|Bid||6.400 x 0|
|Ask||6.410 x 0|
|Day's Range||6.340 - 6.480|
|52 Week Range||5.900 - 8.900|
|Beta (5Y Monthly)||0.82|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 27, 2020|
|Forward Dividend & Yield||0.32 (4.88%)|
|Ex-Dividend Date||Aug 24, 2020|
|1y Target Est||1.09|
Smithfield Foods, the world's biggest pork processor, and a subcontractor face fines of more than $100,000 from California's workplace safety regulator for failing to protect employees from COVID-19 and other violations during the pandemic. The penalties increase pressure on Chinese-owned Smithfield over U.S. working conditions during the health crisis, after federal regulators hit the meatpacker and others with smaller fines. California's regulator, known as Cal/OSHA, issued "the largest citation at a meatpacking plant nationwide" to Smithfield's Farmer John plant in Vernon, California, according to the United Food and Commercial Workers International Union, which represents meatpacking workers.
The company, owned by China's WH Group Ltd <0288.HK>, also said Dennis Organ, chief operating officer of its U.S. operations, would replace Sullivan as the CEO and president. Organ joined Smithfield in 2010 and has been in his current role since 2019. The first four years of Sullivan's tenure marked the highest profit periods in the company's history, Smithfield said, before the COVID-19 pandemic hurt its business due in part to coronavirus outbreaks at some of its plants.
Moody's Investors Service ("Moody's") today assigned a Ba1 rating to $400 million of senior unsecured notes being offered today by Smithfield Foods, Inc. ("Smithfield"). Other ratings, including Smithfield's Ba1 Corporate Family Rating are not affected. Smithfield will use net proceeds from today's offering, together with cash on hand, to fund the purchase of notes tendered pursuant to a concurrent tender offer for the company's $400 million 2.650% senior unsecured notes due October 2021 and $400 million 3.350% senior unsecured notes due February 2022 .