PNC Financial Services Group Inc. Cuts Position in Pilgrim’s Pride Co. (NASDAQ:PPC)

PNC Financial Services Group Inc. trimmed its position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 24.6% during the fourth quarter, Holdings Channel reports. The firm owned 945 shares of the company’s stock after selling 308 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pilgrim’s Pride were worth $43,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Advisors Asset Management Inc. purchased a new stake in Pilgrim’s Pride during the third quarter worth about $210,000. Cerity Partners LLC grew its holdings in shares of Pilgrim’s Pride by 4.6% in the third quarter. Cerity Partners LLC now owns 40,000 shares of the company’s stock valued at $1,842,000 after purchasing an additional 1,773 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in Pilgrim’s Pride during the 3rd quarter worth approximately $158,000. Daiwa Securities Group Inc. acquired a new stake in Pilgrim’s Pride during the 3rd quarter worth approximately $198,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Pilgrim’s Pride in the 3rd quarter valued at approximately $878,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Price Performance

Shares of Pilgrim’s Pride stock opened at $52.59 on Thursday. The business’s fifty day moving average price is $50.46 and its 200 day moving average price is $48.44. Pilgrim’s Pride Co. has a twelve month low of $33.67 and a twelve month high of $57.16. The company has a current ratio of 2.01, a quick ratio of 1.31 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $12.47 billion, a P/E ratio of 11.53 and a beta of 0.71.

Pilgrim’s Pride Increases Dividend

The company also recently announced a special dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd will be given a dividend of $6.30 per share. This is a boost from Pilgrim’s Pride’s previous special dividend of $2.75.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PPC. Santander assumed coverage on Pilgrim’s Pride in a report on Wednesday, March 5th. They set a “neutral” rating on the stock. StockNews.com lowered shares of Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 2nd. Finally, BMO Capital Markets lifted their price target on shares of Pilgrim’s Pride from $47.00 to $48.00 and gave the stock a “market perform” rating in a research note on Monday, March 17th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.33.

Pilgrim’s Pride Company Profile

Pilgrim’s Pride Corp. engages in the production, processing, marketing, and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors, and foodservice operators. It operates through the following segments: U.S., U.K. and Europe, and Mexico. The company was founded by Lonnie A.