ExodusPoint Capital Management LP Acquires New Position in Pilgrim’s Pride Co. (NASDAQ:PPC)

Posted by on Feb 24th, 2023

ExodusPoint Capital Management LP acquired a new stake in shares of Pilgrim’s Pride Co. (NASDAQ:PPC – Get Rating) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 55,633 shares of the company’s stock, valued at approximately $1,281,000.

A number of other hedge funds also recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its stake in Pilgrim’s Pride by 51.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,965 shares of the company’s stock worth $114,000 after purchasing an additional 1,685 shares during the period. Jupiter Asset Management Ltd. boosted its stake in Pilgrim’s Pride by 23.3% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 321,626 shares of the company’s stock worth $7,404,000 after purchasing an additional 60,797 shares during the period. Aigen Investment Management LP boosted its stake in Pilgrim’s Pride by 39.1% in the 3rd quarter. Aigen Investment Management LP now owns 39,571 shares of the company’s stock worth $911,000 after purchasing an additional 11,130 shares during the period. Navellier & Associates Inc. boosted its stake in Pilgrim’s Pride by 41.6% in the 3rd quarter. Navellier & Associates Inc. now owns 20,792 shares of the company’s stock worth $479,000 after purchasing an additional 6,111 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in Pilgrim’s Pride by 48.6% in the 3rd quarter. New York State Common Retirement Fund now owns 57,100 shares of the company’s stock worth $1,314,000 after purchasing an additional 18,678 shares during the period. 16.81% of the stock is currently owned by institutional investors.

Pilgrim’s Pride Stock Up 0.7 %

Shares of PPC opened at $24.79 on Friday. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 8.07, a price-to-earnings-growth ratio of 3.13 and a beta of 1.00. Pilgrim’s Pride Co. has a 1 year low of $20.23 and a 1 year high of $34.66. The business’s 50 day simple moving average is $24.57 and its 200-day simple moving average is $25.18. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.51 and a quick ratio of 0.74.

Pilgrim’s Pride (NASDAQ:PPC – Get Rating) last released its quarterly earnings results on Thursday, February 9th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.56). Pilgrim’s Pride had a net margin of 4.27% and a return on equity of 28.55%. The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the company posted $0.56 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts expect that Pilgrim’s Pride Co. will post 1.33 earnings per share for the current fiscal year.

Insider Activity at Pilgrim’s Pride

In related news, CFO Matthew R. Galvanoni sold 2,805 shares of the stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $24.36, for a total transaction of $68,329.80. Following the sale, the chief financial officer now owns 31,053 shares in the company, valued at approximately $756,451.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Pilgrim’s Pride news, CFO Matthew R. Galvanoni sold 2,805 shares of the stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $24.36, for a total value of $68,329.80. Following the sale, the chief financial officer now owns 31,053 shares in the company, valued at $756,451.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Fabio Sandri sold 12,234 shares of the stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $24.36, for a total value of $298,020.24. Following the completion of the sale, the chief executive officer now owns 248,111 shares in the company, valued at approximately $6,043,983.96. The disclosure for this sale can be found here. 80.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PPC has been the subject of several recent analyst reports. Stephens restated an “equal weight” rating and issued a $23.00 price target on shares of Pilgrim’s Pride in a research note on Thursday, February 9th. StockNews.com downgraded Pilgrim’s Pride from a “buy” rating to a “hold” rating in a research note on Friday, February 17th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $29.00.

About Pilgrim’s Pride

(Get Rating)

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

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

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