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    288   KYG960071028

WH GROUP LIMITED

(288)
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Delayed Hong Kong Stock Exchange  -  03:08 2022-11-25 am EST
4.410 HKD   +0.46%
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10/26WH Group Shares Fall After Drop in Quarterly Profit
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10/25Transcript : WH Group Limited, Nine Months 2022 Earnings Call, Oct 25, 2022
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Smithfield Foods to pay $75 million in pork price-fixing settlement

09/27/2022 | 07:58pm EST
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Sioux Falls, South Dakota

(Reuters) - Smithfield Foods Inc has agreed to pay $75 million to settle a lawsuit by consumers who accused the meat producer and several competitors of conspiring to inflate prices in the $20 billion-a-year U.S. pork market by limiting supply.

A preliminary settlement was filed on Tuesday night with the federal court in Minneapolis, and requires approval by U.S. District Judge John Tunheim.

The accord follows the judge's Sept. 14 approval of a similar $20 million settlement between consumers and JBS SA, one of Smithfield's largest rivals.

Smithfield did not immediately respond to requests for comment after market hours.

The Smithfield, Virginia-based company, a unit of WH Group Ltd, denied liability but settled to avoid the uncertainty, risk and cost of litigation, settlement papers show.

Several companies have faced lawsuits in Minneapolis and Chicago also accusing them of inflating beef and chicken prices.

In the pork litigation, Smithfield previously reached settlements of $83 million with so-called "direct" purchasers such as Maplevale Farms and $42 million with commercial purchasers, a group that includes restaurants.

Some of the other defendants are Hormel Foods Corp, Tyson Foods Inc and data provider Agri Stats Inc.

Smithfield agreed to provide cooperation that the plaintiffs' lawyers said will strengthen their cases against the remaining defendants.

The Biden administration has announced plans to bolster competition in the meat sector, amid concern that some meat packers could dictate prices and add to inflationary pressures.

The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No. 18-01776.

(Reporting by Jonathan Stempel in New York; Editing by Chris Reese)

By Jonathan Stempel


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FEEDER CATTLE FUTURE (GF) - CMG/C1 -0.32% 178.675 End-of-day quote.7.42%
HORMEL FOODS CORPORATION 0.53% 49.41 Delayed Quote.1.23%
JBS S.A. -1.31% 23.32 Delayed Quote.-38.55%
LIVE CATTLE FUTURE (LE) - CMG/C1 -0.16% 153.1 End-of-day quote.9.77%
TYSON FOODS, INC. 0.28% 67.33 Delayed Quote.-22.97%
WH GROUP LIMITED 0.46% 4.41 Delayed Quote.-9.82%
All news about WH GROUP LIMITED
10/26WH Group Unit Sees Q1-Q3 Profit Boost
MT
10/26WH Group Shares Fall After Drop in Quarterly Profit
DJ
10/25Transcript : WH Group Limited, Nine Months 2022 Earnings Call, Oct 25, 2022
CI
10/25WH Group Sees Slight Decline in Jan-Sept Profit
MT
10/10China to Release Fifth Batch of Pork from State Reserves
MT
10/10Pork industry takes fight over California law to U.S. Supreme Court
RE
10/03WH Group Unit to Offload Assets to Saratoga Food Specialties for $587.5 Million
MT
09/27Smithfield Foods to pay $75 million in pork price-fixing settlement
RE
09/22Hong Kong Hang Seng Down 1.6% on US Federal Reserve Outlook
MT
09/22WH Group Limited Recommends Interim Dividend for the Six Months Ended 30 June 202, Paya..
CI
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Analyst Recommendations on WH GROUP LIMITED
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Financials (USD)
Sales 2022 27 631 M - -
Net income 2022 1 394 M - -
Net Debt 2022 2 184 M - -
P/E ratio 2022 5,34x
Yield 2022 7,17%
Capitalization 7 979 M 7 979 M -
EV / Sales 2022 0,37x
EV / Sales 2023 0,31x
Nbr of Employees 105 000
Free-Float 58,0%
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Technical analysis trends WH GROUP LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 17
Last Close Price 0,56 $
Average target price 0,94 $
Spread / Average Target 66,7%
EPS Revisions
Managers and Directors
Gordon Lijun Guo Chief Executive Officer & Executive Director
Kam Yin Yan Finance Director
Long Wan Executive Chairman
Ming Huang Independent Non-Executive Director
Jin Tin Lau Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
WH GROUP LIMITED-9.82%7 979
HORMEL FOODS CORPORATION1.23%26 988
TYSON FOODS, INC.-22.97%24 211
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO.,LTD.-19.30%12 302
JBS S.A.-38.55%9 656
PILGRIM'S PRIDE CORPORATION-7.52%6 167