Latest news with #Pilgrim'sPride
Yahoo
4 days ago
- Business
- Yahoo
Elizabeth Warren Says Trump 'Approved' The Largest Meat Company In World To Be Listed On NYSE Ignoring Corruption And Bribery History, Demands Answers
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Sen. Elizabeth Warren (D-Mass.) is once again calling out corruption in the Trump Administration, following a questionable decision made by the U.S. Securities and Exchange Commission. What Happened: On Monday, Warren shared a video on X questioning the SEC's recent approval of Brazilian meat processing company JBS SA's (OTC:JBSAY) listing on the New York Stock Exchange, despite its history of corruption, price fixing, and safety violations. 'JBS and its subsidiaries have been fined hundreds of millions of dollars for bribery, for price fixing, for safety violations, you name it,' Warren said. Trending: Start investing with eToro's CopyTrader — . She then highlighted the company's connection with the Trump administration, bringing attention to the fact that JBS' subsidiary, Pilgrim's Pride, contributed $5 million to President Donald Trump's inauguration fund, the single-largest donation. 'And can you guess which company made the single largest donation to Trump's inauguration? Pilgrim's Pride, which is owned by JBS,' while noting that the figure was higher than the contributions made by Apple Inc. (NASDAQ:AAPL), Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), and Alphabet Inc. (NASDAQ:GOOG) combined. 'After a decade of trying and failing to get the green light to go public, suddenly Trump's SEC gives them the go-ahead,' she says. 'That sounds pretty fishy to me.' Warren said she has sent a letter to the CEOs of JBS and Pilgrim's Pride demanding answers. 'We've got to fight back against shady corporate deals and stand up for the Americans who actually play by the rules,' she SA did not immediately respond to Benzinga's request for comments. Why It Matters: JBS SA's owner, Joesley Batista, is known to have recorded a conversation with former Brazilian President Michel Temer where the latter is seen encouraging the continuous bribery of a jailed politician. The recording was presented to prosecutors as part of a plea bargain. Temer replaced President Dilma Rousseff as the leader of Brazil. Rousseff was impeached for criminal administrative misconduct. JBS shareholders approved the company's proposal for a dual listing during its Extraordinary General Meeting held two weeks ago. Its shares are expected to begin trading in Brazil's São Paulo Stock Exchange (B3), as well as the New York Stock Exchange, on June 9 and 12, respectively, according to a press release. Warren has been a vocal critic of the Trump administration's business dealings in recent weeks, having called for a probe into billionaire Elon Musk's Starlink receiving favorable operating permits while leveraging Trump's tariffs and trade talks with nations across the globe. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Photo: Shutterstock/Sheila Fitzgerald This article Elizabeth Warren Says Trump 'Approved' The Largest Meat Company In World To Be Listed On NYSE Ignoring Corruption And Bribery History, Demands Answers originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Elizabeth Warren Says Trump 'Approved' The Largest Meat Company In World To Be Listed On NYSE Ignoring Corruption And Bribery History, Demands Answers
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Sen. Elizabeth Warren (D-Mass.) is once again calling out corruption in the Trump Administration, following a questionable decision made by the U.S. Securities and Exchange Commission. What Happened: On Monday, Warren shared a video on X questioning the SEC's recent approval of Brazilian meat processing company JBS SA's (OTC:JBSAY) listing on the New York Stock Exchange, despite its history of corruption, price fixing, and safety violations. 'JBS and its subsidiaries have been fined hundreds of millions of dollars for bribery, for price fixing, for safety violations, you name it,' Warren said. Trending: Start investing with eToro's CopyTrader — . She then highlighted the company's connection with the Trump administration, bringing attention to the fact that JBS' subsidiary, Pilgrim's Pride, contributed $5 million to President Donald Trump's inauguration fund, the single-largest donation. 'And can you guess which company made the single largest donation to Trump's inauguration? Pilgrim's Pride, which is owned by JBS,' while noting that the figure was higher than the contributions made by Apple Inc. (NASDAQ:AAPL), Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), and Alphabet Inc. (NASDAQ:GOOG) combined. 'After a decade of trying and failing to get the green light to go public, suddenly Trump's SEC gives them the go-ahead,' she says. 'That sounds pretty fishy to me.' Warren said she has sent a letter to the CEOs of JBS and Pilgrim's Pride demanding answers. 'We've got to fight back against shady corporate deals and stand up for the Americans who actually play by the rules,' she SA did not immediately respond to Benzinga's request for comments. Why It Matters: JBS SA's owner, Joesley Batista, is known to have recorded a conversation with former Brazilian President Michel Temer where the latter is seen encouraging the continuous bribery of a jailed politician. The recording was presented to prosecutors as part of a plea bargain. Temer replaced President Dilma Rousseff as the leader of Brazil. Rousseff was impeached for criminal administrative misconduct. JBS shareholders approved the company's proposal for a dual listing during its Extraordinary General Meeting held two weeks ago. Its shares are expected to begin trading in Brazil's São Paulo Stock Exchange (B3), as well as the New York Stock Exchange, on June 9 and 12, respectively, according to a press release. Warren has been a vocal critic of the Trump administration's business dealings in recent weeks, having called for a probe into billionaire Elon Musk's Starlink receiving favorable operating permits while leveraging Trump's tariffs and trade talks with nations across the globe. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Photo: Shutterstock/Sheila Fitzgerald This article Elizabeth Warren Says Trump 'Approved' The Largest Meat Company In World To Be Listed On NYSE Ignoring Corruption And Bribery History, Demands Answers originally appeared on Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
PPC Trading Cheaper Than Industry: What's Next for Investors?
Pilgrim's Pride Corporation PPC, one of the world's leading food companies, currently trades at a forward 12-month price-to-earnings ratio of 9.84X. The figure is below the industry and the S&P 500's average of 12.55X and 21.49X, respectively, highlighting PPC as a potentially undervalued stock. For investors, this presents an attractive opportunity, which is further underscored by PPC's current Value Score of A. Image Source: Zacks Investment Research PPC's shares have gained 2.3% in the past three months against the industry and the S&P 500 index's decline of 0.9% and 2.3%, respectively. Let us delve into the financial and strategic fundamentals that underpin Pilgrim's Pride's current position in the market. Pilgrim's Pride is well-positioned for continued growth, supported by strong consumer demand for chicken, strategic market positioning and enhanced operational efficiencies. The company's focus on key customers is helping refine its portfolio and build competitive advantages over peers. As a result, Pilgrim's Pride reported first-quarter 2025 adjusted earnings of $1.31 per share, up from 77 cents in the prior-year Pride is set to benefit from a favorable supply-demand environment in 2025, supported by steady consumer demand and rising protein production. The USDA anticipates a 1.7% year-over-year increase in U.S. chicken production for 2025, along with a 1.6% rise in overall protein availability, driven by gains in both chicken and pork. This backdrop supports strong pricing for Pilgrim's Pride's products. Additionally, the company's efforts to expand its branded product portfolio and strengthen distribution with key customers provide a solid foundation for continued Pride benefited from a reduction in the cost of sales in the first quarter of 2025. The company's cost of sales decreased to $3,908.1 million from $3,978 million in the prior-year quarter, contributing to a significant increase in gross profit, which rose to $554.9 million from $383.9 million. These improvements underscore Pilgrim's Pride's operational efficiency and effective cost management, positioning it favorably in a competitive Pride continues to build momentum through its strong focus on innovation and brand diversification. In the first quarter of 2025, the company introduced more than 80 new products by March, highlighting its commitment to expanding and refreshing portfolio. This strategy is yielding results, with combined sales of the Just BARE and Pilgrim's brands surging more than 50%. Overall, key brands are gaining traction, supported by year-over-year increases in both sales and volume. Image Source: Zacks Investment Research Reflecting positive sentiment around Pilgrim's Pride, the Zacks Consensus Estimate for earnings per share has seen upward revisions. Over the past 30 days, the consensus estimate has risen 13 cents to $5.41 for the current fiscal and 25 cents to $4.82 per share for the next fiscal. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Image Source: Zacks Investment Research Pilgrim's Pride faces challenges in its export business, particularly due to trade uncertainties and biosecurity concerns. The company experienced a decline in export volumes in the first quarter of 2025 compared with the first quarter of 2024, due to several factors, including winter weather-related port disruptions in January, concerns over a potential port strike and strong domestic demand for dark meat, which constrained the supply available for international markets. Pilgrim's Pride also has been experiencing higher selling, general and administrative expenses (SG&A) for a while now. In the first quarter of 2025, the SG&A expenses were $133.8 million, up from $119.1 million reported in the prior year quarter. The increase was primarily due to higher legal settlement and defense costs, as well as elevated incentive compensation. If not effectively managed, the continued increase in such expenses could further impact the company's profitability in the coming quarters. Pilgrim's Pride's strong operational execution, robust consumer demand and focus on branded product innovation position it well for continued growth. The company's attractive valuation and rising earnings estimates further support its long-term potential. However, near-term headwinds, including export volume pressures, higher SG&A expenses and external trade uncertainties, could weigh on its performance. Given these mixed factors, investors may consider holding onto PPC stock while monitoring cost trends and international market recovery. At present, PPC carries a Zacks Rank #3 (Hold). Nomad Foods Limited NOMD manufactures, markets and distributes a range of frozen food products in the United Kingdom and internationally. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Nomad Foods' current fiscal-year sales and earnings implies growth of 4.6% and 7.3%, respectively, from the prior-year levels. NOMD delivered a trailing four-quarter earnings surprise of 3.2%, on International, Inc. MDLZ manufactures, markets and sells snack food and beverage products in Latin America, North America, Asia, the Middle East, Africa and Europe. It presently carries a Zacks Rank of 1. MDLZ delivered a trailing four-quarter earnings surprise of 9.8%, on average. The Zacks Consensus Estimate for Mondelez International's current financial-year sales indicates growth of 4.9% from the year-ago numbers. Oatly Group AB OTLY, an oatmilk company, provides a range of plant-based dairy products made from oats. It presently carries a Zacks Rank of 2 (Buy). OTLY delivered a trailing four-quarter earnings surprise of 25.1%, on consensus estimate for Oatly Group's current fiscal-year sales and earnings implies growth of 2.7% and 65.8%, respectively, from the year-ago figures. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pilgrim's Pride Corporation (PPC) : Free Stock Analysis Report Mondelez International, Inc. (MDLZ) : Free Stock Analysis Report Nomad Foods Limited (NOMD) : Free Stock Analysis Report Oatly Group AB Sponsored ADR (OTLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Agriland
20-05-2025
- Business
- Agriland
Moy Park owner urges UK govt to adopt ‘joined up policy' for NI agri-food sector
Pilgrim's Europe, which is the owner of Moy Park, one of Northern Ireland's (NI) largest businesses, has urged the UK government to adopt a 'joined-up policy approach across environment, rural economy and agriculture'. According to Pilgrim's Europe this is the key to 'fulfilling Northern Ireland's agri-food potential'. Pilgrim's Europe is part of the Colorado headquartered, NASDAQ listed Pilgrim's Pride corporation which last month reported first quarter 2025 results showing $4.5 billion in net sales and an operating income of $404.5 million. It highlighted in its latest set of results that it is focusing on 'efforts to scale profitable growth' in Europe and that it has 'increased traction among consumers for core branded offerings'. According to Justin Coleman, poultry business unit director, Pilgrim's Europe – which counts Moy Park as one of its key brands – the business is 'focused on continually driving higher welfare and sustainability standards through a science-based approach'. Speaking at the Balmoral Show last week he also outlined that through Pilgrim's Europe Moy Park operation it works closely with over 450 Northern Ireland farmers daily and the business supplies 'every major retailer and food service outlet across the UK and Ireland with quality Northern Irish chicken.' Moy Park Moy Park began life in Moygashel in Co. Tyrone in 1943, Pilgrim's acquired Moy Park for $1.3 billion in 2017. The poultry business unit director of Pilgrim's Europe said the business is 'continuing to invest in new ways of doing things, pushing the boundaries of innovation, striving for even higher standards'. But he also warned that 'what industry needs, to continue on this success journey, is for policy support to progress at pace alongside us'. 'Northern Ireland is a powerhouse of agriculture excellence. 'Constructive collaboration across government departments and industry can help unlock the solutions needed across planning, infrastructure and the environment to allow our agrifood industry to thrive and grow in the most sustainable way,' Coleman added.
Yahoo
19-05-2025
- Business
- Yahoo
US senator questions Brazilian meatpacker JBS over Trump inaugural fund donations
By Leah Douglas WASHINGTON (Reuters) -U.S. Senator Elizabeth Warren is pushing Brazilian meatpacker JBS SA to explain its $5 million donation to the Trump-Vance Inaugural Committee and whether the money courted the Trump administration's recent approval of its listing on the New York Stock Exchange. JBS, the world's largest meat company, received approval in April from the Securities and Exchange Commission to dual-list its shares in Brazil and New York after years of trying. The company's donation to President Donald Trump's inauguration festivities in January was the largest of any donor. Warren, a Democrat, asked the company in a letter whether it or its subsidiary poultry company Pilgrim's Pride had communicated with Trump or his team about the donations or listing approval. Warren, who sits on the Senate Banking Committee, noted the Department of Justice has two ongoing civil investigations into Pilgrim's Pride, including into how it pays its farmers and for antitrust matters. "Your large donations and direct stake in federal policies and enforcement actions, and the Trump Administration's series of actions that benefit your companies, raise serious concerns about a potential quid-pro-quo arrangement," Warren said in the letter, which was sent to the company on Monday and first reported by Reuters. JBS did not immediately respond to a request for comment. The company's shareholders will vote on its NYSE listing on May 23. Environmental groups have slammed the listing, citing concerns over deforestation of the Amazon for livestock production and the company's emissions of greenhouse gases. JBS in February agreed to pay $83.5 million to settle antitrust claims that it conspired with other meatpackers to keep meat prices artificially high. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
