Smithfield Foods (NASDAQ:SFD) Shares Up 3.2% – Here’s What Happened

Smithfield Foods, Inc (NASDAQ:SFD)’s share price traded up 3.2% on Wednesday . The company traded as high as $19.84 and last traded at $19.76. 294,716 shares changed hands during trading, a decline of 65% from the average session volume of 843,745 shares. The stock had previously closed at $19.14.

Analysts Set New Price Targets

Several research analysts have commented on the company. Barclays started coverage on Smithfield Foods in a research report on Monday, February 24th. They issued an “overweight” rating and a $28.00 price objective on the stock. BNP Paribas assumed coverage on Smithfield Foods in a research report on Monday, February 24th. They set a “neutral” rating and a $23.00 price target on the stock. Citigroup began coverage on shares of Smithfield Foods in a research report on Monday, February 24th. They issued a “buy” rating and a $27.00 price objective for the company. Morgan Stanley assumed coverage on shares of Smithfield Foods in a research report on Tuesday. They set an “overweight” rating and a $28.00 target price on the stock. Finally, Bank of America started coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $28.00 target price for the company. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $27.86.

Smithfield Foods Stock Up 0.6 %

The company has a market cap of $7.95 billion and a P/E ratio of 8.91.

Smithfield Foods (NASDAQ:SFD) last posted its quarterly earnings data on Tuesday, March 25th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.91 billion.

Smithfield Foods Announces Dividend

The company also recently declared a — dividend, which will be paid on Tuesday, April 22nd. Investors of record on Thursday, April 10th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, April 10th. Smithfield Foods’s dividend payout ratio (DPR) is 44.05%.

Insider Activity at Smithfield Foods

In other Smithfield Foods news, CEO Charles Shane Smith purchased 30,000 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was acquired at an average cost of $20.00 per share, with a total value of $600,000.00. Following the acquisition, 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Tennille J. Checkovich bought 2,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was bought at an average price of $20.00 per share, with a total value of $40,000.00. Following the completion of the purchase, the insider now owns 12,000 shares of the company’s stock, valued at $240,000. This trade represents a 20.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 59,000 shares of company stock valued at $1,180,000 over the last three months. 1.79% of the stock is owned by insiders.

About Smithfield Foods

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.