Credit Suisse AG Has $5.93 Million Position in Pilgrim’s Pride Corporation (PPC)

Credit Suisse AG cut its stake in Pilgrim’s Pride Corporation (NASDAQ:PPC) by 20.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 263,533 shares of the company’s stock after selling 66,090 shares during the period. Credit Suisse AG owned about 0.11% of Pilgrim’s Pride Corporation worth $5,931,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Pilgrim’s Pride Corporation by 662.4% in the first quarter. BlackRock Inc. now owns 4,173,974 shares of the company’s stock worth $93,936,000 after buying an additional 3,626,463 shares during the period. LSV Asset Management raised its position in Pilgrim’s Pride Corporation by 61.4% in the first quarter. LSV Asset Management now owns 9,428,524 shares of the company’s stock valued at $212,188,000 after buying an additional 3,585,558 shares during the last quarter. Norges Bank acquired a new position in Pilgrim’s Pride Corporation during the fourth quarter valued at $35,509,000. Jennison Associates LLC purchased a new stake in Pilgrim’s Pride Corporation during the first quarter valued at about $17,266,000. Finally, Personal Capital Advisors Corp purchased a new stake in Pilgrim’s Pride Corporation during the first quarter valued at about $11,410,000. 26.03% of the stock is owned by hedge funds and other institutional investors.

Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) traded up 2.08% during mid-day trading on Tuesday, reaching $27.95. 1,763,160 shares of the company’s stock were exchanged. Pilgrim’s Pride Corporation has a 52-week low of $17.15 and a 52-week high of $28.00. The stock has a market cap of $6.95 billion, a price-to-earnings ratio of 14.10 and a beta of 0.19. The stock’s 50-day moving average is $23.37 and its 200-day moving average is $22.76.

Pilgrim’s Pride Corporation (NASDAQ:PPC) last announced its earnings results on Wednesday, August 2nd. The company reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.11. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Pilgrim’s Pride Corporation had a net margin of 6.05% and a return on equity of 49.65%. Pilgrim’s Pride Corporation’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share. On average, equities analysts expect that Pilgrim’s Pride Corporation will post $2.45 EPS for the current year.

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A number of equities research analysts recently weighed in on PPC shares. Vertical Group raised shares of Pilgrim’s Pride Corporation from a “hold” rating to a “buy” rating in a research report on Monday, April 24th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $25.00 price target on shares of Pilgrim’s Pride Corporation in a research note on Friday, July 14th. BidaskClub raised shares of Pilgrim’s Pride Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. BMO Capital Markets reissued a “hold” rating and set a $24.00 target price on shares of Pilgrim’s Pride Corporation in a research note on Tuesday, June 27th. Finally, Vertical Research upgraded shares of Pilgrim’s Pride Corporation from a “hold” rating to a “buy” rating in a report on Friday, April 21st. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Pilgrim’s Pride Corporation currently has an average rating of “Buy” and an average target price of $24.50.

Pilgrim’s Pride Corporation Company Profile

Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.