Bank of America Corp DE Has $54.49 Million Holdings in Hormel Foods Corporation $HRL

Key Points

• Bank of America increased its Hormel Foods stake by 3.4% in the first quarter, bringing its holdings to 2.41 million shares valued at approximately $54.5 million. Institutional investors and hedge funds collectively own 40.99% of HRL.
• Analysts maintain a generally cautious view, with an overall “Hold” rating and a consensus price target of $26.14. Recent target prices range from $25 to $27, while one research firm rates the stock a sell.
• Hormel reported quarterly earnings of $0.40 per share, exceeding estimates, while revenue rose 2.6% year over year to $2.97 billion. The company declared a quarterly dividend of $0.2925, representing a 4.8% annualized yield.

Bank of America Corp DE increased its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 3.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,405,895 shares of the company's stock after purchasing an additional 79,509 shares during the quarter. Bank of America Corp DE owned 0.44% of Hormel Foods worth $54,494,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Vest Financial LLC lifted its position in shares of Hormel Foods by 9.1% during the 4th quarter. Vest Financial LLC now owns 2,042,541 shares of the company's stock worth $48,408,000 after buying an additional 171,137 shares during the last quarter. Masters Capital Management LLC acquired a new stake in Hormel Foods in the first quarter valued at about $19,252,000. Fidelity National Financial Inc. bought a new position in Hormel Foods in the fourth quarter valued at about $15,642,000. BNP Paribas Financial Markets grew its position in Hormel Foods by 21.2% in the fourth quarter. BNP Paribas Financial Markets now owns 465,204 shares of the company's stock valued at $11,025,000 after acquiring an additional 81,420 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in Hormel Foods by 9.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,615,614 shares of the company's stock worth $38,290,000 after acquiring an additional 138,439 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction 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 completion of the sale, the director directly owned 32,002 shares in the company, valued at $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on HRL shares. The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a report on Thursday, May 21st. Weiss Ratings reiterated a "sell (d+)" rating on shares of Hormel Foods in a research report on Friday, July 17th. Stephens reissued an "equal weight" rating and issued a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, July 9th. Bank of America raised their target price 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. Finally, BNP Paribas Exane boosted their target price on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Two investment 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. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $26.14.

Hormel Foods Stock Performance

Hormel Foods stock opened at $24.29 on Wednesday. The business has a 50 day moving average of $24.86 and a 200-day moving average of $23.46. The company has a market capitalization of $13.37 billion, a P/E ratio of 28.58, a P/E/G ratio of 2.84 and a beta of 0.34. Hormel Foods Corporation has a 1 year low of $19.70 and a 1 year high of $29.34. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97.

Hormel Foods (NYSE:HRL - Get Free Report) last posted 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. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the company earned $0.35 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts predict that Hormel Foods Corporation will post 1.5 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, August 17th. Investors of record on Monday, July 13th will be paid a $0.2925 dividend. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 annualized dividend and a dividend yield of 4.8%. Hormel Foods's payout ratio is currently 137.65%.

About Hormel Foods

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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