Smithfield Foods (NASDAQ:SFD) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Smithfield Foods (NASDAQ:SFD - Free Report) in a research report sent to investors on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $32.00 price objective on the stock.

Separately, Morgan Stanley assumed coverage on shares of Smithfield Foods in a research report on Monday. They issued an "overweight" rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $27.67.

Smithfield Foods Trading Up 2.0 %

SFD traded up $0.41 during trading on Monday, hitting $21.01. 577,858 shares of the company's stock traded hands, compared to its average volume of 969,317. Smithfield Foods has a 12-month low of $19.10 and a 12-month high of $22.03.

Insider Buying and Selling at Smithfield Foods

In other news, insider Tennille J. Checkovich purchased 2,000 shares of the stock in a transaction on Wednesday, January 29th. The shares were acquired at an average price of $20.00 per share, with a total value of $40,000.00. Following the completion of the acquisition, the insider now directly owns 12,000 shares of the company's stock, valued at $240,000. This trade represents a 20.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles Shane Smith purchased 30,000 shares of the company's stock in a transaction on Wednesday, January 29th. The stock was purchased at an average price of $20.00 per share, with a total value of $600,000.00. Following the completion of the transaction, the chief executive officer now owns 120,000 shares of the company's stock, valued at approximately $2,400,000. This trade represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 59,000 shares of company stock valued at $1,180,000. Company insiders own 1.79% of the company's stock.

About Smithfield Foods

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.