Convergence Investment Partners LLC Raises Stock Position in Pilgrim’s Pride Co. (NASDAQ:PPC)

Convergence Investment Partners LLC boosted its position in shares of Pilgrim’s Pride Co. (NASDAQ:PPC) by 42.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,029 shares of the company’s stock after purchasing an additional 12,422 shares during the period. Convergence Investment Partners LLC’s holdings in Pilgrim’s Pride were worth $1,908,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PPC. Pacer Advisors Inc. raised its stake in shares of Pilgrim’s Pride by 1,289.4% in the 3rd quarter. Pacer Advisors Inc. now owns 5,225,216 shares of the company’s stock valued at $240,621,000 after acquiring an additional 4,849,147 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Pilgrim’s Pride by 903.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,455,513 shares of the company’s stock valued at $67,026,000 after acquiring an additional 1,310,530 shares during the period. Geode Capital Management LLC raised its stake in shares of Pilgrim’s Pride by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 881,900 shares of the company’s stock valued at $40,620,000 after acquiring an additional 11,128 shares during the period. Assetmark Inc. raised its stake in shares of Pilgrim’s Pride by 145,879.0% in the 3rd quarter. Assetmark Inc. now owns 827,701 shares of the company’s stock valued at $38,116,000 after acquiring an additional 827,134 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Pilgrim’s Pride by 88.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 433,891 shares of the company’s stock valued at $19,981,000 after acquiring an additional 203,408 shares during the period. 16.64% of the stock is owned by hedge funds and other institutional investors.

Pilgrim’s Pride Price Performance

Shares of PPC opened at $52.15 on Wednesday. Pilgrim’s Pride Co. has a fifty-two week low of $28.29 and a fifty-two week high of $57.16. The firm’s 50 day moving average price is $47.63 and its 200 day moving average price is $47.06. The company has a market cap of $12.37 billion, a P/E ratio of 12.60, a PEG ratio of 0.20 and a beta of 0.82. The company has a quick ratio of 1.27, a current ratio of 1.95 and a debt-to-equity ratio of 0.75.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Pilgrim’s Pride from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. BMO Capital Markets boosted their price target on shares of Pilgrim’s Pride from $42.00 to $43.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Finally, Barclays upped their target price on shares of Pilgrim’s Pride from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $45.50.

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.