101,977 Shares of Hormel Foods Corporation $HRL Purchased by Axxcess Wealth Management LLC

Key Points

• Axxcess Wealth Management acquired 101,977 Hormel Foods shares worth approximately $2.03 million in the third quarter, while institutional investors collectively own 40.99% of the company.
• Hormel reported quarterly earnings of $0.37 per share, exceeding estimates by $0.02, but revenue fell 2.4% year over year to $2.96 billion.
• Hormel declared a quarterly dividend of $0.2925, equivalent to an annualized $1.17 payout and a 5.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $25.43.

Axxcess Wealth Management LLC purchased a new stake in Hormel Foods Corporation (NYSE:HRL - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 101,977 shares of the company's stock, valued at approximately $2,033,000.

A number of other large investors have also modified their holdings of the business. The Manufacturers Life Insurance Company purchased a new position in Hormel Foods in the 2nd quarter valued at $5,554,000. Public Employees Retirement System of Ohio purchased a new stake in Hormel Foods in the second quarter valued at $2,050,000. Masters Capital Management LLC acquired a new position in Hormel Foods in the first quarter valued at about $19,252,000. Fidelity National Financial Inc. acquired a new stake in Hormel Foods in the 2nd quarter valued at approximately $16,381,000. Finally, Core Capital Management & Research inc. purchased a new stake in shares of Hormel Foods in the 2nd quarter valued at $7,729,000. Hedge funds and other institutional investors own 40.99% of the company's stock.

Hormel Foods Price Performance

Hormel Foods stock opened at $21.36 on Friday. Hormel Foods Corporation has a 12-month low of $18.96 and a 12-month high of $26.60. The stock has a market capitalization of $11.76 billion, a P/E ratio of 14.29, a P/E/G ratio of 2.41 and a beta of 0.30. The firm's 50-day moving average is $21.15 and its two-hundred day moving average is $22.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 0.92.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.03 billion. Hormel Foods had a return on equity of 9.91% and a net margin of 2.82%. The business's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 earnings per share. Equities analysts predict that Hormel Foods Corporation will post 1.48 earnings per share for the current year.

Hormel Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Tuesday, October 13th will be given a $0.2925 dividend. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.17 annualized dividend and a dividend yield of 5.5%. Hormel Foods's dividend payout ratio is presently 185.71%.

Insider Buying and Selling at Hormel Foods

In related news, Chairman William A. Newlands bought 10,000 shares of the firm's stock in a transaction dated Monday, October 5th. The stock was bought at an average price of $20.10 per share, with a total value of $201,000.00. Following the completion of the transaction, the chairman directly owned 76,375 shares of the company's stock, valued at approximately $1,535,137.50. This represents a 15.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on HRL shares. Bank of America upped their price objective on Hormel Foods from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. raised their price target on Hormel Foods from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. BNP Paribas Exane restated a "neutral" rating and issued a $23.00 price target (down from $26.00) on shares of Hormel Foods in a research report on Wednesday, October 7th. Stephens set a $23.00 price target on Hormel Foods in a research report on Friday, August 28th. Finally, Barclays reaffirmed an "overweight" rating and issued a $28.00 target price (down from $30.00) on shares of Hormel Foods in a report on Wednesday, October 14th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $25.43.

Hormel Foods Company Profile

Hormel Foods Corporation NYSE: HRL is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.

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