Pilgrim’s Pride Co. (NASDAQ:PPC) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in Pilgrim’s Pride Co. (NASDAQ:PPC) by 25.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 201,784 shares of the company’s stock after acquiring an additional 40,908 shares during the quarter. JPMorgan Chase & Co. owned 0.09% of Pilgrim’s Pride worth $9,292,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PPC. Harbor Capital Advisors Inc. acquired a new position in shares of Pilgrim’s Pride in the 3rd quarter valued at about $27,000. ORG Wealth Partners LLC acquired a new position in shares of Pilgrim’s Pride in the 3rd quarter valued at about $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Pilgrim’s Pride in the 2nd quarter valued at about $32,000. Raleigh Capital Management Inc. acquired a new position in shares of Pilgrim’s Pride in the 3rd quarter valued at about $34,000. Finally, Quarry LP increased its holdings in shares of Pilgrim’s Pride by 295.8% in the 3rd quarter. Quarry LP now owns 946 shares of the company’s stock valued at $44,000 after purchasing an additional 707 shares during the period. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim’s Pride Stock Down 0.9 %

PPC opened at $45.53 on Tuesday. The stock has a market capitalization of $10.80 billion, a price-to-earnings ratio of 11.00, a P/E/G ratio of 0.20 and a beta of 0.84. Pilgrim’s Pride Co. has a 1-year low of $26.52 and a 1-year high of $55.50. The business has a 50 day moving average of $49.40 and a 200-day moving average of $45.48. The company has a current ratio of 1.95, a quick ratio of 1.27 and a debt-to-equity ratio of 0.75.

Pilgrim’s Pride (NASDAQ:PPC) last issued its earnings results on Wednesday, October 30th. The company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.27 by $0.36. Pilgrim’s Pride had a return on equity of 29.92% and a net margin of 5.46%. The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.69 billion. During the same period last year, the business earned $0.58 earnings per share. Pilgrim’s Pride’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pilgrim’s Pride Co. will post 5.12 earnings per share for the current year.

Wall Street Analyst Weigh In

PPC has been the topic of a number of research reports. Barclays upped their target price on Pilgrim’s Pride from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Stephens started coverage on Pilgrim’s Pride in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $43.00 price objective on the stock. Finally, BMO Capital Markets increased their price objective 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. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Pilgrim’s Pride has an average rating of “Hold” and an average target price of $45.50.

Pilgrim’s Pride Profile

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.