Pilgrim’s Pride Co. (NASDAQ:PPC) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 36.0% during the third quarter, Holdings Channel.com reports. The fund owned 87,231 shares of the company’s stock after selling 49,130 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Pilgrim’s Pride were worth $4,017,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new stake in Pilgrim’s Pride during the 3rd quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new stake in shares of Pilgrim’s Pride during the third quarter valued at $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Pilgrim’s Pride in the 3rd quarter valued at $34,000. ORG Partners LLC acquired a new stake in Pilgrim’s Pride during the 2nd quarter worth about $32,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Pilgrim’s Pride during the 2nd quarter valued at about $32,000. Institutional investors and hedge funds own 16.64% of the company’s stock.

Pilgrim’s Pride Price Performance

NASDAQ:PPC opened at $51.71 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.95 and a quick ratio of 1.27. The company has a 50 day moving average price of $47.28 and a 200-day moving average price of $42.41. Pilgrim’s Pride Co. has a 1-year low of $25.23 and a 1-year high of $55.50. The firm has a market cap of $12.26 billion, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 0.22 and a beta of 0.81.

Pilgrim’s Pride (NASDAQ:PPC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.36. Pilgrim’s Pride had a net margin of 5.46% and a return on equity of 29.92%. The business had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.69 billion. During the same quarter in the prior year, the firm posted $0.58 earnings per share. The company’s revenue was up 5.2% compared to the same quarter last year. Equities research analysts forecast that Pilgrim’s Pride Co. will post 4.91 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PPC. Bank of America cut Pilgrim’s Pride from a “buy” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research note on Thursday, August 15th. Stephens initiated coverage on shares of Pilgrim’s Pride in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $43.00 price target for the company. BMO Capital Markets upped their price objective on shares of Pilgrim’s Pride from $42.00 to $43.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Argus raised their target price on shares of Pilgrim’s Pride from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Barclays upped their price target on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Pilgrim’s Pride presently 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.