Hormel Foods (NYSE:HRL) had its price target decreased by Buckingham Research from $34.00 to $32.00 in a research note released on Friday. Buckingham Research currently has a neutral rating on the stock.
Several other analysts have also issued reports on HRL. Zacks Investment Research upgraded shares of Hormel Foods from a sell rating to a hold rating in a research report on Tuesday. Jefferies Group reiterated a buy rating on shares of Hormel Foods in a research report on Thursday, February 22nd. Credit Suisse Group dropped their target price on shares of Hormel Foods from $36.00 to $33.00 and set a neutral rating on the stock in a research report on Tuesday, February 27th. Piper Jaffray Companies reiterated a buy rating and issued a $39.00 target price on shares of Hormel Foods in a research report on Tuesday, February 27th. Finally, Barclays reiterated a buy rating and issued a $38.00 target price (down previously from $40.00) on shares of Hormel Foods in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Hormel Foods presently has an average rating of Hold and a consensus target price of $34.50.
HRL stock traded up $0.44 during midday trading on Friday, hitting $35.86. 3,656,330 shares of the stock traded hands, compared to its average volume of 2,239,329. The firm has a market cap of $18.76 billion, a PE ratio of 22.84, a P/E/G ratio of 2.13 and a beta of 0.43. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.74 and a current ratio of 1.61. Hormel Foods has a 1-year low of $29.75 and a 1-year high of $38.00.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Stockholders of record on Monday, July 16th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Friday, July 13th. Hormel Foods’s dividend payout ratio is currently 47.77%.
In other news, insider Luis G. Marconi sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $33.88, for a total value of $33,880.00. Following the transaction, the insider now directly owns 21,532 shares of the company’s stock, valued at $729,504.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Mark A. Coffey sold 8,000 shares of the firm’s stock in a transaction dated Friday, April 13th. The stock was sold at an average price of $34.97, for a total transaction of $279,760.00. Following the completion of the transaction, the senior vice president now directly owns 29,011 shares in the company, valued at $1,014,514.67. The disclosure for this sale can be found here. Over the last three months, insiders sold 281,976 shares of company stock worth $9,718,072. Insiders own 3.54% of the company’s stock.
Several large investors have recently bought and sold shares of HRL. Victory Capital Management Inc. raised its stake in Hormel Foods by 3,639.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,421,969 shares of the company’s stock worth $88,136,000 after purchasing an additional 2,357,198 shares during the period. Ceredex Value Advisors LLC purchased a new position in Hormel Foods during the first quarter worth about $60,964,000. WBI Investments Inc. purchased a new position in Hormel Foods during the first quarter worth about $27,077,000. Schwab Charles Investment Management Inc. raised its stake in Hormel Foods by 77.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,669,639 shares of the company’s stock worth $57,303,000 after purchasing an additional 726,269 shares during the period. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in Hormel Foods during the fourth quarter worth about $20,735,000. 40.65% of the stock is currently owned by hedge funds and other institutional investors.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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