California Public Employees Retirement System Reduces Stake in Pilgrim’s Pride Co. (PPC)

California Public Employees Retirement System cut its position in Pilgrim’s Pride Co. (NASDAQ:PPC) by 3.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 208,911 shares of the company’s stock after selling 6,696 shares during the quarter. California Public Employees Retirement System’s holdings in Pilgrim’s Pride were worth $4,205,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Preferred LLC grew its stake in shares of Pilgrim’s Pride by 112.1% in the second quarter. Advisors Preferred LLC now owns 8,571 shares of the company’s stock valued at $173,000 after buying an additional 4,530 shares in the last quarter. CIBC World Markets Inc. grew its stake in Pilgrim’s Pride by 16.5% during the 2nd quarter. CIBC World Markets Inc. now owns 40,752 shares of the company’s stock worth $820,000 after purchasing an additional 5,762 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Pilgrim’s Pride by 26.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 31,078 shares of the company’s stock worth $626,000 after purchasing an additional 6,471 shares in the last quarter. Clarus Wealth Advisors acquired a new position in Pilgrim’s Pride during the 2nd quarter worth $161,000. Finally, Hudson Capital Management LLC grew its stake in Pilgrim’s Pride by 15.7% during the 2nd quarter. Hudson Capital Management LLC now owns 51,745 shares of the company’s stock worth $1,042,000 after purchasing an additional 7,010 shares in the last quarter. 20.33% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently commented on the company. BidaskClub raised Pilgrim’s Pride from a “sell” rating to a “hold” rating in a research note on Saturday, October 13th. BMO Capital Markets lowered their target price on Pilgrim’s Pride to $20.00 and set a “market perform” rating for the company in a research note on Friday, August 3rd. Mizuho set a $27.00 target price on Pilgrim’s Pride and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Zacks Investment Research cut Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a research note on Monday, July 16th. Finally, Barclays assumed coverage on Pilgrim’s Pride in a research note on Monday, July 16th. They set an “overweight” rating and a $27.00 target price for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $25.67.

PPC opened at $17.78 on Friday. Pilgrim’s Pride Co. has a 12 month low of $16.30 and a 12 month high of $38.39. The firm has a market cap of $4.48 billion, a P/E ratio of 6.17 and a beta of -0.02. The company has a quick ratio of 1.01, a current ratio of 1.87 and a debt-to-equity ratio of 1.26.

Pilgrim’s Pride (NASDAQ:PPC) last released its earnings results on Wednesday, August 1st. The company reported $0.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.43). The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.74 billion. Pilgrim’s Pride had a return on equity of 34.12% and a net margin of 5.33%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 earnings per share. As a group, research analysts forecast that Pilgrim’s Pride Co. will post 1.83 EPS for the current fiscal year.

In other Pilgrim’s Pride news, Director Michael L. Cooper purchased 2,500 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was bought at an average cost of $17.36 per share, with a total value of $43,400.00. Following the acquisition, the director now directly owns 7,771 shares of the company’s stock, valued at $134,904.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 78.81% of the stock is owned by insiders.

Pilgrim’s Pride Company Profile

Pilgrim's Pride Corporation engages in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken products in the United States, the United Kingdom, Europe, and Mexico. The company offers fresh chicken products, including pre-marinated or non-marinated refrigerated (nonfrozen) whole or cut-up chicken; and prepackaged case-ready chicken, such as whole chickens and chicken parts.

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Institutional Ownership by Quarter for Pilgrim`s Pride (NASDAQ:PPC)

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