Allianz SE has acquired a new stake in Pilgrim’s Pride Corporation, purchasing 11,852 shares valued at approximately $533,000 in the second quarter of 2023. This information was disclosed in a recent filing with the Securities & Exchange Commission. This investment highlights growing interest in the poultry and meat processing sector, as several other institutional investors have also adjusted their holdings in Pilgrim’s Pride.
The Police & Firemen’s Retirement System of New Jersey increased its position in Pilgrim’s Pride by 5.4%, bringing its total ownership to 16,032 shares worth about $721,000. This increase follows the purchase of an additional 817 shares during the same quarter. Additionally, Horrell Capital Management Inc. raised its stake by 2.2%, now holding 27,427 shares valued at $1,234,000 after acquiring an extra 597 shares.
Geode Capital Management LLC also increased its holdings, raising its share count by 0.7% to 942,181 shares, worth approximately $42,385,000. In a notable move, denkapparat Operations GmbH boosted its stake by 39.4%, acquiring an additional 2,648 shares to reach a total of 9,368 shares, valued at $421,000. Finally, KBC Group NV made a significant adjustment, increasing its position by an astonishing 1,098.1%, resulting in a total of 31,727 shares valued at $1,427,000 after acquiring 29,079 shares.
As a result of these transactions, institutional investors now hold approximately 16.64% of Pilgrim’s Pride’s stock.
Stock Performance and Analyst Ratings
On Friday, Pilgrim’s Pride’s stock opened at $37.65. The company’s stock has experienced fluctuations, with a 50-day simple moving average of $39.55 and a 200-day simple moving average of $44.44. Over the past twelve months, the stock reached a low of $35.73 and a high of $57.16. The company currently boasts a market capitalization of $8.94 billion, a price-to-earnings ratio of 7.30, and a beta of 0.48. Its quick ratio stands at 0.88, while the current ratio is 1.63, with a debt-to-equity ratio of 0.83.
Research analysts have recently provided mixed ratings for Pilgrim’s Pride shares. Zacks Research upgraded the stock from a “strong sell” to a “hold” rating in a report dated November 7, 2023. Conversely, Weiss Ratings downgraded the company from a “buy (b-)” to a “hold (c)” on the same day. Additionally, The Goldman Sachs Group reduced its target price for Pilgrim’s Pride from $54.00 to $46.00, maintaining a “neutral” rating. Wall Street Zen also downgraded the stock from a “buy” to a “hold” rating in a report on November 1, 2023. Currently, five analysts have rated Pilgrim’s Pride with a Hold rating, leading to a consensus rating of “Hold” with an average price target of $47.00, according to data from MarketBeat.
Company Overview
Pilgrim’s Pride Corporation is engaged in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken and pork products. These offerings cater to retailers, distributors, and foodservice operators across various regions including the United States, the United Kingdom, Europe, and Mexico. The company was founded by Lonnie A. Smith and has grown to become a significant player in the food industry.
For those interested in further details regarding institutional investments in Pilgrim’s Pride, HoldingsChannel.com provides the latest 13F filings and insider trading information for the company. Additionally, individuals can sign up for daily summaries of news and ratings related to Pilgrim’s Pride through MarketBeat.com.
