Smithfield Foods (NASDAQ:SFD) Now Covered by Morgan Stanley

Equities researchers at Morgan Stanley started coverage on shares of Smithfield Foods (NASDAQ:SFD) in a research note issued on Monday,Benzinga reports. The firm set an “overweight” rating and a $28.00 price target on the stock. Morgan Stanley’s target price indicates a potential upside of 32.70% from the company’s current price.

Smithfield Foods Stock Down 0.9 %

Shares of Smithfield Foods stock opened at $21.10 on Monday. Smithfield Foods has a one year low of $19.10 and a one year high of $22.03.

Insider Activity at Smithfield Foods

In other Smithfield Foods news, CEO Charles Shane Smith bought 30,000 shares of Smithfield Foods stock in a transaction dated Wednesday, January 29th. The shares were purchased at an average cost of $20.00 per share, with a total value of $600,000.00. Following the completion of the purchase, the chief executive officer now owns 120,000 shares of the company’s stock, valued at approximately $2,400,000. This represents a 33.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tennille J. Checkovich bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were acquired at an average price of $20.00 per share, with a total value of $40,000.00. Following the acquisition, the insider now owns 12,000 shares of the company’s stock, valued at $240,000. This represents a 20.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 59,000 shares of company stock worth $1,180,000 in the last three months. 1.79% of the stock is owned by insiders.

Smithfield Foods Company Profile

Smithfield Foods, Inc produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. The Company operates in four segments: Pork, Hog Production, International and Corporate, each of which consists of a number of subsidiaries, joint ventures and other investments.