Bellwether Advisors LLC raised its position in Hormel Foods Co. (NYSE:HRL - Free Report) by 508.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,416 shares of the company's stock after purchasing an additional 56,340 shares during the quarter. Bellwether Advisors LLC's holdings in Hormel Foods were worth $2,115,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Hormel Foods by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 37,241,219 shares of the company's stock worth $1,168,257,000 after buying an additional 268,328 shares in the last quarter. Invesco Ltd. grew its position in shares of Hormel Foods by 7.3% in the 4th quarter. Invesco Ltd. now owns 7,843,207 shares of the company's stock worth $246,041,000 after acquiring an additional 533,657 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Hormel Foods by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 7,461,100 shares of the company's stock valued at $233,459,000 after acquiring an additional 98,442 shares during the last quarter. Stifel Financial Corp raised its position in shares of Hormel Foods by 33.9% during the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company's stock valued at $137,227,000 after acquiring an additional 1,107,270 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Hormel Foods by 20.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,751,307 shares of the company's stock worth $117,674,000 after purchasing an additional 634,630 shares during the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.
Hormel Foods Trading Down 0.2 %
Hormel Foods stock traded down $0.07 during midday trading on Friday, reaching $29.32. The stock had a trading volume of 2,964,066 shares, compared to its average volume of 2,592,759. The firm has a market cap of $16.12 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 2.73 and a beta of 0.31. Hormel Foods Co. has a twelve month low of $27.59 and a twelve month high of $36.86. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.32 and a quick ratio of 1.19. The firm's fifty day simple moving average is $29.84 and its two-hundred day simple moving average is $30.42.
Hormel Foods Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, April 14th will be paid a dividend of $0.29 per share. The ex-dividend date is Monday, April 14th. This represents a $1.16 annualized dividend and a yield of 3.96%. Hormel Foods's dividend payout ratio (DPR) is presently 84.67%.
Insider Activity
In related news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the sale, the director now directly owns 95,488 shares in the company, valued at approximately $2,902,835.20. This trade represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on HRL. Stephens restated an "equal weight" rating and set a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. Bank of America raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. Finally, Barclays raised shares of Hormel Foods from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $32.33.
Check Out Our Latest Research Report on Hormel Foods
About Hormel Foods
(
Free Report)
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.
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