Hormel Foods Corporation (NYSE:HRL) Receives Consensus Recommendation of “Hold” from Analysts

Hormel Foods Corporation (NYSE:HRL) has earned a consensus rating of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $26.1429.

A number of brokerages have issued reports on HRL. Stephens reiterated an “equal weight” rating and set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research report on Thursday, May 21st. Bank of America upped their target price on Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research report on Friday, July 17th. Finally, BNP Paribas Exane boosted their price target on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th.

Hormel Foods Stock Up 0.1%

HRL stock opened at $25.04 on Monday. The firm’s fifty day moving average is $24.81 and its 200 day moving average is $23.46. The firm has a market cap of $13.78 billion, a PE ratio of 29.45, a P/E/G ratio of 2.88 and a beta of 0.34. Hormel Foods has a one year low of $19.70 and a one year high of $29.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94.

Hormel Foods (NYSE:HRL) last posted its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the prior year, the company posted $0.35 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts forecast that Hormel Foods will post 1.5 EPS for the current year.

Hormel Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.7%. Hormel Foods’s payout ratio is currently 137.65%.

Insider Activity at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the transaction, the director owned 32,002 shares in the company, valued at $784,369.02. This represents a 38.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hormel Foods

Large investors have recently bought and sold shares of the company. Caxton Associates LLP purchased a new stake in shares of Hormel Foods during the first quarter worth approximately $310,000. Empowered Funds LLC lifted its holdings in Hormel Foods by 1.8% in the 1st quarter. Empowered Funds LLC now owns 57,500 shares of the company’s stock valued at $1,779,000 after purchasing an additional 993 shares in the last quarter. Woodline Partners LP boosted its stake in Hormel Foods by 40.8% during the 1st quarter. Woodline Partners LP now owns 24,583 shares of the company’s stock worth $761,000 after purchasing an additional 7,129 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Hormel Foods by 214.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company’s stock worth $143,000 after purchasing an additional 3,226 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Hormel Foods by 76.5% during the second quarter. Cerity Partners LLC now owns 103,616 shares of the company’s stock worth $3,134,000 after buying an additional 44,906 shares in the last quarter. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

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.