Accretive Wealth Partners LLC Invests $2.37 Million in Hormel Foods Corporation (NYSE:HRL)

Key Points

• Accretive Wealth Partners LLC invested approximately $2.37 million in Hormel Foods Corporation, acquiring 81,448 shares in the first quarter of the fiscal year.
• The company declared a quarterly dividend of $0.29 per share, resulting in a yield of 3.97% for shareholders with a dividend payout ratio of 85.29%.
• Hormel Foods reported $2.90 billion in revenue for the last quarter, with earnings per share of $0.35, matching analysts' expectations.

Accretive Wealth Partners LLC bought a new stake in Hormel Foods Corporation (NYSE:HRL - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 81,448 shares of the company's stock, valued at approximately $2,374,000.

Other large investors have also recently bought and sold shares of the company. Empirical Finance LLC boosted its holdings in shares of Hormel Foods by 7.3% in the first quarter. Empirical Finance LLC now owns 10,528 shares of the company's stock valued at $326,000 after buying an additional 714 shares during the period. Stevens Capital Management LP acquired a new position in shares of Hormel Foods in the first quarter valued at approximately $226,000. Pacer Advisors Inc. boosted its holdings in shares of Hormel Foods by 9,725.4% in the first quarter. Pacer Advisors Inc. now owns 2,335,797 shares of the company's stock valued at $72,270,000 after buying an additional 2,312,024 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Hormel Foods by 16.7% in the first quarter. Avantax Advisory Services Inc. now owns 83,606 shares of the company's stock valued at $2,587,000 after buying an additional 11,947 shares during the period. Finally, Brookwood Investment Group LLC acquired a new position in shares of Hormel Foods in the first quarter valued at approximately $956,000. Institutional investors own 40.99% of the company's stock.

Hormel Foods Price Performance

NYSE:HRL opened at $29.25 on Friday. The company has a current ratio of 2.47, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The firm has a fifty day simple moving average of $30.26 and a 200 day simple moving average of $29.92. Hormel Foods Corporation has a 1-year low of $27.59 and a 1-year high of $33.80. The stock has a market capitalization of $16.08 billion, a PE ratio of 21.50, a P/E/G ratio of 3.33 and a beta of 0.33.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. Hormel Foods had a net margin of 6.27% and a return on equity of 10.20%. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the firm posted $0.38 earnings per share. The company's quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts expect that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, July 14th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.97%. The ex-dividend date is Monday, July 14th. Hormel Foods's dividend payout ratio (DPR) is currently 85.29%.

Wall Street Analyst Weigh In

HRL has been the subject of several research analyst reports. Stephens reiterated an "equal weight" rating and issued a $31.00 price target on shares of Hormel Foods in a report on Thursday, May 22nd. Bank of America raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. BNP Paribas Exane upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 target price for the company in a report on Tuesday, May 27th. BNP Paribas upgraded shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Hormel Foods in a report on Monday, June 23rd. They set a "buy" rating and a $35.00 target price for the company. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Hormel Foods currently has an average rating of "Moderate Buy" and an average price target of $32.86.

Hormel Foods Company Profile

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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