172,613 Shares in Pilgrim's Pride Co. (NASDAQ:PPC) Acquired by Norges Bank

Norges Bank bought a new position in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 172,613 shares of the company's stock, valued at approximately $7,835,000. Norges Bank owned approximately 0.07% of Pilgrim's Pride as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of PPC. Franklin Resources Inc. lifted its position in shares of Pilgrim's Pride by 325.8% during the 3rd quarter. Franklin Resources Inc. now owns 55,071 shares of the company's stock worth $2,485,000 after buying an additional 42,136 shares during the last quarter. Ruffer LLP acquired a new stake in shares of Pilgrim's Pride in the 4th quarter valued at approximately $8,381,000. Illinois Municipal Retirement Fund grew its holdings in shares of Pilgrim's Pride by 30.0% during the 4th quarter. Illinois Municipal Retirement Fund now owns 58,289 shares of the company's stock valued at $2,646,000 after purchasing an additional 13,459 shares during the last quarter. Sigma Planning Corp increased its position in Pilgrim's Pride by 73.9% during the 4th quarter. Sigma Planning Corp now owns 28,587 shares of the company's stock worth $1,298,000 after purchasing an additional 12,149 shares in the last quarter. Finally, Norden Group LLC lifted its stake in Pilgrim's Pride by 61.6% in the 4th quarter. Norden Group LLC now owns 15,211 shares of the company's stock valued at $690,000 after purchasing an additional 5,798 shares during the last quarter. Institutional investors own 16.64% of the company's stock.

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Pilgrim's Pride Price Performance

NASDAQ PPC traded up $0.38 during trading hours on Monday, hitting $53.19. The company had a trading volume of 41,988 shares, compared to its average volume of 1,109,293. 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 has a market capitalization of $12.63 billion, a price-to-earnings ratio of 11.66 and a beta of 0.63. Pilgrim's Pride Co. has a 52 week low of $33.67 and a 52 week high of $57.16. The firm has a 50 day simple moving average of $52.07 and a 200 day simple moving average of $49.37.

Pilgrim's Pride Increases Dividend

The company also recently announced a special dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 3rd will be issued a dividend of $6.30 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This is a positive change from Pilgrim's Pride's previous special dividend of $2.75.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PPC shares. Santander began coverage on Pilgrim's Pride in a report on Wednesday, March 5th. They issued a "neutral" rating for the company. StockNews.com lowered shares of Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 2nd. Finally, BMO Capital Markets boosted their target price on shares of Pilgrim's Pride from $47.00 to $48.00 and gave the stock a "market perform" rating in a report on Monday, March 17th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Pilgrim's Pride presently has a consensus rating of "Hold" and an average target price of $46.33.

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.