Pilgrim's Pride Co. (NASDAQ:PPC) Stake Lessened by Vestcor Inc

Vestcor Inc reduced its stake in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) by 29.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,000 shares of the company's stock after selling 5,783 shares during the period. Vestcor Inc's holdings in Pilgrim's Pride were worth $635,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

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

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Pilgrim's Pride Price Performance

Shares of NASDAQ PPC traded up $1.46 during trading on Thursday, hitting $51.93. The company had a trading volume of 1,424,563 shares, compared to its average volume of 1,001,991. The company has a market cap of $12.31 billion, a P/E ratio of 11.39 and a beta of 0.71. Pilgrim's Pride Co. has a 52 week low of $33.25 and a 52 week high of $57.16. The business's 50-day moving average is $49.93 and its 200 day moving average is $48.26. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.31 and a current ratio of 2.01.

Pilgrim's Pride Increases Dividend

The company also recently announced 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 an increase from Pilgrim's Pride's previous special dividend of $2.75.

About Pilgrim's Pride

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.