Hormel Foods Corporation (NYSE:HRL) Receives $28.86 Consensus PT from Brokerages

Hormel Foods Corporation (NYSE:HRL) has received an average recommendation of “Hold” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $28.8571.

HRL has been the topic of several recent research reports. Zacks Research lowered shares of Hormel Foods from a “hold” rating to a “strong sell” rating in a research report on Friday, August 29th. Piper Sandler cut their price target on shares of Hormel Foods from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. The Goldman Sachs Group set a $27.00 price objective on Hormel Foods and gave the company a “buy” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. cut their target price on Hormel Foods from $30.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, November 21st.

Hormel Foods Stock Performance

HRL opened at $23.29 on Wednesday. The stock’s 50 day simple moving average is $23.28 and its 200-day simple moving average is $26.95. The company has a current ratio of 2.47, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. The stock has a market cap of $12.81 billion, a PE ratio of 17.00, a P/E/G ratio of 4.95 and a beta of 0.29. Hormel Foods has a 1 year low of $21.03 and a 1 year high of $33.80.

Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 28th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.06). The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.98 billion. Hormel Foods had a return on equity of 10.06% and a net margin of 6.26%.The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the business earned $0.37 earnings per share. Sell-side analysts forecast that Hormel Foods will post 1.65 EPS for the current year.

Hormel Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, January 12th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, January 12th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.29. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.0%. Hormel Foods’s dividend payout ratio (DPR) is 85.40%.

Institutional Investors Weigh In On Hormel Foods

Large investors have recently made changes to their positions in the company. MUFG Securities EMEA plc acquired a new stake in shares of Hormel Foods during the 2nd quarter worth about $26,000. Cromwell Holdings LLC grew its stake in Hormel Foods by 162.7% during the second quarter. Cromwell Holdings LLC now owns 1,001 shares of the company’s stock worth $30,000 after buying an additional 620 shares during the last quarter. Caldwell Trust Co acquired a new stake in shares of Hormel Foods during the second quarter worth approximately $30,000. Federated Hermes Inc. bought a new position in shares of Hormel Foods in the third quarter valued at approximately $31,000. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Hormel Foods in the 1st quarter worth approximately $37,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Company Profile

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.