BNP Paribas Exane Raises Hormel Foods (NYSE:HRL) Price Target to $27.00

Key Points

• BNP Paribas Exane raised its price target on Hormel Foods from $26 to $27 while keeping a neutral rating, implying about 10% upside from the prior close.
• Analyst sentiment remains mixed overall: the stock has a consensus Hold rating with a consensus price target of $26.14, based on two Buy, six Hold, and one Sell ratings.
• Hormel shares traded at $24.52 after the update, and the company’s latest earnings topped expectations with $0.40 EPS versus $0.35 expected on $2.97 billion in revenue.

Hormel Foods (NYSE:HRL - Get Free Report) had its price objective boosted by BNP Paribas Exane from $26.00 to $27.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. BNP Paribas Exane's price target indicates a potential upside of 10.10% from the company's previous close.

A number of other analysts also recently commented on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of Hormel Foods in a report on Tuesday, April 21st. Stephens reaffirmed an "equal weight" rating and issued a $25.00 target price on shares of Hormel Foods in a report on Thursday, July 9th. Bank of America lifted their price target on shares of Hormel Foods from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $23.00 price target (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Finally, The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a report on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $26.14.

Hormel Foods Price Performance

Hormel Foods stock traded up $0.06 during midday trading on Tuesday, reaching $24.52. The company's stock had a trading volume of 1,053,739 shares, compared to its average volume of 5,020,752. Hormel Foods has a fifty-two week low of $19.70 and a fifty-two week high of $30.09. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. The stock's 50 day simple moving average is $23.13 and its 200 day simple moving average is $23.24. The firm has a market capitalization of $13.50 billion, a PE ratio of 28.85, a P/E/G ratio of 2.84 and a beta of 0.34.

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

Insider Activity

In related news, Director Gary C. Bhojwani sold 20,200 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director owned 32,002 shares of the company's stock, valued at approximately $784,369.02. This represents a 38.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hormel Foods

A number of institutional investors have recently made changes to their positions in HRL. MUFG Securities EMEA plc purchased a new stake in shares of Hormel Foods during the second quarter worth about $26,000. GoalVest Advisory LLC purchased a new position in shares of Hormel Foods during the fourth quarter valued at approximately $25,000. Strive Financial Group LLC acquired a new stake in Hormel Foods during the fourth quarter worth approximately $27,000. Motiv8 Investments LLC acquired a new stake in Hormel Foods during the fourth quarter worth approximately $28,000. Finally, Parkside Financial Bank & Trust grew its stake in Hormel Foods by 354.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company's stock worth $31,000 after acquiring an additional 1,025 shares during the period. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Company Profile

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.

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