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Pilgrim's and CVS Health have been highlighted as Zacks Bull and Bear of the Day
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For Immediate Release
Chicago, IL – May 8, 2024 – Zacks Equity Research shares Pilgrim’s Pride (PPC - Free Report) , as the Bull of the Day and CVS Health (CVS - Free Report) asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Roblox (RBLX - Free Report) , NVIDIA (NVDA - Free Report) Burlington Stores (BURL - Free Report) .
Pilgrim’s Pride, rated as a Zacks Rank #1 (Strong Buy), is a leading player in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken and pork offerings to a wide range of clients, including retailers, distributors, and food service operators.
The stock is trading near 52-week highs after beating earnings last week. The stock is trading up about 30% on the year, but there appears to be more meat on the bone as the stock approaches decade-long resistance.
Investors should keep a close eye on the stock for potential upward movement in the near term, with the possibility of a longer-term breakout looming on the horizon.
More About Pilgrim’s Pride
Pilgrim's Pride was established in 1946 and is headquartered in Greeley, Colorado. The company boasts a workforce exceeding 61,000 individuals and commands a market capitalization of $8.5 billion.
The company offers a diverse array of products under various brands such as Pilgrim's, Just BARE, Gold'n Pump, and more.
Specializing in chicken products, Pilgrim's Pride operates both as a producer and a seller, catering to markets in the United States, the United Kingdom, Europe, and Mexico. Its operations are structured into three distinct business segments: the United States (accounting for 57.8% of 2024 sales), Europe (30%), and Mexico (12.3%).
The stock has Zacks Style Scores of “A” in Value, Growth, and Momentum. It has a Forward PE of 10 and pays no dividend.
Q1 Earnings
Last week, Pilgrim’s Pride reported Q1 with a 28% earnings surprise to the upside. This was the ninth straight earnings beat for PPC, which has not missed earnings expectations since late 2021.
The company indicated a substantial improvement over the previous year, with earnings per share coming in at $0.77 compared to $0.08 in the same period last year. Additionally, revenue increased to $4.36 billion from $4.17 billion year-on-year.
Adjusted EBITDA also saw a significant rise, reaching $371.9 million compared to $151.9 million in the previous year, with a notable increase in margin from 3.6% to 8.5%.
Management highlighted challenges faced due to market conditions and consumer inflation in 2023 but emphasized how the company leveraged these circumstances to enhance its competitive edge. Through consistent execution of strategies, focusing on controllable factors, and continued investment in operations, the company managed to strengthen its position, accelerating profitable growth despite evolving market conditions.
Estimates Trend Higher
Looking at earnings estimates, we don't have much data for the upcoming quarters. However, the move higher in estimates over the long-term is very positive.
For the current year, we see analysts hiking estimates since earnings. For the last 7 days, numbers have been taken from $3.01 to $3.51, an up move of 16%.
Next year the numbers continue to move higher, with estimates going from $3.09 to $3.47, up 12%.
Shortly after earnings, BMO capital markets took their price target from $38 to $42.
The Technical Take
The stock has been stuck in a large trading range since 2014. The $15-20 area has been technical support, while the $35-40 area has been resistant.
Considering the recent earnings momentum, it looks like the PPC finally has a chance at breaking this long-term resistance and shooting past the $41 all-time highs set in 2007.
For those looking for an entry on any pullback, below are some levels to watch:
21-day Moving Average (MA): $35.80
50-day MA: $34.50
200-day MA: $28.00
Outside an erratic down move after the earning release, that 21-day MA has been holding up very well. The stock has not traded below that level since February, so short-term traders might be able to lean against that level.
Because of the positive price reaction since earnings, the bulls might not allow buy-the-dip investors to get an entry. Aggressive longs should look for $42.70 as targets, which is the 161.8% Fibonacci extension found by drawing 2022 highs to 2023 lows.
In Summary
Pilgrim’s Pride has emerged as a compelling investment opportunity, backed by strong financial performance, strategic resilience, and positive market sentiment.
With a track record of consistent earnings beats and a favorable outlook for future growth, PPC stands poised to capitalize on its market position and drive shareholder value.
As it navigates evolving market dynamics and approaches key resistance levels, investors may find potential for further upside in the stock, making it one to watch closely in the coming months.
CVS Health is a Zacks Rank #5 (Strong Sell) that is a prominent player in the health solutions sector in the United States.
The stock has had a rough couple of years but has held up until recently. A recent earnings surprise miss has taken away a lot of hope from investors and the stock has now fallen near COVID lows.
The earnings miss seen last week was the first since 2015, which is making investors very nervous about what the rest of 2024 may hold.
About the Company
CVS has been in operation since its incorporation in 1996 and is based in Woonsocket, Rhode Island. The company employs 219,000.
CVS caters to various customer groups, including employer groups, individuals, healthcare providers, and governmental units. Its Health Care Benefits segment provides health insurance products and services, while the Health Services segment offers pharmacy benefit management solutions. Additionally, the Pharmacy & Consumer Wellness segment sells prescription and over-the-counter drugs, beauty products, and personal care items, operating through various channels such as online retail pharmacies and specialty stores.
CVS is valued at $70 billion and has a Forward PE of 7. The stock holds Zacks Style Scores of “A” in Growth and Value, and “B” in Momentum. CVS pays a dividend of 4.75%.
Q1 Earnings
Last Wednesday, CVS Health reported an EPS miss of $1.31, falling short of the expected $1.69 per share. Revenue also missed estimates, coming in at $88.4 billion compared to the expected $89.2 billion.
This disappointing performance prompted a downward revision of the company's outlook for fiscal year 2024, with adjusted earnings per share now expected to be "at least" $7.00, down from the previous estimate of $8.31.
Similarly, cash flow from operations for FY24 has been revised downwards to at least $10.5 billion, signaling a significant reduction from the previous projection of $12.0-12.5 billion.
Several factors have contributed to this downward revision, including near-term challenges in the Medicare Advantage segment. The company cited a medical benefits ratio of 90.4% in Q1, a notable increase from 84.6% year-on-year, indicating increased pressure on healthcare spending. Additionally, the Health Care Benefits segment witnessed a decline in operating margin from 7.0% to 2.3% year-on-year, reflecting operational challenges and cost pressures.
Management acknowledged the difficulties faced by the company, attributing some of the challenges to external factors such as the cyberattack on Change Healthcare, which impaired the visibility of medical claims in Q1.
Earnings Estimates
Over the last 7 days, earnings estimates have been slashed by analysts.
For the current quarter, estimates plunged from $2.21 to $1.83, or 17%. For the next quarter, estimates have been lowered by 7%.
For the current year, we see an 11% drop, with estimates falling from $8.29 to $7.35
For next year, the last 7 days have seen a 13% drop, falling from $9.08 to $7.94.
Analysts have also been lowering price targets since earnings. Some more notable names include UBS going from $85 to $60 and Morgan Stanley dropping to $65 from $85.
Technical Take
The COVID lows for CVS were just under $52. The stock is now under 10% away from that spot where it may find support.
Additionally, the dividend is around 5%, which could be attractive to investors If interest rates start coming down.
However, the fundamental issues have been showing themselves on the chart for about a year. The stock is down almost 50% since the start of 2023 and should be considered a falling knife that one should avoid.
Investors should be patient and wait until technical support is confirmed. Some levels to watch are $52, $44, and $39.
The 200-day moving average is way up at $72 and the 21-day is at $66.
In Summary
Investors should exercise caution and closely monitor CVS Health's performance in the coming quarters. With headwinds mounting and growth prospects uncertain, the company faces a pivotal juncture in its journey toward sustaining profitability and enhancing shareholder value.
Additional content:
What to Expect from Roblox (RBLX - Free Report) Q1 Earnings?
The Zacks Consensus Estimate for revenues is pegged at $931.05 million, indicating growth of 20.32% from the year-ago quarter’s levels.
The Zacks Consensus Estimate for loss has widened by 1 cent to 53 cents per share over the past 30 days. The company reported a loss of 44 cents per share in the year-ago quarter.
Notably, the company’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 4.37%.
Let’s see how things have shaped up prior to the announcement.
Roblox’s first-quarter performance is expected to have benefited from user and developer growth and strength in daily user engagement levels on the platform.
The company witnessed strong usage growth in the fourth quarter of 2023. Improvements in booking and daily active users (DAUs) were also recorded as customers spent more time on its games. This trend is likely to have continued and positively impacted the overall first-quarter 2024 performance as well.
Roblox’s increasing penetration in user base between nine and 12 years holds promise. RBLX’s developer community’s focus on providing good content, featuring better visuals and effects, and continued market penetration is expected to drive first-quarter results.
Users are growing across regions around the globe, including the United States and Canada. While DAUs of all ages are growing, users aged 13 years and older continue to contribute the most and rose 28% in the fourth quarter of 2023 from the year-ago quarter. The Zacks Consensus Estimate for DAUs in the to-be-reported quarter is pegged at 78.3 million.
In the last reported quarter, average DAUs were 71.5 million, which increased 22% year over year. Hours engaged were 15.5 billion, up 21% year over year. Bookings were $1.12 billion, up 25% year over year. The Zacks Consensus Estimate for hours engaged and bookings is currently pegged at 17 billion and $930 million, respectively.
RBLX is likely to have increased investments and some amount of fixed costs in the first quarter. This seasonality is expected to have kept the company’s margins under pressure.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Roblox has an Earnings ESP of -2.24% and carries a Zacks Rank #2 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this season.
NVIDIA is scheduled to release first-quarter fiscal 2025 results on May 22. The Zacks Consensus Estimate for NVDA’s earnings is pegged at $5.49 per share, indicating growth of 403.67% from the year-ago quarter’s reported figure.
Burlington Stores has an Earnings ESP of +2.72% and carries a Zacks Rank #2 at present.
BURL is set to report first-quarter 2024 results on May 23. The Zacks Consensus Estimate for the company’s earnings is pegged at $1.06 per share, indicating a rise of 26.19% from the year-ago quarter’s reported figure.
Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Pilgrim's and CVS Health have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – May 8, 2024 – Zacks Equity Research shares Pilgrim’s Pride (PPC - Free Report) , as the Bull of the Day and CVS Health (CVS - Free Report) asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Roblox (RBLX - Free Report) , NVIDIA (NVDA - Free Report) Burlington Stores (BURL - Free Report) .
Here is a synopsis of all five stocks:
Bull of the Day:
Pilgrim’s Pride, rated as a Zacks Rank #1 (Strong Buy), is a leading player in the production, processing, marketing, and distribution of fresh, frozen, and value-added chicken and pork offerings to a wide range of clients, including retailers, distributors, and food service operators.
The stock is trading near 52-week highs after beating earnings last week. The stock is trading up about 30% on the year, but there appears to be more meat on the bone as the stock approaches decade-long resistance.
Investors should keep a close eye on the stock for potential upward movement in the near term, with the possibility of a longer-term breakout looming on the horizon.
More About Pilgrim’s Pride
Pilgrim's Pride was established in 1946 and is headquartered in Greeley, Colorado. The company boasts a workforce exceeding 61,000 individuals and commands a market capitalization of $8.5 billion.
The company offers a diverse array of products under various brands such as Pilgrim's, Just BARE, Gold'n Pump, and more.
Specializing in chicken products, Pilgrim's Pride operates both as a producer and a seller, catering to markets in the United States, the United Kingdom, Europe, and Mexico. Its operations are structured into three distinct business segments: the United States (accounting for 57.8% of 2024 sales), Europe (30%), and Mexico (12.3%).
The stock has Zacks Style Scores of “A” in Value, Growth, and Momentum. It has a Forward PE of 10 and pays no dividend.
Q1 Earnings
Last week, Pilgrim’s Pride reported Q1 with a 28% earnings surprise to the upside. This was the ninth straight earnings beat for PPC, which has not missed earnings expectations since late 2021.
The company indicated a substantial improvement over the previous year, with earnings per share coming in at $0.77 compared to $0.08 in the same period last year. Additionally, revenue increased to $4.36 billion from $4.17 billion year-on-year.
Adjusted EBITDA also saw a significant rise, reaching $371.9 million compared to $151.9 million in the previous year, with a notable increase in margin from 3.6% to 8.5%.
Management highlighted challenges faced due to market conditions and consumer inflation in 2023 but emphasized how the company leveraged these circumstances to enhance its competitive edge. Through consistent execution of strategies, focusing on controllable factors, and continued investment in operations, the company managed to strengthen its position, accelerating profitable growth despite evolving market conditions.
Estimates Trend Higher
Looking at earnings estimates, we don't have much data for the upcoming quarters. However, the move higher in estimates over the long-term is very positive.
For the current year, we see analysts hiking estimates since earnings. For the last 7 days, numbers have been taken from $3.01 to $3.51, an up move of 16%.
Next year the numbers continue to move higher, with estimates going from $3.09 to $3.47, up 12%.
Shortly after earnings, BMO capital markets took their price target from $38 to $42.
The Technical Take
The stock has been stuck in a large trading range since 2014. The $15-20 area has been technical support, while the $35-40 area has been resistant.
Considering the recent earnings momentum, it looks like the PPC finally has a chance at breaking this long-term resistance and shooting past the $41 all-time highs set in 2007.
For those looking for an entry on any pullback, below are some levels to watch:
21-day Moving Average (MA): $35.80
50-day MA: $34.50
200-day MA: $28.00
Outside an erratic down move after the earning release, that 21-day MA has been holding up very well. The stock has not traded below that level since February, so short-term traders might be able to lean against that level.
Because of the positive price reaction since earnings, the bulls might not allow buy-the-dip investors to get an entry. Aggressive longs should look for $42.70 as targets, which is the 161.8% Fibonacci extension found by drawing 2022 highs to 2023 lows.
In Summary
Pilgrim’s Pride has emerged as a compelling investment opportunity, backed by strong financial performance, strategic resilience, and positive market sentiment.
With a track record of consistent earnings beats and a favorable outlook for future growth, PPC stands poised to capitalize on its market position and drive shareholder value.
As it navigates evolving market dynamics and approaches key resistance levels, investors may find potential for further upside in the stock, making it one to watch closely in the coming months.
Bear of the Day:
CVS Health is a Zacks Rank #5 (Strong Sell) that is a prominent player in the health solutions sector in the United States.
The stock has had a rough couple of years but has held up until recently. A recent earnings surprise miss has taken away a lot of hope from investors and the stock has now fallen near COVID lows.
The earnings miss seen last week was the first since 2015, which is making investors very nervous about what the rest of 2024 may hold.
About the Company
CVS has been in operation since its incorporation in 1996 and is based in Woonsocket, Rhode Island. The company employs 219,000.
CVS caters to various customer groups, including employer groups, individuals, healthcare providers, and governmental units. Its Health Care Benefits segment provides health insurance products and services, while the Health Services segment offers pharmacy benefit management solutions. Additionally, the Pharmacy & Consumer Wellness segment sells prescription and over-the-counter drugs, beauty products, and personal care items, operating through various channels such as online retail pharmacies and specialty stores.
CVS is valued at $70 billion and has a Forward PE of 7. The stock holds Zacks Style Scores of “A” in Growth and Value, and “B” in Momentum. CVS pays a dividend of 4.75%.
Q1 Earnings
Last Wednesday, CVS Health reported an EPS miss of $1.31, falling short of the expected $1.69 per share. Revenue also missed estimates, coming in at $88.4 billion compared to the expected $89.2 billion.
This disappointing performance prompted a downward revision of the company's outlook for fiscal year 2024, with adjusted earnings per share now expected to be "at least" $7.00, down from the previous estimate of $8.31.
Similarly, cash flow from operations for FY24 has been revised downwards to at least $10.5 billion, signaling a significant reduction from the previous projection of $12.0-12.5 billion.
Several factors have contributed to this downward revision, including near-term challenges in the Medicare Advantage segment. The company cited a medical benefits ratio of 90.4% in Q1, a notable increase from 84.6% year-on-year, indicating increased pressure on healthcare spending. Additionally, the Health Care Benefits segment witnessed a decline in operating margin from 7.0% to 2.3% year-on-year, reflecting operational challenges and cost pressures.
Management acknowledged the difficulties faced by the company, attributing some of the challenges to external factors such as the cyberattack on Change Healthcare, which impaired the visibility of medical claims in Q1.
Earnings Estimates
Over the last 7 days, earnings estimates have been slashed by analysts.
For the current quarter, estimates plunged from $2.21 to $1.83, or 17%. For the next quarter, estimates have been lowered by 7%.
For the current year, we see an 11% drop, with estimates falling from $8.29 to $7.35
For next year, the last 7 days have seen a 13% drop, falling from $9.08 to $7.94.
Analysts have also been lowering price targets since earnings. Some more notable names include UBS going from $85 to $60 and Morgan Stanley dropping to $65 from $85.
Technical Take
The COVID lows for CVS were just under $52. The stock is now under 10% away from that spot where it may find support.
Additionally, the dividend is around 5%, which could be attractive to investors If interest rates start coming down.
However, the fundamental issues have been showing themselves on the chart for about a year. The stock is down almost 50% since the start of 2023 and should be considered a falling knife that one should avoid.
Investors should be patient and wait until technical support is confirmed. Some levels to watch are $52, $44, and $39.
The 200-day moving average is way up at $72 and the 21-day is at $66.
In Summary
Investors should exercise caution and closely monitor CVS Health's performance in the coming quarters. With headwinds mounting and growth prospects uncertain, the company faces a pivotal juncture in its journey toward sustaining profitability and enhancing shareholder value.
Additional content:
What to Expect from Roblox (RBLX - Free Report) Q1 Earnings?
Roblox is set to report first-quarter 2024 results on May 9.
The Zacks Consensus Estimate for revenues is pegged at $931.05 million, indicating growth of 20.32% from the year-ago quarter’s levels.
The Zacks Consensus Estimate for loss has widened by 1 cent to 53 cents per share over the past 30 days. The company reported a loss of 44 cents per share in the year-ago quarter.
Notably, the company’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 4.37%.
Let’s see how things have shaped up prior to the announcement.
Roblox Corporation price-eps-surprise | Roblox Corporation Quote
Factors to Note
Roblox’s first-quarter performance is expected to have benefited from user and developer growth and strength in daily user engagement levels on the platform.
The company witnessed strong usage growth in the fourth quarter of 2023. Improvements in booking and daily active users (DAUs) were also recorded as customers spent more time on its games. This trend is likely to have continued and positively impacted the overall first-quarter 2024 performance as well.
Roblox’s increasing penetration in user base between nine and 12 years holds promise. RBLX’s developer community’s focus on providing good content, featuring better visuals and effects, and continued market penetration is expected to drive first-quarter results.
Users are growing across regions around the globe, including the United States and Canada. While DAUs of all ages are growing, users aged 13 years and older continue to contribute the most and rose 28% in the fourth quarter of 2023 from the year-ago quarter. The Zacks Consensus Estimate for DAUs in the to-be-reported quarter is pegged at 78.3 million.
In the last reported quarter, average DAUs were 71.5 million, which increased 22% year over year. Hours engaged were 15.5 billion, up 21% year over year. Bookings were $1.12 billion, up 25% year over year. The Zacks Consensus Estimate for hours engaged and bookings is currently pegged at 17 billion and $930 million, respectively.
RBLX is likely to have increased investments and some amount of fixed costs in the first quarter. This seasonality is expected to have kept the company’s margins under pressure.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Roblox has an Earnings ESP of -2.24% and carries a Zacks Rank #2 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this season.
NVIDIA has an Earnings ESP of +2.50% and carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA is scheduled to release first-quarter fiscal 2025 results on May 22. The Zacks Consensus Estimate for NVDA’s earnings is pegged at $5.49 per share, indicating growth of 403.67% from the year-ago quarter’s reported figure.
Burlington Stores has an Earnings ESP of +2.72% and carries a Zacks Rank #2 at present.
BURL is set to report first-quarter 2024 results on May 23. The Zacks Consensus Estimate for the company’s earnings is pegged at $1.06 per share, indicating a rise of 26.19% from the year-ago quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Why Haven’t You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.