Grandfield & Dodd LLC Raises Holdings in Hormel Foods Corporation (NYSE:HRL)

Grandfield & Dodd LLC raised its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 975,923 shares of the company's stock after purchasing an additional 10,623 shares during the period. Hormel Foods accounts for approximately 1.9% of Grandfield & Dodd LLC's portfolio, making the stock its 18th largest holding. Grandfield & Dodd LLC owned 0.18% of Hormel Foods worth $30,195,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Headlands Technologies LLC bought a new position in Hormel Foods during the fourth quarter valued at $48,000. Riverview Trust Co boosted its holdings in shares of Hormel Foods by 183.8% in 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 during the period. Canada Post Corp Registered Pension Plan bought a new position in shares of Hormel Foods in the fourth quarter worth $52,000. YANKCOM Partnership boosted its holdings in shares of Hormel Foods by 18.5% in the first quarter. YANKCOM Partnership now owns 3,081 shares of the company's stock worth $95,000 after acquiring an additional 480 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Hormel Foods by 34.4% in 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 during the period. 40.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Hormel Foods Stock Performance

Shares of NYSE HRL traded down $0.40 during midday trading on Friday, hitting $29.28. 504,568 shares of the stock traded hands, compared to its average volume of 2,757,162. The firm has a 50-day moving average of $30.31 and a two-hundred day moving average of $30.00. The firm has a market capitalization of $16.10 billion, a P/E ratio of 21.54, a PEG ratio of 3.40 and a beta of 0.33. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 2.47. Hormel Foods Corporation has a one year low of $27.59 and a one year high of $33.80.

Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. The firm had revenue of $2.90 billion for the quarter, compared to analysts' expectations 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 was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. On average, equities analysts forecast that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

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 issued a $0.29 dividend. The ex-dividend date is Monday, July 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.96%. Hormel Foods's dividend payout ratio is currently 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.