HSBC Initiates Coverage on Smithfield Foods (NASDAQ:SFD)

Research analysts at HSBC began coverage on shares of Smithfield Foods (NASDAQ:SFD - Get Free Report) in a research report issued on Tuesday, Marketbeat reports. The firm set a "buy" rating and a $29.00 price target on the stock. HSBC's price target would suggest a potential upside of 52.23% from the company's previous close.

A number of other equities analysts have also issued reports on SFD. BNP Paribas initiated coverage on Smithfield Foods in a report on Monday, February 24th. They issued a "neutral" rating and a $23.00 price objective for the company. Morgan Stanley initiated coverage on Smithfield Foods in a research note on Monday, February 24th. They issued an "overweight" rating and a $28.00 price target for the company. Barclays started coverage on Smithfield Foods in a report on Monday, February 24th. They set an "overweight" rating and a $28.00 price target on the stock. UBS Group began coverage on Smithfield Foods in a research report on Monday, February 24th. They issued a "buy" rating for the company. Finally, The Goldman Sachs Group began coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They set a "buy" rating and a $32.00 price objective for the company. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Smithfield Foods currently has an average rating of "Buy" and a consensus target price of $27.86.

Smithfield Foods Stock Performance

Shares of Smithfield Foods stock traded down $0.60 during trading on Tuesday, hitting $19.05. 2,041,936 shares of the stock were exchanged, compared to its average volume of 848,615. Smithfield Foods has a 12 month low of $18.43 and a 12 month high of $22.03.

Insiders Place Their Bets

In related news, major shareholder Group Ltd/Adr Wh sold 13,043,479 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $20.00, for a total transaction of $260,869,580.00. Following the completion of the sale, the insider now directly owns 367,025,753 shares in the company, valued at approximately $7,340,515,060. This trade represents a 3.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles Shane Smith acquired 30,000 shares of the company's stock in a transaction on Wednesday, January 29th. The stock was bought at an average price of $20.00 per share, for a total transaction of $600,000.00. Following the purchase, the chief executive officer now owns 120,000 shares in the company, valued at approximately $2,400,000. This trade represents a 33.33 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 59,000 shares of company stock worth $1,180,000. Corporate 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.