Hormel Foods Corporation (NYSE:HRL) Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC reduced its shareholding in Hormel Foods Corporation by 41.1%, selling 10,139 shares and retaining 14,503 shares valued at $449,000.
• Hormel Foods has announced a quarterly dividend of $0.29 per share, set to be paid on August 15th, representing an annualized yield of 4.1%.
• Analysts have given Hormel Foods an average rating of "Moderate Buy" with a price target of $32.86, indicating potential upside from the current stock price.

HB Wealth Management LLC trimmed its position in Hormel Foods Corporation (NYSE:HRL - Free Report) by 41.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,503 shares of the company's stock after selling 10,139 shares during the quarter. HB Wealth Management LLC's holdings in Hormel Foods were worth $449,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in HRL. 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 worth $520,000 after acquiring an additional 381 shares during the period. Simmons Bank raised its holdings in Hormel Foods by 3.7% in the first quarter. Simmons Bank now owns 12,708 shares of the company's stock worth $393,000 after purchasing an additional 448 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in Hormel Foods by 2.7% in the first quarter. Sovereign Financial Group Inc. now owns 17,718 shares of the company's stock worth $548,000 after purchasing an additional 458 shares in the last quarter. G&S Capital LLC raised its holdings in Hormel Foods by 3.1% in the first quarter. G&S Capital LLC now owns 15,516 shares of the company's stock worth $480,000 after purchasing an additional 463 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Hormel Foods by 16.5% in the fourth quarter. Covestor Ltd now owns 3,312 shares of the company's stock worth $104,000 after purchasing an additional 469 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. BNP Paribas Exane upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 target price for the company in a report on Tuesday, May 27th. BNP Paribas upgraded shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. Bank of America upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. Stephens restated an "equal weight" rating and set a $31.00 price objective on shares of Hormel Foods in a report on Thursday, May 22nd. Finally, 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 price objective on the stock. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $32.86.

Hormel Foods Stock Performance

NYSE HRL traded up $0.05 during trading hours on Friday, reaching $28.14. The stock had a trading volume of 3,624,186 shares, compared to its average volume of 3,273,858. The stock has a fifty day moving average of $30.12 and a 200 day moving average of $29.86. The stock has a market cap of $15.47 billion, a P/E ratio of 20.69, a price-to-earnings-growth ratio of 3.20 and a beta of 0.31. 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 quick ratio of 1.17 and a current ratio of 2.47.

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

Hormel Foods Dividend Announcement

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

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.