Macquarie Group Ltd. Increases Stake in Pilgrim's Pride Co. (PPC)
Macquarie Group Ltd. lifted its position in Pilgrim's Pride Co. (NASDAQ:PPC) by 3.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 61,400 shares of the company’s stock after acquiring an additional 2,000 shares during the period. Macquarie Group Ltd.’s holdings in Pilgrim's Pride were worth $1,745,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. New York State Teachers Retirement System bought a new position in shares of Pilgrim's Pride in the 3rd quarter worth approximately $134,000. Seven Eight Capital LP bought a new position in shares of Pilgrim's Pride in the 2nd quarter worth approximately $134,000. CIBC Asset Management Inc bought a new position in Pilgrim's Pride during the 3rd quarter valued at approximately $237,000. Raymond James Financial Services Advisors Inc. bought a new position in Pilgrim's Pride during the 3rd quarter valued at approximately $251,000. Finally, The Manufacturers Life Insurance Company increased its position in Pilgrim's Pride by 9.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,203 shares of the company’s stock valued at $201,000 after buying an additional 798 shares in the last quarter. 24.62% of the stock is owned by hedge funds and other institutional investors.
Pilgrim's Pride Co. (NASDAQ:PPC) opened at $37.75 on Thursday. Pilgrim's Pride Co. has a 52-week low of $17.78 and a 52-week high of $38.39. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.81 and a current ratio of 1.65. The firm has a market capitalization of $9,340.66, a P/E ratio of 14.55 and a beta of 0.29.
Pilgrim's Pride (NASDAQ:PPC) last issued its earnings results on Tuesday, November 7th. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.77 by $0.21. Pilgrim's Pride had a return on equity of 64.36% and a net margin of 8.53%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the business posted $0.40 EPS. The company’s revenue was up 12.0% compared to the same quarter last year. equities analysts forecast that Pilgrim's Pride Co. will post 2.85 earnings per share for the current year.
A number of research analysts recently weighed in on the company. Vertical Research lowered Pilgrim's Pride from a “buy” rating to a “hold” rating in a research report on Tuesday, September 5th. BMO Capital Markets reaffirmed a “hold” rating and set a $24.00 price objective on shares of Pilgrim's Pride in a research report on Friday, August 25th. BidaskClub raised Pilgrim's Pride from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 12th. KeyCorp assumed coverage on Pilgrim's Pride in a research report on Tuesday, October 31st. They set a “hold” rating for the company. Finally, Morgan Stanley raised their price objective on Pilgrim's Pride from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, November 10th. Six investment analysts have rated the stock with a hold rating and three have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $32.50.
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About Pilgrim's Pride
Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.
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