Smithfield Foods (NASDAQ:SFD) Coverage Initiated at Citigroup

Investment analysts at Citigroup initiated coverage on shares of Smithfield Foods (NASDAQ:SFD) in a report issued on Monday,Benzinga reports. The firm set a “buy” rating and a $27.00 price target on the stock. Citigroup’s price objective would indicate a potential upside of 27.96% from the stock’s current price.

A number of other analysts have also issued reports on SFD. Morgan Stanley started coverage on Smithfield Foods in a research report on Monday. They issued an “overweight” rating and a $28.00 target price on the stock. The Goldman Sachs Group assumed coverage on Smithfield Foods in a research report on Monday. They issued a “buy” rating and a $32.00 target price for the company. Finally, Bank of America initiated coverage on shares of Smithfield Foods in a research note on Monday. They set a “buy” rating and a $28.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $28.60.

Smithfield Foods Price Performance

Smithfield Foods stock opened at $21.10 on Monday. Smithfield Foods has a 1 year low of $19.10 and a 1 year high of $22.03.

Insider Transactions at Smithfield Foods

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

About Smithfield Foods

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.