Resona Asset Management Co. Ltd. Invests $386,000 in Pilgrim's Pride Co. (NASDAQ:PPC)

Resona Asset Management Co. Ltd. bought a new position in Pilgrim's Pride Co. (NASDAQ:PPC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 8,506 shares of the company's stock, valued at approximately $386,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PPC. Janus Henderson Group PLC lifted its stake in shares of Pilgrim's Pride by 3.7% in the 3rd quarter. Janus Henderson Group PLC now owns 21,860 shares of the company's stock valued at $1,007,000 after purchasing an additional 780 shares during the last quarter. Wellington Management Group LLP raised its holdings in Pilgrim's Pride by 8.0% in the third quarter. Wellington Management Group LLP now owns 36,083 shares of the company's stock valued at $1,662,000 after acquiring an additional 2,682 shares in the last quarter. XTX Topco Ltd raised its position in shares of Pilgrim's Pride by 128.5% during the 3rd quarter. XTX Topco Ltd now owns 12,751 shares of the company's stock worth $587,000 after acquiring an additional 7,171 shares in the last quarter. Orion Portfolio Solutions LLC purchased a new stake in Pilgrim's Pride in the third quarter valued at approximately $253,000. Finally, MML Investors Services LLC purchased a new position in Pilgrim's Pride in the 3rd quarter valued at $268,000. Institutional investors and hedge funds own 16.64% of the company's stock.

Wall Street Analyst Weigh In

PPC has been the topic of several research reports. BMO Capital Markets upped their target price on Pilgrim's Pride from $47.00 to $48.00 and gave the company a "market perform" rating in a report on Monday, March 17th. Santander began coverage on shares of Pilgrim's Pride in a report on Wednesday, March 5th. They set a "neutral" rating for the company. Finally, 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. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $46.33.

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Pilgrim's Pride Trading Up 0.2 %

NASDAQ:PPC traded up $0.11 during trading hours on Wednesday, reaching $53.40. 841,882 shares of the company were exchanged, compared to its average volume of 1,116,862. The firm has a market cap of $12.68 billion, a price-to-earnings ratio of 11.71 and a beta of 0.63. The stock has a 50 day simple moving average of $52.26 and a 200 day simple moving average of $49.46. Pilgrim's Pride Co. has a 52-week low of $33.67 and a 52-week high of $57.16. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.01 and a quick ratio of 1.31.

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 $6.30 dividend. The ex-dividend date is Thursday, April 3rd. This is a boost 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.