Source:  Lisa M. Keefe, MEATINGPLACE.COM, 10/1/09

On Wednesday, Smithfield Foods CEO C. Larry Pope filed documents with the Securities and Exchange Commission notifying the agency that he sold 100,000 shares of common stock. He still owns 222,000 shares.

Pope's weighted average selling price of the Smithfield stock was $13.50, below the price at which the company completed a $300 million stock placement just last week.

The company said in a statement that Pope sold the shares to "meet personal financial obligations."

J.P. Morgan analyst Ken Goldman expressed frustration at the move, saying in a note to investors, "The timing is not ideal. We have spoken with numerous investors tonight who are disappointed that management is selling so much stock so soon after (1) speaking very confidently about the business at a conference and (2) doing a road show in which capital was requested and received."

Goldman maintains his bullish "overweight" rating on the stock, but said in the note that he is "less optimistic … after this activity."

Representatives for the company declined to comment further. By mid-day Thursday, the stock had dropped about 3.4 percent, trading around $13.35 per share on the New York Stock Exchange.

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