Envestnet Asset Management Inc. Has $5.28 Million Holdings in Hormel Foods Corporation (NYSE:HRL)

Envestnet Asset Management Inc. lessened its stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 79.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,476 shares of the company's stock after selling 679,250 shares during the period. Envestnet Asset Management Inc.'s holdings in Hormel Foods were worth $5,275,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in Hormel Foods during the fourth quarter worth $48,000. Riverview Trust Co raised its stake in Hormel Foods by 183.8% during the first quarter. Riverview Trust Co now owns 1,572 shares of the company's stock worth $49,000 after acquiring an additional 1,018 shares in the last quarter. Canada Post Corp Registered Pension Plan acquired a new position in Hormel Foods during the fourth quarter worth $52,000. MassMutual Private Wealth & Trust FSB raised its stake in Hormel Foods by 34.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 3,187 shares of the company's stock worth $99,000 after acquiring an additional 816 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Hormel Foods by 17.1% during the first quarter. Blue Trust Inc. now owns 3,220 shares of the company's stock worth $100,000 after acquiring an additional 471 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company's stock.

Wall Street Analyst Weigh In

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

Hormel Foods Stock Performance

NYSE HRL traded down $0.68 on Monday, reaching $28.56. The stock had a trading volume of 3,198,007 shares, compared to its average volume of 3,155,788. 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 firm has a fifty day moving average of $30.23 and a two-hundred day moving average of $29.90. Hormel Foods Corporation has a 1-year low of $27.59 and a 1-year high of $33.80. The company has a market cap of $15.70 billion, a P/E ratio of 21.00, a price-to-earnings-growth ratio of 3.33 and a beta of 0.33.

Hormel Foods (NYSE:HRL - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $2.92 billion. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The company's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 EPS. On average, equities research analysts anticipate that Hormel Foods Corporation will post 1.65 EPS for the current year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 4.06%. Hormel Foods's dividend payout ratio is presently 85.29%.

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.