|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||6.87 - 7.22|
|52 Week Range||4.43 - 14.66|
|Beta (5Y Monthly)||0.27|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.18 (2.48%)|
|Ex-Dividend Date||May 08, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Pilgrim’s Pride Corp. will pay a $110.5 million fine after striking a plea deal with the U.S. Department of Justice on price-fixing allegations that have ensnared two former CEOs of the second-biggest American chicken producer.The unit of Brazilian meat giant JBS SA reached a plea agreement over limiting competition on three chicken contracts with a U.S. customer, the Greeley, Colorado-based company said Wednesday. The arrangement is subject to approval by the U.S. District Court of Colorado and provides that the antitrust division refrain from further charges if the company complies.The price-fixing allegation came as U.S. meat processors were under fire from the Covid-19 pandemic in which thousands of slaughterhouse workers caught the virus and prompted shutdowns earlier this year that temporarily tightened supplies of poultry and red meat. News of the fine comes on the same day as an announcement that JBS’s parent company admitted to violating U.S. anti-bribery laws. Federal prosecutors expanded its price-fixing probe with an indictment earlier this month of six chicken-industry executives and managers. Building on a June indictment, prosecutors said a total of 10 people conspired over phone calls and text messages to rig prices paid by quick-serve restaurants between 2012 and 2019.Included in the indictment were William Lovette, who stepped down as CEO of Pilgrim’s in 2019, and Jayson Penn, who succeeded Lovette and was first named in an indictment in June. Penn left Pilgrim’s last month and has pleaded not guilty.Shares in the company jumped as much as 7%, the steepest intraday gain since June. Tyson Foods Inc., the top U.S. chicken producer, was up 0.8% at 12:07 p.m. in New York. Tyson has said it’s cooperating with the probe.“We are encouraged that today’s agreement concludes the Antitrust Division’s investigation into Pilgrim’s, providing certainty regarding this matter to our team members, suppliers, customers and shareholders,” Chief Executive Officer Fabio Sandri said in a statement.The company said the fine will be filed as a “miscellaneous expense” in the third quarter for 2020. It will hold an earnings conference call on Oct. 29.(Adds details of the probe and share-price reaction)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Brazil's J&F Investimentos, parent company of the world's largest meatpacker, JBS SA <JBSS3.SA>, pleaded guilty to U.S. foreign bribery charges and agreed to pay $128.25 million in criminal fines, prosecutors said on Wednesday. Then, J&F paid a record-setting 10.3 billion-real ($1.85 billion) fine in Brazil for its role in corruption scandals that severely weakened then-president Michel Temer. In Brazil, its top executives have admitted to bribing more than 1,900 politicians to advance their business interests - especially JBS's expansion - and secure low-cost financing from state-run banks.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of JBS USA Lux S.A. New York, October 14, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of JBS USA Lux S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.