Tobam Purchases 23,181 Shares of Hormel Foods Corporation $HRL

Tobam lifted its position in shares of Hormel Foods Corporation (NYSE:HRL) by 73.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,545 shares of the company’s stock after purchasing an additional 23,181 shares during the period. Tobam’s holdings in Hormel Foods were worth $1,349,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in HRL. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Hormel Foods by 130.0% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 91,706 shares of the company’s stock worth $2,269,000 after acquiring an additional 51,827 shares in the last quarter. Machina Capital S.A.S. bought a new stake in shares of Hormel Foods during the 2nd quarter valued at about $820,000. Nordea Investment Management AB grew its stake in Hormel Foods by 48.3% during the second quarter. Nordea Investment Management AB now owns 40,492 shares of the company’s stock worth $1,218,000 after purchasing an additional 13,188 shares during the period. Franklin Resources Inc. increased its holdings in Hormel Foods by 67.4% in the second quarter. Franklin Resources Inc. now owns 296,782 shares of the company’s stock worth $8,978,000 after purchasing an additional 119,460 shares in the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in Hormel Foods by 107.5% in the third quarter. Wealthfront Advisers LLC now owns 456,666 shares of the company’s stock worth $11,298,000 after purchasing an additional 236,637 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Stock Performance

Shares of HRL stock opened at $23.78 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.20 and a debt-to-equity ratio of 0.36. The firm has a fifty day simple moving average of $24.05 and a two-hundred day simple moving average of $24.53. Hormel Foods Corporation has a 12 month low of $21.03 and a 12 month high of $32.07. The firm has a market capitalization of $13.08 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 2.42 and a beta of 0.33.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, December 3rd. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.24 billion. Hormel Foods had a net margin of 3.95% and a return on equity of 9.41%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the firm earned $0.42 earnings per share. Analysts forecast that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, January 12th will be issued a $0.2925 dividend. 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 4.9%. The ex-dividend date is Monday, January 12th. Hormel Foods’s dividend payout ratio is 134.48%.

Wall Street Analyst Weigh In

HRL has been the topic of a number of research analyst reports. Wall Street Zen upgraded Hormel Foods from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. JPMorgan Chase & Co. increased their target price on shares of Hormel Foods from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Friday, December 5th. Bank of America raised their price target on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Stephens dropped their price objective on shares of Hormel Foods from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Piper Sandler reissued a “neutral” rating and set a $26.00 price objective (up previously from $25.00) on shares of Hormel Foods in a research report on Friday, December 5th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.43.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.