Pilgrim's Pride (NASDAQ:PPC) Stock Price Down 5.3% - Here's What Happened

Pilgrim's Pride Co. (NASDAQ:PPC - Get Free Report) traded down 5.3% on Wednesday . The company traded as low as $50.53 and last traded at $50.51. 336,017 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 1,123,987 shares. The stock had previously closed at $53.33.

Analysts Set New Price Targets

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

Pilgrim's Pride Trading Down 0.1 %

The company has a market capitalization of $11.91 billion, a price-to-earnings ratio of 11.03 and a beta of 0.71. The company has a current ratio of 2.01, a quick ratio of 1.31 and a debt-to-equity ratio of 0.75. The business's 50 day moving average price is $49.66 and its two-hundred day moving average price is $48.13.

Pilgrim's Pride Increases Dividend

The business also recently announced a special dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be given a $6.30 dividend. This is a positive change from Pilgrim's Pride's previous special dividend of $2.75.

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Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PPC. Vestcor Inc increased its holdings in Pilgrim's Pride by 1.1% in the 3rd quarter. Vestcor Inc now owns 19,783 shares of the company's stock worth $911,000 after purchasing an additional 212 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Pilgrim's Pride by 3.3% in the third quarter. CIBC Asset Management Inc now owns 6,836 shares of the company's stock valued at $315,000 after buying an additional 216 shares during the period. Xponance Inc. raised its holdings in Pilgrim's Pride by 3.7% in the 4th quarter. Xponance Inc. now owns 6,307 shares of the company's stock valued at $286,000 after buying an additional 225 shares during the last quarter. Loomis Sayles & Co. L P raised its holdings in Pilgrim's Pride by 3.2% in the 3rd quarter. Loomis Sayles & Co. L P now owns 13,079 shares of the company's stock valued at $602,000 after buying an additional 401 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Pilgrim's Pride by 3.2% during the 4th quarter. Amalgamated Bank now owns 19,033 shares of the company's stock worth $864,000 after buying an additional 585 shares during the period. 16.64% of the stock is currently owned by institutional investors and hedge funds.

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.