Shares of Pilgrim’s Pride Corporation (NASDAQ:PPC) traded today at $24.19, eclipsing its 52-week high. So far today approximately 125,000 shares have been exchanged, as compared to an average 30-day volume of 716,000 shares.
Pilgrim’s Pride is the second- largest poultry producer in the U.S. (67% of 2019 sales), the U.K. (21%), and Mexico (12%). The 2019 purchase of Tulip Limited, the U.K.’s largest hog producer, marks the firm’s entrance into the pork market, which we expect to represent about 10% of sales. Pilgrim’s sells its protein to chain restaurants, food processors, and retail chains, under brand names Pilgrim’s, Country Pride, Gold’n Plump, and Just Bare. Channel exposure is split evenly between retail and food service, with the majority of food-service revenue coming from quick-service restaurants. JBS owns 79% of Pilgrim’s outstanding shares.
Pilgrim’s Pride Corporation (NASDAQ:PPC) is currently priced 3.1% above its average consensus analyst price target of $23.32.
In the past 52 weeks, Pilgrim’s Pride Corporation share prices are bracketed by a low of $14.06 and a high of $24.19 and is now at $24.06, 71% above that low price.
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