California Public Employees Retirement System Sells 20,388 Shares of Hormel Foods Co. (NYSE:HRL)

California Public Employees Retirement System lessened its position in Hormel Foods Co. (NYSE:HRL) by 0.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,243,338 shares of the company’s stock after selling 20,388 shares during the quarter. California Public Employees Retirement System owned about 0.41% of Hormel Foods worth $107,119,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC raised its holdings in Hormel Foods by 789.6% in the 2nd quarter. O Shaughnessy Asset Management LLC now owns 943 shares of the company’s stock worth $45,000 after acquiring an additional 837 shares during the period. Pflug Koory LLC bought a new position in Hormel Foods in the 2nd quarter worth $53,000. CSat Investment Advisory L.P. raised its holdings in Hormel Foods by 33.3% in the 1st quarter. CSat Investment Advisory L.P. now owns 1,246 shares of the company’s stock worth $60,000 after acquiring an additional 311 shares during the period. Bbva USA bought a new position in Hormel Foods in the 2nd quarter worth $62,000. Finally, Keel Point LLC bought a new position in Hormel Foods in the 2nd quarter worth $1,142,000. Hedge funds and other institutional investors own 40.48% of the company’s stock.

Shares of Hormel Foods stock opened at $42.36 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 2.15. The firm’s 50-day simple moving average is $43.38 and its 200-day simple moving average is $46.10. Hormel Foods Co. has a twelve month low of $40.48 and a twelve month high of $52.51. The firm has a market cap of $22.98 billion, a P/E ratio of 26.81, a price-to-earnings-growth ratio of 3.40 and a beta of -0.07.

Hormel Foods (NYSE:HRL) last issued its earnings results on Wednesday, September 1st. The company reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Hormel Foods had a net margin of 8.32% and a return on equity of 13.54%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same period in the previous year, the business earned $0.37 EPS. The firm’s revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Hormel Foods Co. will post 1.7 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Monday, October 18th will be given a dividend of $0.245 per share. The ex-dividend date is Friday, October 15th. This represents a $0.98 annualized dividend and a dividend yield of 2.31%. Hormel Foods’s dividend payout ratio (DPR) is currently 59.04%.

HRL has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and set a $42.00 target price on the stock in a report on Friday, October 8th. Barclays dropped their price objective on shares of Hormel Foods from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Friday, September 3rd. Credit Suisse Group dropped their price objective on shares of Hormel Foods from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, September 7th. Finally, TheStreet downgraded shares of Hormel Foods from a “b” rating to a “c+” rating in a report on Tuesday, September 7th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat, Hormel Foods presently has a consensus rating of “Hold” and an average price target of $45.20.

Hormel Foods Profile

Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold in the retail market.

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

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