worth $44,000 after acquiring an additional 707 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Pilgrim's Pride in the 4th quarter valued at approximately $59,000. Harbor Capital Advisors Inc. raised its stake in shares of Pilgrim's Pride by 132.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,344 shares of the company's stock valued at $61,000 after acquiring an additional 765 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Pilgrim's Pride in the 4th quarter valued at approximately $118,000. Finally, GAMMA Investing LLC raised its stake in shares of Pilgrim's Pride by 31.9% in the 4th quarter. GAMMA Investing LLC now owns 2,688 shares of the company's stock valued at $122,000 after acquiring an additional 650 shares during the period. 16.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on PPC. StockNews.com downgraded shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 2nd. Santander assumed coverage on shares of Pilgrim's Pride in a report on Wednesday, March 5th. They issued a "neutral" rating for the company. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Pilgrim's Pride currently has an average rating of "Hold" and a consensus price target of $45.50.

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Pilgrim's Pride Price Performance

NASDAQ:PPC traded down $0.65 during mid-day trading on Friday, hitting $49.62. 1,474,691 shares of the company's stock traded hands, compared to its average volume of 1,169,022. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01. The firm's 50 day simple moving average is $49.66 and its 200 day simple moving average is $48.13. Pilgrim's Pride Co. has a 1 year low of $33.25 and a 1 year high of $57.16. The company has a market cap of $11.77 billion, a PE ratio of 10.88 and a beta of 0.71.

Pilgrim's Pride Increases Dividend

The company also recently declared a special dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be paid a dividend of $6.30 per share. This is a boost from Pilgrim's Pride's previous special dividend of $2.75.

Pilgrim's Pride Company Profile

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.