Smithfield Foods (NASDAQ:SFD) Now Covered by Analysts at HSBC

Analysts at HSBC began coverage on shares of Smithfield Foods (NASDAQ:SFD) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $29.00 price target on the stock. HSBC’s price objective would indicate a potential upside of 46.61% from the company’s current price.

Other analysts also recently issued reports about the company. Citigroup began coverage on Smithfield Foods in a report on Monday, February 24th. They issued a “buy” rating and a $27.00 price objective for the company. UBS Group began coverage on Smithfield Foods in a report on Monday, February 24th. They issued a “buy” rating for the company. The Goldman Sachs Group began coverage on Smithfield Foods in a report on Monday, February 24th. They issued a “buy” rating and a $32.00 price objective for the company. Barclays began coverage on Smithfield Foods in a report on Monday, February 24th. They issued an “overweight” rating and a $28.00 price objective for the company. Finally, BNP Paribas began coverage on Smithfield Foods in a report on Monday, February 24th. They issued a “neutral” rating and a $23.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate 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 twelve month low of $18.43 and a twelve month high of $22.03.

Insiders Place Their Bets

In other Smithfield Foods news, insider Tennille J. Checkovich purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were acquired at an average price of $20.00 per share, for a total transaction of $40,000.00. Following the completion of the purchase, the insider now owns 12,000 shares of the company’s stock, valued at approximately $240,000. The trade was a 20.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles Shane Smith purchased 30,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were acquired at an average price 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 approximately $2,400,000. The trade was a 33.33 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 59,000 shares of company stock worth $1,180,000. 1.79% of the stock is 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.