In a report released yesterday, Akshay Jagdale from Jefferies maintained a Hold rating on Pilgrim’s Pride (PPC), with a price target of $19. The company’s shares closed yesterday at $19.25, close to its 52-week low of $16.01.
Jagdale said:
“PPC reported 3Q18 adjusted EPS of $0.21, which was 4c (or ~16%) below our estimate and 12c (or ~37%) below consensus. The results were weak overall and point to an oversupply of chicken in the US and at least temporarily in Mexico. We continue to be cautious on NT chicken industry fundamentals and are maintaining our Hold rating.”
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 3.1% and a 50.8% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and Sanderson Farms.
Currently, the analyst consensus on Pilgrim’s Pride is a Hold with an average price target of $19.
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Based on Pilgrim’s Pride’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $29.31 million. In comparison, last year the company had a net profit of $233 million.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PPC in relation to earlier this year.
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Pilgrim’s Pride Corp. engages 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.
