Raymond James Financial Services Advisors Inc. Acquires 119,490 Shares of Hormel Foods Corporation (HRL)

Raymond James Financial Services Advisors Inc. raised its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 85.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 259,233 shares of the company’s stock after purchasing an additional 119,490 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Hormel Foods Corporation were worth $8,842,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HRL. Acrospire Investment Management LLC purchased a new stake in shares of Hormel Foods Corporation in the second quarter worth about $111,000. SRS Capital Advisors Inc. lifted its holdings in shares of Hormel Foods Corporation by 20.1% in the first quarter. SRS Capital Advisors Inc. now owns 4,299 shares of the company’s stock worth $148,000 after buying an additional 718 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Hormel Foods Corporation by 7.2% in the first quarter. Van ECK Associates Corp now owns 4,387 shares of the company’s stock worth $152,000 after buying an additional 295 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Hormel Foods Corporation by 0.4% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after buying an additional 19 shares in the last quarter. Finally, Independence Advisors LLC purchased a new stake in shares of Hormel Foods Corporation in the second quarter worth about $289,000. 38.95% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Corporation (NYSE:HRL) traded down 0.06% on Wednesday, hitting $31.73. 343,541 shares of the company traded hands. The firm has a market capitalization of $16.75 billion, a PE ratio of 19.59 and a beta of 0.58. Hormel Foods Corporation has a 1-year low of $30.50 and a 1-year high of $38.84. The firm’s 50 day moving average price is $31.58 and its 200 day moving average price is $33.51.

Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings results on Thursday, August 24th. The company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Hormel Foods Corporation had a return on equity of 18.90% and a net margin of 9.38%. The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the firm posted $0.36 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts predict that Hormel Foods Corporation will post $1.56 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, October 23rd will be issued a $0.17 dividend. The ex-dividend date is Friday, October 20th. This represents a $0.68 dividend on an annualized basis and a yield of 2.14%. Hormel Foods Corporation’s dividend payout ratio is presently 41.98%.

In related news, insider Steven G. Binder sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $32.00, for a total value of $480,000.00. Following the transaction, the insider now directly owns 26,838 shares of the company’s stock, valued at approximately $858,816. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Donald H. Kremin sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $31.66, for a total value of $3,166,000.00. Following the completion of the transaction, the insider now directly owns 887 shares in the company, valued at $28,082.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,704 shares of company stock worth $5,343,032. 3.54% of the stock is owned by insiders.

A number of equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Mizuho reissued a “hold” rating and issued a $33.00 price target on shares of Hormel Foods Corporation in a report on Wednesday, October 4th. Buckingham Research lowered their price target on shares of Hormel Foods Corporation from $37.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, August 25th. Jefferies Group LLC reissued a “hold” rating and issued a $34.00 price target on shares of Hormel Foods Corporation in a report on Friday, June 30th. Finally, Zacks Investment Research downgraded shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a report on Monday, August 21st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.00.

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About Hormel Foods Corporation

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Institutional Ownership by Quarter for Hormel Foods Corporation (NYSE:HRL)

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