23,830 Shares in Pilgrim’s Pride Co. (NASDAQ:PPC) Acquired by Seven Eight Capital LP

Seven Eight Capital LP bought a new stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,830 shares of the company’s stock, valued at approximately $917,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PPC. Arizona State Retirement System increased its position in shares of Pilgrim’s Pride by 1.9% during the second quarter. Arizona State Retirement System now owns 13,259 shares of the company’s stock worth $510,000 after buying an additional 244 shares during the period. Bayesian Capital Management LP raised its position in shares of Pilgrim’s Pride by 2.6% in the 1st quarter. Bayesian Capital Management LP now owns 11,382 shares of the company’s stock worth $391,000 after acquiring an additional 290 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in shares of Pilgrim’s Pride by 2.2% in the 1st quarter. Bleakley Financial Group LLC now owns 13,714 shares of the company’s stock valued at $471,000 after purchasing an additional 301 shares during the period. Norden Group LLC boosted its position in shares of Pilgrim’s Pride by 3.6% during the 2nd quarter. Norden Group LLC now owns 9,290 shares of the company’s stock valued at $358,000 after purchasing an additional 322 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its stake in Pilgrim’s Pride by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 31,437 shares of the company’s stock worth $1,210,000 after purchasing an additional 413 shares during the period. Institutional investors and hedge funds own 16.64% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Barclays boosted their price target on Pilgrim’s Pride from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, September 9th. Bank of America lowered shares of Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research note on Thursday, August 15th. Argus lifted their price target on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $46.00 target price on shares of Pilgrim’s Pride in a research note on Monday, August 12th. Four 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.80.

Pilgrim’s Pride Stock Down 3.4 %

Pilgrim’s Pride stock opened at $41.77 on Friday. The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 0.21 and a beta of 0.82. The firm’s fifty day moving average price is $42.92 and its two-hundred day moving average price is $38.25. Pilgrim’s Pride Co. has a 1-year low of $22.33 and a 1-year high of $47.44. The company has a current ratio of 1.82, a quick ratio of 1.09 and a debt-to-equity ratio of 0.85.

Pilgrim’s Pride (NASDAQ:PPC) last posted its earnings results on Wednesday, July 31st. The company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.35. The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.62 billion. Pilgrim’s Pride had a net margin of 4.25% and a return on equity of 25.06%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.44 EPS. On average, equities research analysts predict that Pilgrim’s Pride Co. will post 4.79 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Fabio Sandri sold 65,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total value of $2,892,500.00. Following the completion of the sale, the chief executive officer now directly owns 279,565 shares of the company’s stock, valued at approximately $12,440,642.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Matthew R. Galvanoni sold 6,500 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.31, for a total transaction of $281,515.00. Following the transaction, the chief financial officer now directly owns 51,750 shares in the company, valued at $2,241,292.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Fabio Sandri sold 65,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $44.50, for a total transaction of $2,892,500.00. Following the completion of the sale, the chief executive officer now directly owns 279,565 shares of the company’s stock, valued at $12,440,642.50. The disclosure for this sale can be found here. Corporate insiders own 82.63% of the company’s stock.

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.