13,438 Shares in Hormel Foods Corporation (NYSE:HRL) Purchased by Allianz SE

Key Points

• Allianz SE has acquired a new stake in Hormel Foods Corporation, purchasing 13,438 shares valued at approximately $416,000.
• Multiple institutional investors, including Invesco Ltd and Stifel Financial Corp, have recently increased their stakes in Hormel Foods, indicating strong institutional interest.
• Hormel Foods reported a quarterly EPS of $0.35, meeting estimates, with a revenue of $2.90 billion for the quarter, slightly below analysts' expectations.

Allianz SE bought a new position in Hormel Foods Corporation (NYSE:HRL - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 13,438 shares of the company's stock, valued at approximately $416,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Exeter Financial LLC lifted its stake in Hormel Foods by 2.3% in the first quarter. Exeter Financial LLC now owns 16,809 shares of the company's stock valued at $520,000 after purchasing an additional 381 shares during the last quarter. Simmons Bank lifted its stake in Hormel Foods by 3.7% in the first quarter. Simmons Bank now owns 12,708 shares of the company's stock valued at $393,000 after purchasing an additional 448 shares during the last quarter. Sovereign Financial Group Inc. lifted its stake in Hormel Foods by 2.7% in the first quarter. Sovereign Financial Group Inc. now owns 17,718 shares of the company's stock valued at $548,000 after purchasing an additional 458 shares during the last quarter. G&S Capital LLC lifted its stake in Hormel Foods by 3.1% in the first quarter. G&S Capital LLC now owns 15,516 shares of the company's stock valued at $480,000 after purchasing an additional 463 shares during the last quarter. Finally, Covestor Ltd raised its holdings in Hormel Foods by 16.5% during the 4th quarter. Covestor Ltd now owns 3,312 shares of the company's stock valued at $104,000 after acquiring an additional 469 shares during the period. Hedge funds and other institutional investors own 40.99% of the company's stock.

Analysts Set New Price Targets

HRL has been the topic of a number of analyst reports. BNP Paribas Exane raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 target price on the stock in a report on Tuesday, May 27th. Bank of America raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. Stephens reissued an "equal weight" rating and set a $31.00 target price on shares of Hormel Foods in a report on Thursday, May 22nd. 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 on the stock. Finally, BNP Paribas raised shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.86.

Hormel Foods Price Performance

Shares of Hormel Foods stock traded up $0.04 during trading on Tuesday, hitting $28.26. The stock had a trading volume of 3,253,053 shares, compared to its average volume of 3,451,508. The firm has a market cap of $15.54 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 3.21 and a beta of 0.31. Hormel Foods Corporation has a 12 month low of $27.59 and a 12 month high of $33.80. The business's 50-day moving average is $30.10 and its 200 day moving average is $29.84. The company has a current ratio of 2.47, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its 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 company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The firm's quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Hormel Foods Corporation will post 1.65 earnings per share for the current year.

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be given a $0.29 dividend. The ex-dividend date is Monday, July 14th. This represents a $1.16 annualized dividend and a yield of 4.1%. Hormel Foods's payout ratio is 85.29%.

Hormel Foods 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.