Smithfield Foods (NASDAQ:SFD) Upgraded at Hsbc Global Res

Smithfield Foods (NASDAQ:SFD) was upgraded by investment analysts at Hsbc Global Res to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently issued reports on SFD. BNP Paribas initiated coverage on shares of Smithfield Foods in a research note on Monday, February 24th. They issued a “neutral” rating and a $23.00 price objective for the company. HSBC began coverage on shares of Smithfield Foods in a research note on Tuesday. They set a “buy” rating and a $29.00 price target for the company. Barclays started coverage on Smithfield Foods in a report on Monday, February 24th. They issued an “overweight” rating and a $28.00 target price for the company. The Goldman Sachs Group initiated coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Citigroup began coverage on Smithfield Foods in a research note on Monday, February 24th. They set a “buy” rating and a $27.00 price objective for the company. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $27.86.

Smithfield Foods Trading Down 1.1 %

Shares of NASDAQ:SFD opened at $19.78 on Tuesday. Smithfield Foods has a 1-year low of $18.43 and a 1-year high of $22.03.

Insider Buying and Selling at Smithfield Foods

In other news, major shareholder Group Ltd/Adr Wh sold 13,043,479 shares of Smithfield Foods stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $20.00, for a total value of $260,869,580.00. Following the completion of the sale, the insider now directly owns 367,025,753 shares of the company’s stock, valued at approximately $7,340,515,060. This trade represents a 3.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles Shane Smith purchased 30,000 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were purchased at an average cost of $20.00 per share, for a total transaction of $600,000.00. Following the purchase, the chief executive officer now directly owns 120,000 shares of the company’s stock, valued at $2,400,000. This trade represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 59,000 shares of company stock worth $1,180,000. 1.79% of the stock is currently owned by corporate 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.