Pilgrim’s Pride Co. (NASDAQ:PPC) Shares Reduced by Bank of New York Mellon Corp

Pilgrim’s Pride Co. (NASDAQ:PPC) Shares Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in Pilgrim’s Pride Co. (NASDAQ:PPC) by 33.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 234,465 shares of the company’s stock after selling 116,904 shares during the period. Bank of New York Mellon Corp owned 0.09% of Pilgrim’s Pride worth $4,721,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PPC. Millennium Management LLC increased its stake in Pilgrim’s Pride by 33.4% in the 2nd quarter. Millennium Management LLC now owns 3,547,393 shares of the company’s stock worth $71,409,000 after buying an additional 888,156 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Pilgrim’s Pride by 127.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 907,277 shares of the company’s stock worth $18,264,000 after buying an additional 509,048 shares during the period. BlackRock Inc. increased its stake in Pilgrim’s Pride by 18.5% in the 2nd quarter. BlackRock Inc. now owns 3,148,493 shares of the company’s stock worth $63,379,000 after buying an additional 490,930 shares during the period. Canada Pension Plan Investment Board increased its stake in Pilgrim’s Pride by 91.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 968,700 shares of the company’s stock worth $19,500,000 after buying an additional 461,600 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Pilgrim’s Pride by 165.6% in the 2nd quarter. Wells Fargo & Company MN now owns 628,430 shares of the company’s stock worth $12,650,000 after buying an additional 391,821 shares during the period. 19.50% of the stock is currently owned by institutional investors.

Several research firms recently commented on PPC. BidaskClub raised shares of Pilgrim’s Pride from a “sell” rating to a “hold” rating in a research note on Saturday, October 13th. ValuEngine raised shares of Pilgrim’s Pride from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $24.40.

NASDAQ PPC traded up $0.28 during trading on Thursday, reaching $15.67. 1,219,700 shares of the company’s stock traded hands, compared to its average volume of 1,002,350. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.83 and a current ratio of 1.73. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 5.42 and a beta of 0.50. Pilgrim’s Pride Co. has a 12-month low of $14.83 and a 12-month high of $31.25.

Pilgrim’s Pride (NASDAQ:PPC) last posted its earnings results on Wednesday, October 31st. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.34). Pilgrim’s Pride had a net margin of 3.53% and a return on equity of 22.95%. The business had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.72 billion. During the same period last year, the business posted $0.98 EPS. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. Equities analysts expect that Pilgrim’s Pride Co. will post 1.45 earnings per share for the current fiscal year.

Pilgrim’s Pride announced that its board has authorized a share repurchase plan on Wednesday, October 31st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

About Pilgrim’s Pride

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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