Commodities drive Pilgrim’s outlook, but its balanced portfolio and Mexico unit should give a boost.
We expect to reduce our $29 fair value estimate for no-moat Pilgrim’s Pride by around 5% after it announced soft third-quarter results. While the year-to-date 3.2% revenue dip trails our earlier 0.8% expected uptick, the shortfall appears mostly due to lower industrywide poultry prices (down low to midsingle digits in September), which have fallen as beef prices normalize (September ground beef prices down 11% from the prior year).While our long-term outlook is intact, the firm’s underperforman...
Pilgrims Pride is primarily engaged in the production, processing, marketing and distribution of fresh, frozen chicken products to retailers, distributors and foodservice operators. The company's primary product types are fresh chicken products, prepared chicken products and export chicken products. The company's fresh chicken products consist of refrigerated (nonfrozen) whole or cut-up chicken, either pre-marinated or non-marinated and prepackaged case-ready chicken. The company's case-ready chicken includes various combinations of freshly refrigerated, whole chickens and chicken parts in trays, bags or other consumer packs labeled and priced ready for the retail grocer's fresh meat counter.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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