Pilgrim’s Pride Co. (NASDAQ:PPC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its stake in Pilgrim’s Pride Co. (NASDAQ:PPC) by 30.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 93,678 shares of the company’s stock after selling 40,918 shares during the quarter. Principal Financial Group Inc.’s holdings in Pilgrim’s Pride were worth $4,314,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PPC. Franklin Resources Inc. raised its stake in Pilgrim’s Pride by 325.8% during the third quarter. Franklin Resources Inc. now owns 55,071 shares of the company’s stock worth $2,485,000 after purchasing an additional 42,136 shares during the period. Tidal Investments LLC raised its position in shares of Pilgrim’s Pride by 31.5% during the 3rd quarter. Tidal Investments LLC now owns 43,745 shares of the company’s stock valued at $2,014,000 after buying an additional 10,489 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Pilgrim’s Pride in the third quarter valued at approximately $141,000. World Investment Advisors LLC purchased a new position in Pilgrim’s Pride in the third quarter worth approximately $808,000. Finally, Sanctuary Advisors LLC acquired a new stake in Pilgrim’s Pride during the third quarter worth $1,860,000. Hedge funds and other institutional investors own 16.64% of the company’s stock.

Pilgrim’s Pride Stock Up 4.1 %

Shares of PPC opened at $47.23 on Friday. The company’s 50-day simple moving average is $49.73 and its 200-day simple moving average is $44.90. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.27 and a current ratio of 1.95. Pilgrim’s Pride Co. has a 1 year low of $26.52 and a 1 year high of $55.50. The stock has a market capitalization of $11.20 billion, a PE ratio of 11.41, a P/E/G ratio of 0.20 and a beta of 0.82.

Pilgrim’s Pride (NASDAQ:PPC) last released its earnings results on Wednesday, October 30th. The company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.36. The company had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.69 billion. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS. Analysts forecast that Pilgrim’s Pride Co. will post 5.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. BMO Capital Markets increased their price target on Pilgrim’s Pride from $42.00 to $43.00 and gave the stock a “market perform” rating in a report on Friday, November 1st. Barclays increased their target price on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Finally, Stephens initiated coverage on shares of Pilgrim’s Pride in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 price target on the stock. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $45.50.

About Pilgrim’s Pride

Pilgrim's Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and foodservice operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meat balls.