Alliancebernstein L.P. Lowers Stock Position in Pilgrim's Pride Co. (NASDAQ:PPC)

Alliancebernstein L.P. reduced its stake in shares of Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 20.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,830 shares of the company's stock after selling 18,057 shares during the quarter. Alliancebernstein L.P.'s holdings in Pilgrim's Pride were worth $3,170,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP grew its stake in Pilgrim's Pride by 8.0% during the 3rd quarter. Wellington Management Group LLP now owns 36,083 shares of the company's stock worth $1,662,000 after buying an additional 2,682 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new stake in shares of Pilgrim's Pride in the third quarter valued at approximately $253,000. MML Investors Services LLC purchased a new position in shares of Pilgrim's Pride during the third quarter worth approximately $268,000. Barclays PLC increased its holdings in shares of Pilgrim's Pride by 345.6% in the 3rd quarter. Barclays PLC now owns 76,364 shares of the company's stock valued at $3,516,000 after acquiring an additional 59,228 shares during the period. Finally, Geode Capital Management LLC raised its position in Pilgrim's Pride by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 881,900 shares of the company's stock valued at $40,620,000 after purchasing an additional 11,128 shares during the last quarter. Institutional investors and hedge funds own 16.64% of the company's stock.

Pilgrim's Pride Price Performance

PPC stock traded up $0.67 during trading on Friday, hitting $54.01. The stock had a trading volume of 879,853 shares, compared to its average volume of 1,124,983. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 11.84 and a beta of 0.63. Pilgrim's Pride Co. has a 1-year low of $33.67 and a 1-year high of $57.16. 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 company's 50 day moving average price is $52.39 and its two-hundred day moving average price is $49.63.

Pilgrim's Pride Increases Dividend

The firm 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. The ex-dividend date is Thursday, April 3rd. This is an increase from Pilgrim's Pride's previous special dividend of $2.75.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Santander initiated coverage on shares of Pilgrim's Pride in a research report on Wednesday, March 5th. They set a "neutral" rating on the stock. BMO Capital Markets boosted their price target on Pilgrim's Pride from $47.00 to $48.00 and gave the company a "market perform" rating in a research report on Monday, March 17th. Finally, StockNews.com downgraded Pilgrim's Pride from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 2nd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Pilgrim's Pride has an average rating of "Hold" and a consensus target price of $48.40.

Pilgrim's Pride 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.