Pilgrim’s Pride (NASDAQ:PPC) Hits New 1-Year High – Time to Buy?

Pilgrim’s Pride Co. (NASDAQ:PPC)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $56.31 and last traded at $55.02, with a volume of 352669 shares. The stock had previously closed at $52.05.

Analysts Set New Price Targets

A number of equities research analysts have commented on PPC shares. BMO Capital Markets increased 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 research report on Friday, November 1st. StockNews.com cut Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Friday. Finally, Barclays upped their price objective on Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $45.50.

Pilgrim’s Pride Price Performance

The company has a fifty day moving average price of $47.45 and a two-hundred day moving average price of $46.87. The firm has a market capitalization of $12.78 billion, a PE ratio of 13.01, a P/E/G ratio of 0.20 and a beta of 0.82. The company has a current ratio of 1.95, a quick ratio of 1.27 and a debt-to-equity ratio of 0.75.

Hedge Funds Weigh In On Pilgrim’s Pride

Hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. purchased a new stake in shares of Pilgrim’s Pride in the third quarter valued at about $27,000. Raleigh Capital Management Inc. acquired a new position in Pilgrim’s Pride in the 3rd quarter valued at about $34,000. Quarry LP raised its stake in Pilgrim’s Pride by 295.8% during the 3rd quarter. Quarry LP now owns 946 shares of the company’s stock valued at $44,000 after acquiring an additional 707 shares during the last quarter. R Squared Ltd acquired a new stake in Pilgrim’s Pride during the 4th quarter worth approximately $59,000. Finally, Castleview Partners LLC purchased a new position in shares of Pilgrim’s Pride in the 3rd quarter valued at approximately $86,000. 16.64% of the stock is currently owned by hedge funds and other institutional investors.

Pilgrim’s Pride Company Profile

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