Smithfield Foods (NASDAQ:SFD) Upgraded to Strong-Buy at Hsbc Global Res

Hsbc Global Res upgraded shares of Smithfield Foods (NASDAQ:SFD) to a strong-buy rating in a research report released on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on the company. Citigroup began coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating and a $27.00 price objective for the company. UBS Group started coverage on Smithfield Foods in a research note on Monday, February 24th. They issued a “buy” rating for the company. BNP Paribas started coverage on Smithfield Foods in a research note on Monday, February 24th. They set a “neutral” rating and a $23.00 price target for the company. Barclays started coverage on Smithfield Foods in a report on Monday, February 24th. They set an “overweight” rating and a $28.00 price objective on the stock. Finally, Morgan Stanley started coverage on Smithfield Foods in a report on Monday, February 24th. They set an “overweight” rating and a $28.00 price objective on the stock. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $27.86.

Smithfield Foods Stock Performance

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

In other news, CEO Charles Shane Smith purchased 30,000 shares of the 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 $600,000.00. Following the transaction, the chief executive officer now owns 120,000 shares in the company, valued at $2,400,000. The trade was a 33.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tennille J. Checkovich acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was bought at an average cost of $20.00 per share, with a total value of $40,000.00. Following the acquisition, the insider now owns 12,000 shares in the company, valued at approximately $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 have acquired a total of 59,000 shares of company stock worth $1,180,000 in the last ninety days. 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.