DAVENPORT & Co LLC Has $2.17 Million Stake in Hormel Foods Corporation (NYSE:HRL)

DAVENPORT & Co LLC grew its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 206.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 70,088 shares of the company's stock after purchasing an additional 47,196 shares during the quarter. DAVENPORT & Co LLC's holdings in Hormel Foods were worth $2,169,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Fairway Wealth LLC acquired a new position in Hormel Foods in the fourth quarter worth approximately $44,000. Lindbrook Capital LLC boosted its stake in shares of Hormel Foods by 91.8% during the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock worth $48,000 after acquiring an additional 729 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Hormel Foods in the 4th quarter worth $48,000. Riverview Trust Co grew its holdings in shares of Hormel Foods by 183.8% in the 1st quarter. Riverview Trust Co now owns 1,572 shares of the company's stock worth $49,000 after acquiring an additional 1,018 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in shares of Hormel Foods during the fourth quarter worth $52,000. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Stock Down 0.4%

HRL traded down $0.12 on Friday, reaching $30.69. 2,548,050 shares of the company traded hands, compared to its average volume of 2,690,947. Hormel Foods Corporation has a 52-week low of $27.59 and a 52-week high of $33.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17. The company has a market cap of $16.88 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 3.47 and a beta of 0.33. The stock's 50 day moving average price is $30.13 and its 200-day moving average price is $30.07.

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

Hormel Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, July 14th. Hormel Foods's payout ratio is 85.29%.

Analysts Set New Price Targets

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

About Hormel Foods

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.